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Homeowners could be missing out by failing to calculate the full cost of valuable home contents when claiming for damages or stolen goods. A recent study has revealed that 65 per cent of homeowners only estimate the value of their contents.
The National Farmers Union (NFU) Mutual conducted a home insurance survey and found that homeowners are failing to insure contents for the correct amount.
The rural home contents insurers are urging people to correctly value their home goods. With the latest electrical goods always coming into the home, NFU Mutual found that 32 per cent of homeowners never amended or reviewed their home insurance policy.
With inflation rising and an increase in gold prices, homeowners are urged to review policies to avoid risking underinsurance and major loss. As the cost of living increases, many homeowners could be tempted to underestimate the value of their contents in order to reduce premiums and household expenditure.
Reducing insurance premiums could be cost effective initially, however as John Kenny, Chief Claims Manager at NFU Mutual points out:
"In the long run it could prove to cost a lot more, particularly in the case of a disaster like a fire or flood.”
Should homeowners have to make a claim, they may lose out by failing to calculate the exact value of insured items.
When a claim is made, the provider will apply the average or underinsured term. This could result in a reduced claims payment by the percentage that the contents are underinsured.
Estimating the value of home contents could cost your more stress and hassle than it's worth.
The rural insurers urge homeowners to review their policy at least once a year.
Major life events such as buying or extending a home, getting married, having a child could all affect the level of contents needed. Inheriting or purchasing expensive jewellery or electrical goods could also alter the type of cover that is required.
Updating Home Insurance
"Updating insurance policies on a regular basis means homeowners can be confident they are getting the right level of cover – there's nothing worse than paying for something that won't work when you need it most,” comments Kenny.
If your policy is up for renewal or needs updating, compare home insurance here.