5 tips to help you calculate contents insurance

Gordon Morris, Managing Director of Age UK Enterprises, said: “It can be surprising how quickly the value of our belongings add up. But, when it comes to contents insurance, it’s important to keep track. Recent research from Age UK found that nearly one in five (19%) people have never updated their home contents cover. There are, however, a few simple things you can do to make sure that you are valuing your contents correctly, both when you purchase your insurance policy and on an ongoing basis”:

  1. Systematically work your way through your home room by room. Remember, it’s not just the big furniture you need to include but also what’s inside; clothes, bed linen and cookware can all add up. Think of your home contents as everything you'd take with you if you moved house
  2. Think specifically about any family heirlooms and items that you take out of your property. Phones, bikes, laptops and jewellery, for example, may need to be covered separately to be insured outside of the home
  3. Complete an inventory of your garage or outdoor storage space to make sure your garden equipment and accessories, such as BBQs and mowers, are included. If you're stuck some websites have handy contents calculators such as the AA's here
  4. Be realistic about how much it would cost to purchase like-for-like products at today’s prices. It can be useful to keep receipts for high value items, such as electrical gadgets and jewellery, to refer back to
  5. Finally, remember to think about the type of cover you’re buying. Accidental damage, while not always included as standard, can be a good idea if you have grandchildren over regularly, for example.
  • Plus read our top tips on keeping your home secure here.