To determine the value of your possessions for Contents Insurance, create a detailed inventory of all your belongings, including descriptions, purchase dates and costs. For more accurate valuations, consider getting appraisals for high-value items like jewellery, art or collectibles. Update this inventory regularly and adjust your insurance coverage as necessary.
You can also use a contents insurance calculator to get a general idea of the cost to replace your items with new ones. While this tool provides a helpful estimate, it’s important to ensure the figure reflects the true replacement value. Selecting the right ‘contents sum insured’ is key to avoiding underinsurance. The calculator uses basic information to generate an estimate, which you can customise. If you’re unsure of the right amount to insure, consider seeking professional advice.