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house to enable you to make a home contents insurance claim? Are you confident that the level of your house contents insurance represents the real …
A Home Inventory…Will Help You Establish Whether Your Contents Are Properly Insured.
Home Inventory According to a recent survey some 33% of home owners and 38% of tenants don’t know the actual value of their possessions and about 25% of those who did work out the value of their contents, never got around to updating their insurance cover. Incredibly, an estimated 5.9 million mortgage holders are under-insured, yet research showed that 55% of homeowners admitted they were fearful of being burgled, 34% about fire, 18% about burst pipes and 11% about suffering a flood. Under-Insurance It is Most Important that you insure your household contents for their total true value, otherwise under-insurance leads to claims not being met in full by insurers. Under-insurance means that your insurance company will pay only a part of the value of your claim. e.g. If you are under-insured by 20%, your insurer might cut the payout on a claim by 20%, because you have not paid the correct premium for the true value of your possessions. Some Questions To Consider If your house was totally destroyed by fire, could you then list everything in your house to enable you to make a home contents insurance claim? Are you confident that the level of your house contents insurance represents the real value? Most policies require you to specify items that are worth more than a given value, for them to be covered at all by insurance. Have you checked that all your possessions are actually covered by your home contents insurance policy? So How Does a Home Inventory Help Me? · If you make a substantial insurance claim for possessions, which have been stolen, lost or destroyed at home, then your insurer will insist that you complete a household inventory as part of the claim. This would be a nightmare in a time of stress, so it would be better if one had already been done. If you have to report stolen property to the police, having model and serial numbers etc. will assist them in recovering the stolen property.