Working out the value of my home contents –

When you take out a contents insurance policy, it’s very important to provide an accurate estimate of your contents to ensure you have enough coverage if you ever have to make a claim.

A recent survey by Admiral Home Insurance revealed that homeowners and renters across the country may be undervaluing their contents insurance. When we asked 1,000 people to estimate the value of all the contents of their home, the average figure came out at £18,333, which is £16,667 less than the average home contents value of £35,000*.

Reading: How much is contents insurance per month

what is the difference between buildings insurance and contents insurance?

Buildings insurance is essential if you want to protect your home, and is often a condition of a mortgage offer. It covers the structure of your home (bricks and mortar) as well as fixtures like the kitchen and bathroom. Contents insurance, while not required, is essential if you want to protect everything in the property you own, like your technology, furniture, and clothing.

How do I calculate the value of my content?

To calculate the value of your content, you add the value of all the items you own; we’ve created a content calculator to help you figure it all out. go from room to room and enter everything into the calculator; the total amount should be enough to cover everything in your home. high-risk items worth more than £1,000 must be specified in the policy.

don’t forget to add anything stored in your attic, garage, etc.

To give you a better idea of ​​what your contents might be worth based on the type of property you live in, we looked at the average contents value of people who purchased an admiral home insurance policy in the last six months ( Mar – Sept ’19), depending on the type and size of the property.

How often should I update my contents insurance policy?

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While many people update their cover yearly, it’s important to remember to add newly purchased items throughout the year.

While two-thirds of respondents (67%) typically update their contents insurance annually, just under a quarter (23%) said they don’t think it’s necessary to increase their insurance level regularly, for example when they buy a high-risk item like jewelry or audio-visual equipment.

When it comes to property types, people who live in a rented flat share are the least likely to have insurance, with more than half (58%) of flat renters saying their contents were not covered in absolute.

They were also the most undervalued for their content, at just £7,717 (nearly £30,000 below the national average), even though they are more likely to feel their content is at particular risk of theft or damage ( 58%).

admiral home insurance director noel summerfield said, “the value of most items can be looked up online, but antiques or jewelry should be professionally appraised before being added to your policy.”

“make sure your content policy is up to date when you buy any high-risk items (valued at over £1000), like jewelry or a new TV, so you know they’re covered.”

the value of the nation’s household content

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The average value of people’s household contents also varies depending on where they live in the UK. We’ve taken a look at the average content value of people who bought an admiral home insurance policy in the last six months (March-September 2019), by region.

how much does contents insurance cost?

There is no average cost of contents insurance. The amount you spend on coverage for your contents will vary based on the value of your contents, as well as a number of other factors, such as where you live and the level of coverage you want. With Admiral, our cover starts at just £39; in fact, 10% of customers who bought admiral level contents insurance between September and December 2018 paid from £39.

cover your possessions outside the home

If you want to protect your belongings when you take them out of your home (think things like your laptop, your jewelry, and your camera), you’ll need to add “out-of-home coverage” to your contents policy. The policy extra is generally divided into two options: personal possessions and specific items.

Personal possessions covers designed portable items such as handbags and cameras. the specified items are high-risk items with a value of more than £1,000; you have the option to select ‘cover away from home’ when specifying the item.

To learn more about how to protect your belongings outside your four walls, read our guide “what does personal belongings insurance cover?”.

*based on data from Atomik’s admiral insurance survey of 1,000 UK adults.

See also: How Replacement Cost Insurance Works | Hippo