Also remember about the limit insurers could place on individual items, as it could be lower than some of your possessions. If this is the case you have three options:

Negotiate for the full value to be included.
Insure the item separately.
Break the item down into components of lower value where possible, for example: a camera can have a lens, the main body and peripheral equipment insured separately.

Follow the advice in our home insurance calculator section to evaluate the cost of the contents of your home. (opens home insurance calculator content in new window)

There are a number of variables that can be considered with contents insurance.

Contents Insurance - variable options

There are a number of add-on options available in addition to a standard contents insurance policy. These include:

New for old replacement cover – This replaces items with equivalent new versions at today’s prices.
All risks cover – Includes items taken outside your home. These items are usually specified individually, such as jewellery, mobile phones, etc.
Legal cover – This pays for court costs. There are a number of different policies available including:

1. Compensation for injuries – If you are in an accident that’s not your fault you could claim compensation.

2. Consumer disputes – Disputes from buying, holding or selling goods.

3. Disputes with neighbours – Such as new fences, trees blocking light, etc.

Freezer contents cover – Will pay for a fixed amount should the food in your fridge or freezer become inedible.
Sports equipment cover – Such as golf clubs, squash racquets. They will not usually be covered while in use.
Garden equipment cover – Protects against theft from a garden shed.

Additionally, an option to consider is accidental damage cover, which is standard in a lot of policies. This covers against DIY accidents, paint spillages, etc and is available in both building and contents insurance.

Make sure you examine exactly what your insurance policy covers against. All levels of cover should include compensation against theft and fire. However, it could be important to make sure you are covered against storms and flooding, frozen pipes, subsidence and more. Also, if you have extended or plan to extend your property make sure your policy reflects the changes you make.

Buildings & Content insurance combined

There could be discounts available for taking both policies out with the same insurer and it can certainly save some hassle. However, just because an insurer is good for buildings insurance, it does not mean that they will be the best for contents insurance and vice-versa. Be sure to examine all of the options available.

In part five we’ll take a look at cover in flood risk areas and landlord’s insurance and home insurance for tenants.