How do I work out how much contents insurance I need?
How can I accurately estimate the value of my home contents?
- Go from room to room, making a list of all your possessions.
- Estimate how much each possession is worth.
- Get up-to-date valuations of jewellery and other high-value items.
- Add up the cost of all your items to get your estimate.
How much contents insurance should I have NZ?
Some even give rule-of-thumb guides to the lazy, such as Tower’s suggestion that “your minimum contents insured should equate to 40% of the replacement value of your home”.
How do you estimate household goods?
Use Internet market websites to value common household items. Sites such as eBay, craigslist and national retailers list current retail prices for virtually any common item. Prices on these sites represent what the average consumer is willing to pay for the same item.
Can you just get contents insurance?
Contents insurance is different to buildings insurance, which only protects the structure of your home. Buildings insurance doesn’t cover the contents inside. You can buy contents insurance as an individual policy, or with buildings insurance as a combined policy.
Can I claim my fridge on insurance?
Your homeowners insurance policy covers much of your personal property, including large appliances, from specific perils like theft, fire or damage from a storm. This typically includes protection for your refrigerator, which can be a costly appliance to replace or repair if it is damaged.
Can you claim a broken oven on insurance?
You can claim part of your expenses from your insurance provider when you do major repair work at home. Home insurance takes care of the cost of repairing the home when it has sustained severe damage due to natural disasters. If flood waters damage your home, for instance, you could claim the cost of electrical fixes.
Is flooring covered under contents insurance?
The difference between buildings and contents insurance is that buildings insurance covers the physical structure of the property including the walls, roof and floors, while contents insurance covers items inside the property, like furniture and freestanding appliances.
Are appliances covered in contents insurance?
Home insurance covers your house and other structures on your property, including your garden shed, fences, and in-ground swimming pool. Contents insurance covers the belongings inside your home, including furniture, whitegoods, electrical appliances, clothing, and more.
Is a broken washing machine covered in contents insurance?
Most contents and home and contents policies will include your washing machine as part of their standard contents coverage.
Can you claim a TV on house insurance?
Homeowners insurance can help cover the cost of damage to your personal belongings —including TVs and other electronic appliances — as long as the damage or loss was caused by a covered peril. Lightning, fire, and theft are all examples of perils in your policy.
How do I value my household items?