How to protect your most valuable possessions

Whilst the items that fill our homes are usually not as valuable as the building itself

, they can still be worth a large amount of money and carry huge sentimental value. As such, insurance is an important consideration for both your home and its contents. Taking out a home contents insurance policy can be the most effective way to protect your valuables, but it's important to take care when estimating their value to make sure you don't leave yourself under-insured.

Many people underestimate the value of their home contents, which could prove costly in the unfortunate event that they fall victim to damage, loss or theft. With a recent survey revealing that as many as nine in ten British home owners under-insure their home contents by 10,000, UK residents as a whole are under-estimating the value of their possessions by 250 billion pounds - and that's not including those who fail to take out insurance in the first place.

Some people can be deterred from taking out an insurance policy due to the monthly payments involved, but the truth is that these small contributions are nothing compared to the amount of money you could lose if your home was burgled or suffered from flood or fire damage. The items inside your home might be everything you own, meaning you could have to replace everything from your furniture to electronic items such as your computer and television, and even your carpets.

When you take out home contents insurance, there are many factors to be considered that will determine how much your insurance company will compensate you if you need to make a claim for insured possessions. For a start, try to use the most up-to-date prices when valuing your possessions, as the costs you originally paid may have been affected by inflation or depreciation over the years. If you're struggling to calculate your home contents, or are worried that you may have missed something out, your insurer may be able to help you arrive at an accurate value through the aid of a contents estimator .

If you own any particularly expensive items, such as art collections or jewellery, be aware that you may need to take out a more specialised policy to cover these. Your insurance quote could also be affected by factors such as the neighbourhood you live in - if it has a particularly high crime rate, or alternatively is viewed as being at lower risk for instance.

How to protect your most valuable possessions

By: Paul Buchanan

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