According to a recent survey3, the average UK home has a contents value of £35,000, but when asked to estimate their own contents, there is a disparity between perceived contents value and actual value, with people estimating their contents at around £18,000.
The survey also outlined that just under a quarter of respondents (23%) didn’t think it was necessary to increase insurance levels regularly and found that people in rented or shared accommodation are less likely to have contents insurance.
Finding yourself underinsured can be devastating (as any claim paid may be scaled down accordingly) and while you may remember to include tech items in your schedule, items such as clothes or bedding are often overlooked in householder calculations.
Following the festive season, it’s likely you have accumulated some other expensive items. It’s a good idea to take the time to make a comprehensive list of your home’s contents, get professional values if necessary and notify your insurer of the value you wish to insure for. Making this an annual event will help ensure you can cover your losses in the event of a claim.