Confused about contents insurance

Cromulent · 10 Apr 2018 at 12:16

I'm baffled about contents insurance. My most valuable items are my computer, the three monitors and my DVD and Blu-ray collection. I'd guess getting contents insurance for £10k would be enough, but there seems to be so much small print in all of these policies that each policy seems to offer something different.

I know you have to tell them about single items worth more than about £1,500 (which my computer is) but my DVD and Blu-ray collection is so big even I don't know how many items there are or its worth.

I doubt anyone is going to steal my bed, so I'm not too worried about that. Could anyone offer any advice? I've looked at Compare the Market but still don't feel like I know all that much.

Also, do you think it is worth protecting against accidental damage? I don't know how much extra that costs.

andicole0 · 10 Apr 2018 at 12:20

Contents insurance also covers for fire, so you may want to take some time creating a decent inventory.
Andi.

Cromulent · 10 Apr 2018 at 12:31

andicole0 said:
Contents insurance also covers for fire, so you may want to take some time creating a decent inventory.
Andi.

I'll start adding all my DVDs and Blu-rays to my database then. I'm trying to take as little as possible with me for simplicity.

#Chri5# · 10 Apr 2018 at 12:58

Cromulent said:
I'm baffled about contents insurance. My most valuable items are my computer, the three monitors and my DVD and Blu-ray collection. I'd guess getting contents insurance for £10k would be enough, but there seems to be so much small print in all of these policies that each policy seems to offer something different.

I know you have to tell them about single items worth more than about £1,500 (which my computer is) but my DVD and Blu-ray collection is so big even I don't know how many items there are or its worth.

I doubt anyone is going to steal my bed, so I'm not too worried about that. Could anyone offer any advice? I've looked at Compare the Market but still don't feel like I know all that much.

Also, do you think it is worth protecting against accidental damage? I don't know how much extra that costs.

You need to check the information and policy wording from the insurer. As the exact cover will vary between insurers, you need to do your homework and make sure you have appropriate cover. Some insurers may consider the DVDs a collection and then need you declare them. For instance, Direct Line's calculator (here) asks for details of collections over £2000. Take pictures of the collection and store them safely so you can document the collection in the event of a claim.

As for accidental damage, most of the online insurers will let you add and remove it from the quote so you can see exactly how many it adds to your premium. Then you need to make the educated decision if accidental damage is useful protection for you. Are you likely to pour a drink over your PC?

andicole0 · 10 Apr 2018 at 14:00

Cromulent said:
I'll start adding all my DVDs and Blu-rays to my database then. I'm trying to take as little as possible with me for simplicity.

Maybe start by counting them.
Andi.

Daaaavvveee · 10 Apr 2018 at 14:20

I just made a rough guess what everything was worth new, and added it together, do a few quotes, check companies, some have minimum amounts etc.
Compare the market should be able to tell you the info, and what it all means.
I have accidental cover, and also contents outside the house on the 2 macbooks and extra insurance for the gf's engagement ring

Buffman · 10 Apr 2018 at 14:32

I would extend it beyond just blu rays and toys for the reason of fire. (think clothes, jackets etc). I imagine if you up it to £20k it won't make a significant impact and worth the peace of mind.

For blu rays I'd just estimate 120 blu rays at £10 a piece = £1200 (or change to £15 a piece etc..) no need to log them!

Psycho Sonny · 10 Apr 2018 at 17:28

errrm you need to include furniture, every electrical (fridges, dishwasher, AVR, etc), all clothing, gadgets, etc. tablets, speakers, tv's, projectors, etc, etc. basically the full contents of your home.

if you had to buy everything in your home again what would it cost you?

i think i have about £100K worth of contents cover.

The mrs must have like £5-£10K just in handbags

Cromulent · 10 Apr 2018 at 17:33

Psycho Sonny said:
errrm you need to include furniture, every electrical (fridges, dishwasher, AVR, etc), all clothing, gadgets, etc. tablets, speakers, tv's, projectors, etc, etc. basically the full contents of your home.

if you had to buy everything in your home again what would it cost you?

i think i have about £100K worth of contents cover.

The mrs must have like £5-£10K just in handbags

I'm only living in a studio flat, so I don't have all that much. I guess I could push it to 15K or 20K (as long as the price doesn't rise too much) just to be safe but I don't have a whole bunch of stuff.

I assume the things like the cooker and fridge/freezer are insured by the landlord rather than myself.

Plus thankfully I don't have any handbags

.

friddela · 11 Apr 2018 at 13:13

Daaaavvveee said:
I just made a rough guess what everything was worth new, and added it together, do a few quotes, check companies, some have minimum amounts etc.
Compare the market should be able to tell you the info, and what it all means.
I have accidental cover, and also contents outside the house on the 2 macbooks and extra insurance for the gf's engagement ring

Learnt this the hard way! Had accidental contents insurance but not outside the house... Wife's engagement and wedding ring were stolen from the gym. Granted, it wasn't ideal taking them off and leaving them on the floor of a squat rack for 10 minutes. It's difficult to be mad given how upset she was, doh!

Unsurprisingly, my home insurance is now top notch!

Cromulent · 11 Apr 2018 at 15:03

friddela said:
Learnt this the hard way! Had accidental contents insurance but not outside the house... Wife's engagement and wedding ring were stolen from the gym. Granted, it wasn't ideal taking them off and leaving them on the floor of a squat rack for 10 minutes. It's difficult to be mad given how upset she was, doh!

Unsurprisingly, my home insurance is now top notch!

Good plan. I'll get the laptop insured outside the flat.

Semple · 12 Apr 2018 at 17:21

Just started looking at contents cover as well, and i'm more curious about what happens in the event of a house fire.

A burglary is more simple as it will just be a handful of expensive items - like i couldn't imagine someone breaking in to steal 200 blu-rays!!

So if your house got burnt down, or a room burnt out, do the insurance company trust your word on the smaller items, or do you literally need proof of everything you've purchased.

Again, most people will keep receipts for things like TV's/laptops/tablets etc. But for things like coffee tables, lamps, picture frames, and curtains which as a per item won't be relatively expensive, but could run into the £100's if not £1000's if they all need replacing.

mushtafa · 12 Apr 2018 at 18:40

Remember curtains, bedding (mattress!) and carpets etc,

I never thought to count up my Blurays. Not sure how to do that though. Yes they retail at around £15 each, but most could be found for a few quid now.

Psycho Sonny · 13 Apr 2018 at 00:26

Semple said:
Just started looking at contents cover as well, and i'm more curious about what happens in the event of a house fire.

A burglary is more simple as it will just be a handful of expensive items - like i couldn't imagine someone breaking in to steal 200 blu-rays!!

So if your house got burnt down, or a room burnt out, do the insurance company trust your word on the smaller items, or do you literally need proof of everything you've purchased.

Again, most people will keep receipts for things like TV's/laptops/tablets etc. But for things like coffee tables, lamps, picture frames, and curtains which as a per item won't be relatively expensive, but could run into the £100's if not £1000's if they all need replacing.

Go round your home and take at least 5 pictures of each room. Same goes for expensive items. Picture them all.

mrbazmondo · 13 Apr 2018 at 00:50

When you get your quote try it with a higher value. Its often the same cost with some insurers up till a threshold.

Semple · 13 Apr 2018 at 08:56

Psycho Sonny said:
Go round your home and take at least 5 pictures of each room. Same goes for expensive items. Picture them all.

Are pictures satisfactory proof of ownership though?

What's stopping you borrowing a relatives expensive lamp and claiming the photos show they're yours...

Or what's stopping you from duplicating the items by moving them to another room for the photo...

Psycho Sonny · 13 Apr 2018 at 09:39

Semple said:
Are pictures satisfactory proof of ownership though?

What's stopping you borrowing a relatives expensive lamp and claiming the photos show they're yours...

Or what's stopping you from duplicating the items by moving them to another room for the photo...

seems a bit far fetched in order to commit insurance fraud for a few quid tbh.

i'm sure they would see that an expensive lamp looks out of place, etc. they then may ask for pictures of your latest social gathering and see the lamp is missing, etc.

i use pictures anyway and insurance will pay out if it looks reasonable enough

Burned_Alive · 13 Apr 2018 at 11:06

Anything that can "reasonably" be removed from a property and taken to another home is considered to be part of the contents. I would include carpets and any light fittings, curtain rails, blinds,