Most Britons Under Insured on Contents Insurance
With new research and the start of summer Britons are being reminded to check the level of cover they have for home insurance policies to ensure they have adequate cover.
Over the past 15 years the average value of possessions in the home has more than doubled to a now average £50,000 and with the start of summer more thefts from gardens means it may be time to check what your policy will cover.
Other research shows that some parts of the country have been well under insured for many years. Kwik Fit insurance found that homes in Liverpool saw the average insured contents drop sharply by 22.3% to just £22,621 with that value now increased back up to a more healthy £31,947 over the past year but it still might not be enough.
It’s the value of technology that has increased and with most homes now investing or having invested in flat screen televisions, ipods and many desktop and laptop computers versus 15 or so years ago means that many homes may be under insured. Previously people did not have to worry so much about this as most insurance companies provided a minimum insurance cover value and generally this was more than sufficient cover for most homeowners but now it might not be enough.
With the weather warming up break ins and thefts from gardens increase by around 50% according to the Halifax who also estimate that the average cost of a household item is just under £500. Their own contents insurance offers up to £500 for plants and shrubs, a further £500 to cover furniture and barbecues and contents insurance for outbuildings, sheds and garages but many policies do not so this would be another area worth investigating when renewing or just checking your current policy.
Many people have also put off renewing contents and sometimes buildings insurance cover due to the recession as they simply can not afford the premiums, but as with other recessionary pressures crime also increases so cutting this type of cost from a household budget might be seen as a false economy.
When you come to renew your home insurance policies most companies have online calculators where you can enter the possessions in your home and garden and calculate their total worth and value. You should follow their own instructions because if you have an old for new policy then the values may need to be increased to cover the increased value in today’s prices. Although you can not over estimate what you own you should think about everything that you have and those items that you take out of the home apart from cash and credit cards to include jewellery, rings and even your glasses.
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