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How do I estimate the value of my home contents?

Contents insurance makes sure your possessions are protected if something goes wrong. You can find out more about content insurance, policies and what the average house contents is worth here.

What is home contents insurance and what does it cover?

If you have a home contents insurance policy, it ensures that your home and belongings are protected if something goes wrong. It works in the same way that you would insure a car, if something goes wrong, you can make a claim for anything that is covered within the policy.

Home insurance policies can be bought from either your bank, or a specialist insurance company.

There are three different types of home insurance:

Buildings insurance

Covers you for the cost of rebuilding your home if it’s destroyed. It also covers you for loss or damage to the structure of your home. This usually includes damage caused by events like fire, fallen trees, floods, frozen or burst pipes and subsidence. Buildings insurance is often compulsory if you are buying your home with a mortgage.

Contents insurance

Covers the contents of your property and your personal belongings against loss or damage, such as fire, theft and accidental damage. Content insurance policies also often cover items in your garage or shed.

Additionally, carpets throughout your property are usually covered by your contents insurance, which is worth keeping in mind when estimating the value of your home contents.

Combined policy insurance

Covers both the contents of the property and the building structure itself.

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Should I get contents insurance?

Getting contents insurance can be a quick and easy process, and it could be hugely beneficial if something goes wrong.

Contents insurance is not a legal requirement like car insurance, but if you believe the contents of your house to be of high value, or would struggle to pay to replace any of your personal or home possessions if they were stolen or damaged, then it might be worth looking into a policy.

What if I’m renting a property?

You can still take out contents insurance to cover your own belongings if you are renting a property. There are specific insurance policies available that are just for tenants.

Your landlord might already have contents insurance, but it’ll most likely just cover the things they own, like furniture or appliances.

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How much does it cost to rebuild a house?

It’s crucial that the policy of your building insurance covers the full cost of rebuilding your house. The cost of rebuilding a house can vary based on a few factors. For example, if your house is not made of brick, or you live in a listed building, it could be more expensive to rebuild. It also depends on the size of your home, which is measured in square meters.

Before taking out combined or buildings insurance, it’s important to get a good idea about the cost of rebuilding. You can do this by using a calculator online, or by hiring a chartered surveyor, who will give you a good indication on the cost of rebuilding your house in the event of an accident.

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How do I estimate the value of my home contents?

When you think about the most expensive items in your home, you automatically think of jewellery, appliances and technology.

In reality, fixtures and fittings can be just as expensive. It’s important you get the valuation of your home contents right when taking out an insurance policy, as you don’t want to underestimate and be left out of pocket.

The best way to estimate the value of your home is to go through it room by room, making a list of all of the contents, including things like carpets and curtains.

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A quick guide to average values of home contents*

The limit for contents cover can vary a lot from one household to another. It all depends on what you have in your property. It can also be affected by location, as some regions can be more expensive than others.

Here’s a quick guide to the average value of a property’s contents:

  • Apartment / flat: £60,824
  • Terraced house: £62,117
  • Semi-detached house: £62,411
  • Detached house: £63,380

*Source: Legal & General Group plc 2019, figures based on sold policies from (08th) April 2018 to (20th) July 2019 and calculated on the average contents (sum insured) for policies which are combined covers or contents only.

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