Computerquote Insurance has released a new Home Contents Calculator – can you afford to be uninsured?
Do you have contents insurance for your home? Did you know the value of belongings in a property can be almost twice that of an average annual salary? If you answered ‘no’ to the first question, you’re probably wishing you did have cover in light of that fact!
Computerquote Insurance has released a new Home Contents Calculator, which allows you to add up how much the items in your house are worth so you can see what you need to be insuring.
The innovative calculator lets you input the cost of contents in each room of your property, taking into account the living room, kitchen, bedrooms and even the garage.
For example, in the average kitchen with a dining table worth £300, chairs, a fridge freezer, washing machine and tumble dryer worth £250 apiece, a dishwasher at £180, oven at £150, microwave at £50 and a kettle and toaster at £20 each, the value of contents in just that one room would be £1,720.
In a living room with a sofa and armchair worth a total of £400, a coffee table with a £90 price tag, a tablet computer at £300 and a TV and accompanying stand at £250, the value of possessions in that space would come in at £1,355.
That takes the cost of two rooms to over £3,000 – and that’s before you’ve even got upstairs or considered any extensions.
Managing director of Computerquote Insurance Richard Lovegrove commented: “This total only takes into account basic furniture and essential appliances and doesn’t look at the price of other common home features, such as carpet, soft furnishings, ornaments and items with a sentimental value.
“Consider all the bedrooms, a dining room, maybe a study and perhaps a garage and it can be easily seen how the contents of a home can add up to significantly more than the sum of an average annual salary.”
With figures from the Office for National Statistics showing the average yearly take-home pay for full-time workers in the UK is around £26,500, Computerquote Insurance’s calculator shows the total value of a property’s contents can quickly creep up to more than £50,000 – pretty much double many people’s salaries.
However, it’s not just the specific items housed in a property that can affect the price of contents, as the area a home is located may have an impact too.
Figures show Harrow is the priciest postcode in terms of how much the belongings in any one home are worth, with the average coming in at £57,229.
In contrast, people living in the Outer Hebrides have the least valuable possessions, as the average cost of contents in this area is just £38,854, which certainly shows something of a north-south divide!
Not only does the calculator allow for some fun in finding out how much all your worldly belongings are actually worth, but it also highlights the importance of investing in a home and contents insurance policy.
Taking the risk of going without could see you lose items totalling almost two years’ worth of pay in the event of a burglary or if unpreventable damage is inflicted upon contents, with you receiving no help towards the cost of replacement or repair.
In light of this, it’s certainly worth contacting your insurance provider to discuss which policy would be best for you!