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Figures from the Association of British Insurers show that the average UK household now owns £35,000 of “stuff” and the total value of household possessions in the UK is nearly £1 trillion (or nearly £1 billion depending on which definition of the words billion and trillion you choose to use, either way more than the UK government spent last year).
While this figure for the average household may appear high, with the ever expanding range of “must have” electronic gadgets in the home it is easy to see how the value of household possessions can sneak up. Equally how easy it can be to under-estimate the value of your possessions, that is until you need to replace them.
It is always important that you review the value of your possessions when your household contents policy is due for renewal to make sure you have the right level of cover.
Please speak to your normal Cooke & Mason contact if you have any questions regarding household contents insurance or email us using email@example.com