Counting the Cost – Calculate the Value of Your Belongings

Calculate the Value of Your Belongings is a Guest Post

It’s important to think about insuring the contents of your home properly. If the worst happens to you, being covered against loss or damage means you won’t have to worry about the cost of replacing your possessions, whether they’re valuable items or everyday essentials.


Calculate the Value of Your Belongings


Calculate the Value of Your Belongings

When you start to look for contents insurance, it’s key that you make sure all your belongings are covered, and that means making sure nothing is left off the list of items to insure. Underestimating the value of your possessions is a common problem, so make sure you’re calculating the cost of replacing your items today. On the other hand, remember that you won’t receive the value of a brand new replacement for many items that are most susceptible to wear and tear, like clothes and bedding.

Another thing to remember is to include all your possessions, not just the obvious ones. A reliable insurance calculator, such as the Contents Calculator on the AA website, will help you work out what your belongings are worth and what cover you need. The first step to calculating the cost of your possessions is to make a comprehensive list of what you’ve got, and a great way to do this effectively is to split things into the following categories:


Electrical items

Usually among the most costly of your belongings, these can be as varied as televisions, white goods, mobile phones and games consoles – make sure you include everything as the value of these items can add up to more than you might think.


Calculate the Value of Your Belongings


Separate into rooms

Think strategically and split your inventory into rooms so you don’t miss anything. From bathroom to bedroom, make sure nothing is overlooked.  And, you’d be surprised how often floor coverings such as carpets or wood flooring get forgotten – replacing these can be very expensive.


Calculate the Value of Your Belongings & Don’t forget the garage

Garages and outhouses may contain electrical goods like lawnmowers, as well as bikes or a chest freezer.  Other sizeable items like garden furniture and tools may be costly to replace and are more easily pinched than items locked safely in house, so don’t forget to add them to your list.  Many insurers have strict limits on the value of outhouses and may demand additional security.


Decorative items

Ornaments, art and family heirlooms should all be considered when making a list for your contents insurance and if any individual item is worth over typically, £1,500 it needs to be specified on the policy.  Many insurance companies offer ‘new for old’ cover for furniture, for instance.  But if you have an antique occasional table or bureau, make sure you have it valued and listed separately – you wouldn’t want an antique replaced with something new!


Personal effects

You may think to insure your jewellery, but would you think about your clothes and books? Don’t miss these off your inventory as the cost of replacing these can really add up.

Accidents can happen so do Calculate the Value of Your Belongings

Think about extending your policy for ‘accidental damage’ (red wine or other spills on carpet for instance).  Also, it’s worth taking out ‘personal property outside the home’ which usually offers up to £5,000 for personal effects anywhere in the world.  This means you can ask your travel insurer to exclude baggage cover which will reduce the premium, because it will be included in your home insurance.


The AA website has lots of useful information to help you calculate your house contents insurance cover (, as well as a variety of insurance products to get your possessions and home covered.


Calculate the Value of Your Belongings is a feature post – you mihgt also like my post on life insurance quirks



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