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Homeowners should use lockdown as a time to review their home insurance contents

29.01.21

During lockdown whilst some of us find ourselves at a loose end now would be an ideal time to take the opportunity to review the things we own within our home and what is important to us.

It is easy to under value and overlook valuable items when rushing through an insurance quotation in everyday life and more often than not it is easy to get side-tracked and forget to take the time and care to fully review the items we own.

Under insurance will cause issues at point of making a claim and the last thing you would want is to suffer the heartache of a loss of a valuable sentimental item and not be paid in full due to the value not being disclosed correctly.

Here are some things to consider...

  • Review the items of jewellery you own as a whole and consider when they were last valued, where they within the last 5 years? The value of gold frequently changes as well as appreciation of branded watches therefore it is prudent to have jewellery, watches and gems fully valued every 5-10 years
  • Have you included items of fine art within your sum insured? Does your contents sum insured cover your Fine Art or should this be covered under a separate section of your policy? Consider the need to have a friendly chat with your insurance provider if you are unsure the cover is correct
  • Have you considered cover for your valuables away from the home? Many insurance policies can provide cover for items such as engagement rings, watches, earrings, bracelets etc. whilst worn away from the home with many including them on a worldwide basis meaning your valuable items are covered with you should you travel abroad at any time
  • Consider a room-by-room inventory for your general contents as well as a list for your valuable items. Frequently, we underestimate just how much we own! And remember, insurance sums insured are based on a full loss basis so your contents figure should represent how much you need cover for should there be a total loss (such as fire) and everything you own within this section needs replacing
  • Remember the difference in buildings Vs contents. It’s easy to sometimes assume items are covered under buildings when in fact they are contents (and vice versa!). Think of it as contents sum insured needs to represent all items you would take with you should you move home. Things such as rugs, sofas, TV’s, freestanding units and storage would be classed as contents. Ordinarily, items such as fridges, freezers, washing machines etc. would come under general contents however, if these items are integrated they actually fall under your buildings section and so the sum insured should be sufficient to take these things into account.