How to calculate your insurance cover
The simplest way to calculate the total value of the contents of your home is to go through each room including the loft, garage, shed and utility room where applicable.
Make a note of all the items that you would need to replace if your home was burgled or damaged through fire or flooding.
You may need to cover valuable items such as fine art, valuable books, jewellery and ornaments separately. You may require a valuation by a professional company to do this. Your insurance provider will have the names of reputable companies they recommend to do this. Remember to contact your insurance provider if you wish to add any items you acquire during the year.
Your cover could be for an 'old for new' option whereby the insurance cover would include replacement for a contemporary equivalent value on items claimed for. This means the insurer would not take into consideration the wear and tear on the items lost or damaged and pay out for a new one.
An average policy will cover your home contents against the following:
Fire, smoke damage, explosion, earthquake, lightning, storm, flood damage, malicious damage and theft.
Insurance companies offer additional cover that could include the following;
Personal liability, food in the freezer, temporary alternative accommodation, storm damage to gates and fences, damage to your garden caused by falling trees and theft of garden plants and ornaments.
By calculating your cover correctly you will not be under insured nor over insured and paying excessive premium amounts. The sum insured needs to equal the total amount of money which your contents are covered for and therefore, represent the maximum your insurance company will usually pay out.