It’s been estimated by the Association of British Insurers that 1 in 5 UK households are underinsured. This means that if the worst was to happen and you lost all the contents in your home, your pay out from the insurance company wouldn’t be enough to replace everything.
Admiral Insurance* believe that the difference between what people estimate their contents as and the actual total to replace contents amounts to £21,362.

How much content cover do you have? The Association of British Insurers estimate that the average value of contents in a three-bedroom house is £55,000. So, if you don’t have enough cover, what’s stopping you increasing it? The difference in premium for your current level of contents cover and what you actually need, may be fairly minimal.

It’s really important when taking out insurance that you make sure that the cover will be enough for what you need. It you were to suffer a total loss, you wouldn’t need the added stress of not having enough money to replace your possessions.

It’s also important to review your contents cover when you renew your policy. You might have had an extension and now have additional furniture to factor in, you might have bought some expensive kit, like cinema equipment or maybe someone in the household has taken up a sport and has additional equipment that needs covering.

Whatever you do, don’t be one of the 1 in 20 homeowners* that have lost out because their home contents were underinsured.

Please note the content of this blog is for guidance purposes only and does not constitute for professional advice. Contact us today at info@wolseymortgage.co.uk or by calling 01473 216950.
*Admiral Insurance 2017