Contents insurance - how much cover?

[TheHAUNTEDHouseofMirth]

I think we might actually be over insured and I just wondered how much is a usual amount of cover?

We are 2 adults & 2 children, average kind of belongings I think.

I looked at this the other day (same 2 adults, 2 kids) and the cheapest quote I found was £136 per year. My friends were astounded as they were paying nearly twice this amount. We are in rented accomodation though...don't know if that makes it cheaper.

What was the level of cover for that. When I took out our existing policy I was scared about being under-insured so I think over estimated how much our belongings are worth. It didn't matter then as we had more money but I really need to cut our premiums if I can.

Be careful, if you under insure then have a large claim your payout will be decreased.

You need to insure for the value it would cost to replace everything should you have a total loss fire - so everything from cutlery/bedding to the more expensive electrical items / jewellery etc.

We have about 40K worth of cover. I havent got a clue what we would actually need, and I expect that we are overinsured, but I was worried about the consequences of being underinsured.

Hiscox has a calculator on their website. Very useful

Thanks. We're stupidly over insured at the moment because I haven't ever had the energy to actually list everything we have so I guessed and adding £20k just in case. Apparently average sum insured is £35k & most people are underinsured by 21%.

According to Hiscox calculator we're not overinsured. It's useful but do people really own £1000 worth of bedlinen for their master bedroom? And no books?!

It can seem an amazing amount, but you have to imagine having to go out and replace everything in your house at brand new prices.

In my first house I was underinsured as I only worked out my books at the prices I had paid for them, not new - and that really goes up at 7 quid for a paperback and 15 for a hardback.

Hiscox is a fabulous insurer if you are looking to change

that calculator puts me at £114k worth of contents . Just going to look through it and see where that much would come from.

I did think flooring (carpets etc) were buildings not contents?

not adjusting the £6k each they have for floor covering and curtains (no idea on floor coverings but there is NO WAY I have £6k of curtains), I come out at £50k on their list.
I'd probably up that a bit for things I haven't thought of, maybe 20% to come to £60k.

A long way short of the £114k on the initial estimate.

If you could reasonably take it with you when you moved, it's contents. So carpets are. 6k prob about right for carpets (remember to include fitting, underlay etc).

Remeber to include all your clothes, shoes, things like tents, pots and pans etc

Try the legal and general calculator too - Hiscox may assume a 'nicer' quality of soft furnishings etc than is realistic for you.