When you’re young, you’re often confident about everything. That’s fine — but, if you haven’t made sure your possessions are correctly insured, your insurer’s loss adjuster isn’t going to be impressed by your confidence.

A recent study found that around two thirds of householders under 25 — as opposed to only 17% of over-54s — are unaware of the risks of under-insuring their possessions. And overall people renting are more likely than homeowners not to be clued in — the figure here is 47%.

If this includes you, it leaves you at risk of not receiving a full pay-out if you have to make an insurance claim on your contents policy. The three main areas of concern are:

  • Accurately calculating the value of possessions — if you’ve undervalued an item, you’ll only receive up to the stated value.
  • Being aware of single-item limits — your policy is likely to have a limit on what will be paid for any specific item, unless it’s listed separately.
  • Keeping an up-to-date list of possessions listed under the policy — if you replace a dodgy second-hand TV with a brand-new 64-inch screen, guess what? It’s going to be worth more.

Three Tips to Keep Your Insurance Up-to-Date

So how do you make sure the loss adjuster will be obliged to pay out the full value of your possessions, if you have to make an insurance claim following fire, flooding, theft or accidental damage? Here are three steps you can take:

  • Revalue your possessions on a regular basis. It’s a good habit to do this every time your contents insurance policy renews, rather than rushing to sign. Also, review your possessions if you’ve made a big purchase, or after birthdays or Christmas.
  • Check carefully for any expensive items. If you have high-value possessions, such as jewellery or tech equipment, their value may not be fully covered by the policy’s single-item limit. In this case, you’ll need to get your broker to have these items listed individually.
  • Use online valuation tools. If you’re having problems getting an accurate valuation, there’s a wealth of online resources that can help you. Your insurance broker should be able to point you in the right direction.

Having your possessions damaged or stolen is traumatic enough, without finding you’re not adequately covered by your insurance. Allied Claims would encourage everyone, young or old, to make sure all their valuations are completely up-to-date. That way, if you have to make a claim, we can ensure that you get the full value for each item.


Disclaimer

All content within this column is provided for general information only, and should not be treated as a substitute for the Insurance advice of your own broker or any other Insurance professional. Allied Claims is not responsible or liable for any decisions made by a user based on the content of this site.

Allied Claims is not liable for the contents of any external internet sites listed, nor does it endorse any commercial product or service mentioned or advised on any of the sites. Always consult your own Insurance broker if you’re in any way concerned about your insurance cover.