In the UK more and more of us are deeming home insurance unnecessary during the recession. Although saving on monthly premiums is no doubt tempting when money is tight, and especially when insurance is reported to be on the increase, many sources in and out of the industry are increasingly highlighting the need for cover. So what is necessary? And what else can we do to make the most of our cover?
The facts, according to government figures and insurance companies, are that burglaries and thefts are on the increase because of the recession. Figures from Wales show an increase in opportunist thefts from homes, whilst in rural areas across Britain, gardens and outbuildings have been increasingly targeted over recent years according to The Guardian, and are set to go up again in 2009.
Consequently, at the very least some form of contents insurance does seem a good option to ensure your personal items are protected and secure during the recession. The good news is that in comparison to general home and buildings insurance, contents insurance alone is a relatively cheaper option. Be sure to check what is and isn’t included, as well as cover limits. And bear in mind that although you may not believe you own that much, once the price of each of your items (including white goods etc) is added up you will no doubt be surprised. According to The Independent, a leading insurer ‘estimates that 28-year olds have an average of £33,166 worth of personal possessions in their homes.’
So what else can you do to protect your contents and get the most from your contents insurance? When weighing up how much to spend on contents insurance, many of us often forget what we can do to ensure we get the best deal. Shopping around is sensible, especially in today’s competitive market. Additionally, investing in security for your home, such as alarms and window locks will be likely to push premiums down even further.
Another move that will help in the long run is to document your belongings at the time of purchasing your contents insurance. Take photos of your items, especially those that are expensive, unique, or sentimental – in order to pass on to your insurer should the unfortunate happen. Once videos and images are taken, store them away from your property.
