Brits Seriously Undervaluing the Cost of Their Home Contents

The average UK homeowner currently values the possession in their home to worth a mere £14,300, whereas the actual cost of replacing most items found in an average UK home would likely cost more than £38,000.  Alone, the average UK living room now contains electrical and other goods that make the value of replacing these exceed £10,500.

With research undertaken recently by the Halifax Home Insurance showing that burglaries and house theft levels in the UK increasing by as much as 8%. During the winter months, UK home insurance providers are not only cautioning homeowners to take extra precautions to ensure the safety of their homes but are also asking policyholders to take a careful look around their home and make sure they are reflecting a true value to the value of the contents.

Moreover, with the average UK homeowner unlikely to amend their home contents insurance dramatically year-on-year, a big question remains whether UK households take into account items purchased for their homes in the previous calendar year when renewing their home contents insurance.  Given that new electronic items can be expensive, UK home contents insurance policyholders should also be taking a close look at whether or not the threshold value of home contents is being reached and whether or not new expensive items need to be reported individually when renewing a home contents insurance policy. 

Special attention should also be given to any new jewellery items you may have purchased in the last year, as these are also unlikely to be covered under any general home contents insurance policy unless they have been specifically identified.  In this regard, it is generally advised that any UK household photograph new items purchased so that they can keep a log of all of the items in their home.  Photographing home contents is also much easier when it comes to making any claim on your UK home contents insurance policy.