How to calculate the value of your home contents
Tuesday 24 July 2012
If you have recently moved into a beautiful new home it’s time to consider home insurance. Home insurance is one of those things that shouldn’t be forgotten; you never know when an accident or break in can occur and whilst these incidents are heartbreaking, they are much easier to manage when you have the correct home insurance in place.
In order to organise home insurance you will need to accurately calculate the value of your belongings. This isn’t the simplest of tasks, so here’s a quick guide to get you through the process.
In order to calculate the value of your home contents you will need a pen and paper. First, we recommend that you list out each room in your home – underneath each room, you should write a list of all of the valuable items that the room contains. Do this for each room in turn. We then recommend that you sit down and write the value of each object next to it on your list. Many objects can be bundled together with one value, for example clothes or DVDs.
A great tip at this stage is to get a second opinion. Ask your partner or a close friend to walk through the house and compile his or her own list. Once they’ve done this, you can see how close the two values are and amend your list accordingly. If you are unsure about the value of certain objects then you can search on the Internet. Ebay or Amazon are both great sites to use in order to see how much items cost on the market.
Now you have a list of values for each of your belongings, it’s time to find an insurance broker. There are many insurance brokers working in the UK, but we recommend that you work with a well-established company whom you can trust. Different insurance companies will offer a varied range of insurance services but the most common are home insurance and contents insurance.
The benefit to setting up home insurance cover is that it will cover your building against damage. Most home insurance providers will also include contents insurance as part of the home insurance policy. Home insurance will cover damage to walls, roofs and patios when caused by disasters such as smoke, fire or flooding.
Contents Insurance alone will not cover damage to your building. The purpose of contents insurance is to insure against damage or theft to any belongings that you own inside your house. Some content insurance providers will also insure against accidental damage.
Of course, you may find that these two varieties of home insurance won’t fulfil all of your needs. This may be the case if you have special value objects such as a bicycle or top of the range computer. If this is the case you should look for specific additional insurance cover such as cycle cover, which will insure against damage or theft of your bicycle.
Once you have your home and contents insurance set up, store all insurance documents carefully and safely. It is also worth keeping your original evaluation lists for your personal records. At regular intervals check these lists to make sure that your cover is still accurate. Whenever you make a new and valuable purchase you should also let your insurance company know so that they can adjust your insurance levels whenever necessary.
Life & Style blogs
Alexander McQueen at auction: What makes a really great piece of fashion?
A bottle of wine a day is not bad for you and abstaining is worse than drinking, scientist claims
No female ejaculation, please, we’re British: a history of porn and censorship
Stressed nurses are 'forced to choose between health of patients and their own'
Pornhub: Kim Kardashian's sex tape is the most-watched porn video of all-time
Disgruntled RBS worker writes hilarious open letter to Russell Brand after anti-capitalist publicity stunt leaves him hungry
Shock poll shows voters believe Ukip is to the left of the Tories
Nigel Farage's approval rating hits 'record low' as popularity suffers in wake of Ukip sex scandal
Ukip candidate jokes about 'shooting peasants' in racist and homophobic rant
Pakistan school attack live: Taliban kill at least 132 children in 'horrifying' massacre
Germany sees 'visible rise' in support for far-right extremism in response to perceived 'Islamisation' of the West
- 1 Nigel Farage: Me vs Russell Brand on Question Time – he's got the chest hair but where are his ideas?
- 2 Harry Potter fans can apply to the Hogwarts-inspired College of Wizardry
- 3 Jessica Chambers: 19-year-old woman 'doused with lighter fluid and burned alive' in the US
- 4 Russell Brand calls Nigel Farage 'poundshop Enoch Powell' in BBC Question Time debate
- 5 Orange Wednesdays are no more
£30000 - £35000 per annum: Ashdown Group: C#.Net Developer - C#, ASP.Net, HTML...
Negotiable: Recruitment Genius: This is an opportunity to join the South West'...
£25000 - £40000 per annum: Recruitment Genius: An expanding business based in ...
£35000 - £40000 per annum: Recruitment Genius: As an award winning and leading...