How to check your cover protects everything you expect it to.
Your contents sum insured is likely to increase by the value of inflation every year, but it is important to make sure you regularly review it to make sure it is still accurate.
Have you made any big purchases during the year? Are you planning to buy yourself any expensive gadgets this Christmas? If so, now would be a good time to review how much you are insured for, and whether that is still enough for everything you own.
A review could also identify if you are over insured, for example you may have recently downsized and not changed your sum insured to reflect that.
In general, your contents policy will cover everything in your house, so don’t just look around and take note of everything that you can see. Think about everything you can’t see as well. Open your cupboards, drawers, and sheds, and place values on everything in there too.
You might be surprised by what you find and how quickly it adds up!
Not all contents are covered for replacement. Some are covered for their indemnity value (also known as market value or secondhand value).
To make sure you are placing the correct value on your items, check your policy wording or ask your insurer or AdviceFirst Adviser how your contents are covered.