OK, we admit it, we’re ‘stats nerds’ when it comes to security and in this case: contents insurance! Let’s breakdown some key considerations so you can walk away with an:
According to Admiral Insurance, in some parts of the UK as many as 45% of households have no home contents insurance. And, of those who do, 18% feel it’s not necessary to update their contents insurance regularly.
Despite an overall population growth there are an estimated 1.1m fewer people with contents policies than 7 years ago.
With an average households’ contents being worth £35,000 a whopping 80% are believed to be underinsured.
AXA quote that only 33% of householders accurately understand what their household policy does and doesn’t cover and that 33% have made a claim on their policy only to find it wasn’t covered.
You may not have any single item that is of significant value or that you couldn’t afford to replace. But what if your house and its contents went ‘up in smoke’ or was flooded? Could you afford to replace everything?
For an average of £4 – £6 per week, is it worth the risk?
In extreme cases an insurance claim will be declined, and a contents insurance policy withdrawn if someone has wilfully or grossly underinsured their household contents. If it’s found that they did so to keep their premium down.
Research has shown that, as a rule, a guess made whilst sitting at your computer on a comparison website will lead you to underestimate the value of your house contents, by around £10K – £15K.
An insurance company will not require a full inventory of contents. But actually spending half an hour or so going from room to room in your house and totting up the total contents in each one will probably surprise most people.
When doing this ask yourself… What if everything was destroyed by a fire or flood?
Common things missed when estimating the value of home contents:
Don’t forget the shed, garage and loft!
It would be a logical assumption that if something is designed to be mobile or worn, it would be insured for use outside of the home.
Not the case.
Most contents insurers will not cover damage or loss outside of the home, unless by special clause or separate policy.
For most of us this is a true statement. We take two, to three weeks holiday at a time as the norm. And we are rarely away for longer periods.
However, you will likely find a clause which, at the very least, states that you must inform your insurers if you are away for longer.
With the standard being 30 days in a row.
It is likely that you will be required to take out unoccupied property contents insurance cover. Especially if you are regularly away for long periods.
Clare, Director at Stonewall Group speaks from personal experience in this area. When she was burgled in 2017 – she had a watch and a pair of diamond earrings stolen.
Combined, they were worth around £10,000 – her claim value £2,000.
Two things she and her husband had worked hard to get, were not only taken, but she was simply unable to afford to replace them. She was absolutely gutted!
Ignore this clause at your peril.
Is it all about the financial value of what is lost? Can you replace sentimental items irrespective of their value? Contents insurance alone might just not make the cut!
Keeping your precious and irreplaceable valuables in a safety deposit box is as close to a guarantee of safety that you can get. Many safety deposit centres offer a degree of complimentary insurance when you open a box. Even if they don’t, all centres have state of the art systems security to protect what is precious to you. Including seismic detectors to prevent a ‘Hatton Garden’ style robbery.
At Stonewall Vaults, we offer you £10,000 of complimentary insurance for 1 year when you take out a safety deposit box with us. And because we are also a security company, we’re manned 24/7.
If you want to learn more, explore the vaults website over at www.stonewallvaults.co.uk or give our team a call on 01788 561 244.
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