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House and Contents Insurance

Luzern
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House and Contents Insurance

 Rip Off Britain featured it this morning focussing on people underestimating cover needed to replace items. After more than fifty years married the bills have likely been lost, and assessing present as new values is no picnic.

I think insurers put a too heavy duty on ordinary people, who do not have tame experts at hand.

No one has to agree with my opinion, but in the time I have left a miracle would be nice.
24 REPLIES 24
shutter
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Re: House and Contents Insurance

It doesn`t take long, to sit down, with a pad and pencil...take each room  as your current value.... and imagine having to replace each item in the room... then add 10% to the total, for the bits you missed out..

Don`t for get to add in all the clothes you  have in the wardrobes... and the shoes...the techy stuff, phones, laptops , light fittings,... etc etc...   and the cleaning materials under the sink... etc.

Imagine you are sitting on the outside, with the house  a smoking ruin, and think of how much it would cost to replace everything..

 

Baldrick1
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Re: House and Contents Insurance

I have issues with the risk of being found to be uninsured. After decades my loft and other places are full of things that is either out of fashion or 'might come in handy one day'. I would never dream of claiming for or replacing these if they were damaged but on new for old policies they still theoretically have to be insured for their full new replacement value. To not do so runs the risk of having a pro rata reduction in the amount paid as the result of a claim.

To get much cheaper contents insurance I need to get rid of all of this excess 'stuff', which my offspring will probably dump in a skip when they come to inherit but......

 

 

p

Minivanman
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Re: House and Contents Insurance

@Luzern 

Take a tip from our MP's and get prices out of a John Lewis catalogue, that should cover it. Thumbs_Up


Don't limit the friends you haven't met with arguments you'll never have.
gleneagles
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Re: House and Contents Insurance

Too much hard work !

Get your camera or phone out, set it on video and record the whole house.

Only get a policy that states buildings will be insured up to a million pounds....unless your property is worth more !

Contents policy should cover like for like, not what it's worth now.

Make a copy of the video and leave with a relative.

Simple !

Smiley

We are born into history and history is born into us.
Minivanman
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Re: House and Contents Insurance

We have house insurance as like almost everybody else we'd rather be safe and sure, but given that there are something like 25m houses in the UK, how many of those I wonder have fires to the point where most of the contents are destroyed and need replacing.

Just a thought. 

 

 


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Luzern
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Re: House and Contents Insurance


@gleneagles wrote:

Too much hard work !

Get your camera or phone out, set it on video and record the whole house.

Only get a policy that states buildings will be insured up to a million pounds....unless your property is worth more !

Contents policy should cover like for like, not what it's worth now.

Make a copy of the video and leave with a relative.

Simple !

Smiley


@gleneagles I do have  an up to £1M policy and upto £50K contents with full accidental cover with LV, so am not greatly concerned for ourselves.

No one has to agree with my opinion, but in the time I have left a miracle would be nice.
Minivanman
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Re: House and Contents Insurance

@Baldrick1 

Sad to have seen over the years just how much stuff people have in their houses is just dumped after death.

Mentioned here a little while back at how we had 'hit the minimilist button' and had a good clear out. Made us feel better plus, it saves the kids having to do what I found myself doing after parents and parents in law had passed away. Some stuff was kept, but very little to be honest as being just passed middle age ourselves at the time there was neither the need or the room for things such as furniture etc.

Found in my loft was an old AVO meter from my TV repairman days which was to good to just throw out so I gave it to a local 'antique shop' - who then put it up for sale for £40. Had to explain to the young lady behind the counter what it was!  

 


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Baldrick1
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Re: House and Contents Insurance

@Minivanman 

That relates to the point I was trying to make above. For example, let us assume that you have contents insurance for £80k. You have a fire and when you tot up the replacement cost of your losses this amounts to £80k. Good you think, I'm fully covered.

The insurance assessor comes and looks at your losses, fine, he agrees that replacement will cost this sum, then he finds all the other stuff that you would not have claimed for anyway. He decides that it would also cost £80k to replace this. Ah, he could say, you are underinsured. As only half of your contents value has been destroyed we are only paying you half of the insured value. Here's a cheque for £40k. 

gleneagles
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Re: House and Contents Insurance

@Baldrick1 

Guestimate the figure you would need to replace the contents of your house, double that figure and round it up to the next highest figure, then you are covered.

Also keep a eye on conditions like any valuables over several thousand pounds will only be covered to a miximum of..£ x

If you have a garage attached to your house the contents might not be included....pays to check.

We are born into history and history is born into us.
gleneagles
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Re: House and Contents Insurance

@Luzern 

Whilst I do not know your personal circumstances I suspect at 50K you are under insured.

How much would it cost you to replace all your carpets, television, bedding etc in case of a fire or flood......

Stuff does not need to get burned it's the smoke that can do the damage....and don't forget redecoration......and hotel accommodation if you have to move out.

Smiley

We are born into history and history is born into us.
billnotben
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Re: House and Contents Insurance

I've never bothered with contents insurance.

I just look around at the old junk surrounding me and think the whole lot could be replaced from charity shops for beans.

 

gleneagles
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Re: House and Contents Insurance

@billnotben 

Problem is charity shops may not be allowed to see electrical appliances such as tv, cookers, etc something to do with health and safety ?

Saying that I have seen some electrical stuff in such shops, dvd players & similar.

We are born into history and history is born into us.
Minesapint
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Re: House and Contents Insurance


@Minivanman wrote:

@Baldrick1 

Sad to have seen over the years just how much stuff people have in their houses is just dumped after death.

Mentioned here a little while back at how we had 'hit the minimilist button' and had a good clear out. Made us feel better plus, it saves the kids having to do what I found myself doing after parents and parents in law had passed away. Some stuff was kept, but very little to be honest as being just passed middle age ourselves at the time there was neither the need or the room for things such as furniture etc.

Found in my loft was an old AVO meter from my TV repairman days which was to good to just throw out so I gave it to a local 'antique shop' - who then put it up for sale for £40. Had to explain to the young lady behind the counter what it was!  

 


They'll pry my old AVO Model 40, my old GEC Selectest, my AVO Multiminor, and my BPL multimeter with the broken case that dad gave me, from my cold dead hands! Cheesy

 

(I just hope the cold dead bit doesn't come too soon!)

 

billnotben
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Re: House and Contents Insurance


@gleneagles wrote:

Problem is charity shops may not be allowed to see electrical appliances such as tv, cookers, etc something to do with health and safety ?


We have a few charity shops around here the size of supermarkets. Filled with fridges, washing machines, tv's, well just name it they probably have it.