How much contents insurance do I need?

These days, contents insurance is done on a new for old basis. This means that to fully insure you need to work out the value of the things you own.

Do this on a room to room basis with a pad and pen. Remember to value your contents at retail value. For instance you might think that old black and white TV is worth just £10 but in an insurance claim it would have to be replaced with another TV likely to be £100 minimum.

Do not be tempted to not declare the full value of your contents. This can lead to serious consequences in a claim situation particularly if the condition of average is applied.