Contents Insurance
Buildings insurance is often sold alongside contents insurance.
Your lender will not insist on your taking out contents insurance, but it is highly recommended. If you ever need to make a claim, you will receive the cost of the replacements for damaged goods from your insurance company. Decide whether you want a new-for-old policy or cash, and assess the value of your possessions to make sure that you are not underinsured or overinsured.
There is no short-cut route to determining the value of your possessions. You will have to take a bit of time going from room to room and assessing what everything is worth.
Most people prefer new-for-old policies, because they get an exact replacement or even an upgraded version of the goods lost. You don't have any of the frustration of having to shop around for the goods you have lost as you do when you receive cash in place of your lost goods.
Some insurers offer lower premiums if you have a burglar alarm installed (BS4737 approved). You should also have five lever mortice locks fitted to all external doors (to BS53261 standard), and doors should ideally be at least 44mm thick. You may also get a cheaper deal if you are a member of a Neighbourhood Watch scheme. There are plenty of contents insurers around, from traditional insurers to supermarket banks and online sources. Always shop around for the best cover.
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