Can anyone explain house insurance to me?

Gumbo_old

I've been tasked by the wife to look at house insurance renewal. When it comes to contents I'm finding it difficult to get a straight answer from the insurance companies. They say you should insure for the full amount of the contents should you need to replace them, in a fire for example. However, when I ask them what I'd need to provide to them should I need to make a claim they say receipts or proof of purchase. For most of our stuff this would be very difficult, especially if the few receipts we do have from recent purchases are toast as well. How about things that were gifts?

My suspicion is that the insurance companies want to scare you into taking a higher premium based on the full replacement value of your contents and then weasel out of any claim you have because you don't have the documentation.

If this is the case then should I only get insurance for things that I know I can prove I own and take scans of the receipts and keep them online?

ytpe2r5bxkn0c1

Gumbo wrote: »

...If this is the case then should I only get insurance for things that I know I can prove I own and take scans of the receipts and keep them online?

Very short-sighted.

I know in my case the insurance company was more than happy to accept quotes for replacement of items. In the case of contents I'ds make certain I was fully covered for the value of ALL my property. Mine paid out in full with no quibble and didn't even hold me to the excess on the policy.

January

Insurance companies are happy to accept quotes for replacement of lost/stolen/damaged items. Most house insurance policies these days also have new for old cover as standard on the policies or for an extra premium.

Gumbo_old

Patricia Muscular Fishnet wrote: »

Very short-sighted.

I know in my case the insurance company was more than happy to accept quotes for replacement of items. In the case of contents I'ds make certain I was fully covered for the value of ALL my property. Mine paid out in full with no quibble and didn't even hold me to the excess on the policy.

But when you claimed did you have to provide proof of purchase for your contents or did you simply provide a list of items with quotes for them and they paid out? Thanks

91011

Firstly look at insuring for the CURRENT rebuilding cost - not the "value" of the house.
A 4 bed semi-detached will ahve a rebuild cost of about €160,000 - €180,000, A 4 bed detached of about 1500sq ft will be circa €200,000 -.€220,000.

Contents - basically what would it cost to replace carpets, curtains, furniture, appliances and clothing.

For most couples €40 - €50,000 is sufficient.

Currently I find Zurich the lowest price (just based on my circumstances)

Redr

Gumbo wrote: »

But when you claimed did you have to provide proof of purchase for your contents or did you simply provide a list of items with quotes for them and they paid out? Thanks

A friend of mine lost her engagement ring. The insurance company wanted to see a photograph of the ring. Fortunately a couple of weeks before she lost it I took a photo of her and happened to include her hand bearing the ring. Then they were happy to cough up.

Take pics of the valuables.

dudara

Moved to Banking & Insurance & Pensions

dudara

Cookie_Monster

Redr wrote: »

Take pics of the valuables.

This.

In the absense of any receipt or paperwork at least you have proof that what you are claiming for did exist. (Don't store the photos / drive they are on in the house either )