Householders Insurance - How much does it cost?

The cost depends on the risk, and this, in turn depends on where you live, whether you live in your own home or in rented premises and on the job you do. In general, an accountant living in his own home in a rural area is a better risk to his insurers and therefore charged less than an articled solicitor sharing a rented flat with two other students in the Earls Court area of London.

The minimum premium per policy is usually £5 or £6. If you do not want an ' excess ' on your policy, you may have to pay about £25 extra per Section to have it removed.

How much insurance?

We saw earlier in the Section how much insurance was needed for the buildings policy; valuing the contents of your house is a much harder task. However much care you take, you invariably overlook certain articles. The best method is to take a pencil and paper, start in one room and work systematically throughout the rest listing all their contents and adding their value, allowing for depreciation in your assessment. Sometimes it may even pay you to have a professional valuation. Do not include such items as the policy will not cover (see list on page 230). Whenever you buy an expensive item, such as a television, washing machine or refrigerator, you should increase the sum insured, and at every renewal date you should list and revalue all the contents of your home. Similarly, if you sell any valuables, claim a rebate for overpaying your premium and ask to have your policy endorsed for a reduced sum insured. If you insure certain valuables separately under an ' all risks' policy ( 238), there is no point in including them in your contents policy and they should be excluded from your evaluation.

When your insurer pays you for the loss of an insured item, your sum insured is automatically reduced by this amount. Therefore, if you subsequently buy a replacement, inform your insurer that you are increasing your sum insured by the new value; you may be charged an extra premium for this additional cover.


How much does it cost?

read on: Householders Insurance - Building and contents policy

The cost depends on the risk, and this, in turn depends on where you live, whether you live in your own home or in rented premises and on the job you do. In general, an accountant living in his own home in a rural area is a better risk to his insurers and therefore charged less than an articled solicitor sharing a rented flat with two other students in the Earls Court area of London.

The minimum premium per policy is usually £5 or £6. If you do not want an ' excess ' on your policy, you may have to pay about £25 extra per Section to have it removed.

How much insurance?Householders Insurance - Building and contents policy