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Don't under-estimate the value of your possessions


A staggering 50% of Britons are undervaluing the contents of their property, leaving them financially exposed should they have to claim on their home insurance.

Around 26% of people have under-insured their clothes, furniture, electrical goods and other possessions by an average of around £20,000 – and a further 20% have no home contents cover at all, and yet those in this group often have possessions totalling an average of £24,000!

When we think about insurance, we tend to think about the items which may be stolen – TV, electrical items, computers, jewellery etc. We should also think about what would happen in the event of a flood or fire. Figures indicate that a typical household owns items worth approximately:

Furniture = £6,000
Electrical goods = £5,000
White goods = £2,000
Clothes = £5,000
Jewellery = £2,000

To replace carpets and rugs you would need to allow around £2,500 and for new curtains and blinds around £1,000. Additionally you will probably have items stored in your garage worth around £1,200. It soon all adds up......

Then, don't forget your fitted kitchen units, wall coverings, CD's & DVD's, pictures/paintings, light fittings – the list just goes on and on. To help see the full picture, imagine your home as a shell with just windows, doors, plastered walls, floorboards, skirtings, sockets and switches (and, of course bathroom fitments) and then everything else represents your 'contents'. You should be insuring for the replacement value of all your 'contents'.

Don't take the risk of being under-insured, review what you have and its current market value and do this every year you renew. If you buy high-ticket items during the year, it is worth calling your insurance company and advising them.

Talk to an insurance expert. Call Westhill Insurance Services, their staff are polite and helpful and will be able to remind you about the items you really should include in your policy. They will find the best possible insurance to meet your needs and can offer guidance on replacement values.

Contact Westhill Insurance Services, today.

Posted on 25th January, 2011