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Home Insurance – how is cover calculated?

It is vital that you are correctly insured for all the contents in your home, this cover should be ‘new for old’ going from room to room and make a list of everything in that room that will be covered by your insurance policy, do not try to guess the value of the items in each room, you may end up being massively under-insuring your possessions.  If you have some possessions that have a specific value you should insure these separately, for these items you may need a receipt or have a valuation certificate.  There is this world some dodgy people around who would claim for and expensive item of jewellery or a watch for it only to be a fake, so this is where a receipt or a valuation certificate comes in handy. The ‘new for old’ does not always include your clothing as a percentage will be taken for wear and tear.

If for instance your TV has been stolen and you have had it a number of years, and you have new for old insurance cover, you will need enough money to replace it regardless of how old it is, it is vital to calculate the current price of your possessions at the time of renewal of your insurance policy, taking into consideration any expensive items that you have bought in the last year.
Home contents insurance is increased yearly in line the Retail Price Index, so any new items of value you have purchased you should ask your insurer to increase the value of your contents insurance.
There is some extra cover that you can buy such as Accidental damage cover or All Risks cover in the event of you knocking blackcurrant juice over your nice cream carpet, or the kids break a precious ornament the insurer will pay out.  This type of contents cover should be calculated in with your home contents cover.

Buildings Insurance

Your home is probably the most expensive thing you will ever buy, so it is worth calculating the cost of a re build or repair accurately, to calculate this you must realise that it is not the value of your home that you will be insuring but the re build, this cost is made up of building materials and labour, architects and legal fees.  In addition to calculating your insurance you should take into account your garage or shed, even walls. If you calculate your buildings insurance on the saleable value you will be paying too high a premium

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