How do I estimate the value of my home contents?

Key takeaways

• Accurately valuing home contents will save you from being underinsured or paying more than you need to

• Create a full list of home contents with a room by room sweep, including the contents of often overlooked spaces like wardrobes and drawers, or use an app to help keep track

• A yearly review of your contents insurance policy can help you tweak your cover to account for purchases, sales, changes in value and even significant life events

How do I estimate the value of my contents insurance?

The first step in assessing the total value of your home contents for your is to list everything. It sounds obvious, but it’s easier to miss things out than you might expect. It's important you don't leave any rooms out, so be sure to sweep your attic and cellar or basement if you have one, as well as any outbuildings, like sheds and garages.

Go room to room opening every cupboard and drawer. It might be worth doing this job after a decent tidy up so you don’t miss the games consoles that have slipped under the soft furnishings or the trumpet that hasn’t made it out of the car after band practice. The average cost of replacing musical instruments alone could be £2500^{^} according to our latest figures.

And we really do mean every room. How much would it be to replace all those toiletries if you needed to? Or your towels? Don’t forget the items on you either - watches can cost around £4285^{^} to replace, for example.

To help compile the list, you may want to use one of the many apps available for this purpose. Be sure to pay particular attention to high value items you own - from family heirlooms gathering dust in the dining room and overworked washing machines and tumble dryers to top-of-the-range lawnmowers hidden in long grass.

Contents insurance checklist

Items your home contents insurance estimate should include are:

• Appliances

• Art

• Clothing

• Collectibles

• Electronics

• Furniture

• Jewellery

• Kitchen gadgets

• Linens

• Sports equipment

• Tools, including garden equipment

Why do I need to value my home contents for home insurance?

When it comes to insurance, an accurate, up to date list and value of your contents is all-important in the battle against unnecessarily high premiums on one hand and gaps in your cover on the other.

That cover is contents insurance, the non-buildings insurance bit of a decent home insurance policy that deals with your personal possessions rather than the bricks and mortar of your home itself.

We tend to underestimate the value of our possessions, particularly when it comes to the cost of replacing them if disaster were to strike.

We remember the bikes, TVs, laptops, mobile phones, and maybe even any jewellery. But how often, for example, would you think about how much that winter coat would be to replace, the kids’ school uniform, kitchen equipment like crockery, the toaster, garden furniture, or other surprisingly expensive items that we don’t often consider valuable?

How much should I insure my contents for?

There's no hard and fast answer for this.

You could secure cover for as little as £45.90^{^} , but the average price for contents insurance is current around £78.03^{^} .

The truth is that how much cover you require depends entirely on what you own - and what those possessions are really worth in an objective valuation. To find out how much cover you require, you'll need to work out the total value of your possessions.

Got everything thanks to your room by room journey? Now your job is to note their current market value or replacement cost. Ideally you'd have receipts already stashed for this. But if you don't, seek out a contents insurance calculator, or research the cost of individual valuable items online.

Once you've signed up for cover, make sure you inform your insurer about any significant additional purchases you make. You'll want to ensure these are covered too.

Don’t forget, you'll need to make sure the sum insured reflects the cost to replace all items at current market prices, including new for old where appropriate.

💡 Top tip: If you do need to make a claim and you don’t believe the payout was fair or accurate, you can approach the Financial Conduct Authority for guidance.

What about high value items?

Contents insurance comes with single-item limits. This is a cap on the amount you can claim for any one item under your home contents insurance policy. The limit is typically between £1,500 and £2,500.

To avoid being underinsured, identify all the items you own that are worth more than your single-item limit. You then have a couple of options:

💡 Top tip: Get an appraisal for very high value items such as antiques. This provides a documented estimate of an item's valu that can be used for insurance claims. Regular re-appraisals are recommended as values can change over time.

Should I update my policy if I buy new items?

Absolutely. It's very important to update your home contents insurance policy when you buy or receive new items so you’re adequately covered, especially if we’re talking about big-ticket purchases, such as electronics, furniture, or jewellery.

How often should I update my contents insurance policy?

Experts recommend an annual policy check. This helps adjust your cover to reflect new purchases or changes in your possessions' value.

Certain life events or milestones may necessitate an immediate review, however, such as a family member moving in or out. As will home renovations.

How do I find cheaper contents insurance?

Whether your home is full of priceless antiques or a few much loved treasures, MoneySupermarket can help you shop around for the best home insurance policy for your needs and budget.

Just answer a few quick questions about you, your home and your possessions.