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House Insurance - Contents Guideline

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  • 26-10-2009 2:41pm
    #1
    jwb1
    Registered Users Posts: 205 ✭✭


    I'm not sure if anyone else has the same difficulty here but, every year my house insurance renewal comes up, I try to figure out whether I'm under-insured, over-insured, etc. The web site of the Quantity Surveyors Institute gives pretty good guidance on re-building costs so I generally use that to figure out the "Buildings" value and add on a bit to cover the higher-spec fixed items like wooden floors, patios, etc. So far, so easy.

    But, when it comes to valuing the contents, it's a different matter. The prospect of going around each room and trying to value each item seems like a very laborious waste of time. So, here's my question: is there a good rule of thumb to use? Like, say, 50% of the buildings value? I could use that to get an initial amount and then add on a bit for the really high-spec stuff.

    Any advice appreciated.


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    #2
    broker2008
    Registered Users Posts: 750 ✭✭✭broker2008


    Some companies give a % percentage of the buildings sum insured on their policies, eg 25%/30%/50%.

    Older people with years of collecting paintings,jewellery, furniture etc will have a greater chance of having a higher % but for first time buyers or younger couples this figure may be too high. This may determine which company you choose for the cover. Claims and claims experience is a very important facet of a home insurance policy. I know going through each room and working out the cost/replacement cost will be cumbersome however it could prove invaluable at the claim stage. You could always guestimate initially and one evening when there is nothing doing start on the mission by taking pictures of each room and if nothing else you will have a record of the possessions.


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