[stevefish69]

After reading about Gregg's recent accident i pulled out my Policy with More than and started to have a read.

I did a quick add up in my head, and just on AV gear without taking in to account leads and all the small stuff add's up to at least 10K, this is without the usual stuff that is found lying around and without SWMBO's jewellery.

I found out that i'm only insured for £11,430 high risk with a single article limit of £1,770. I am now gonna get them on the phone tomorrow and increase this to £20K and make sure that they have noted that i have an A11SR. The new for old price for a A11XVA is £2700 so i presume that i would have been under insured for the amp.

I'd advise everyone to have a look and make sure that you all have enough insurance.

[stevefish69]

Come on guys. 45 Views without a comment. I'm trying to help you all out here.

I phoned them today, and increased the High risk to £20,000 and put the A11 and my wifes ceramic collection down as named items over £1750 and waited for the figure.

The guy came back on and told me that there would be a grand yearly increase of £5.15 to my policy

Now surley that was worth the price of an 0800 phonecall. At least i know if the worst does happen, I'm fully covered.

I've also spent the morning taking down all the serial numbers, and taking a few pics to put in an online gallery for insurance purposes as suggested by the guy at More Than.

[Silver Arrow]

W use Microsoft Money to track finances etc. And when setting it up a few years ago, we entered a home inventory...

Needless to say we increased our insurance.

If after making a claim, the insurance company will value your home contents, and then assess if you are 50% under insured, only pay out 50% of the claim.

It is worth keeping up to date!

[Goody]

Bear in mind, however, that not all insurers class AV goods as high risk items and each person will need to check how their insurer defines high risk/valuable items.

Silver Arrow's comment about what is referred to by insurers as "average" holds true but another way that insurers will deal with underinsurance in the event of a claim is that instead of applying avarage, they may settle any claim by paying to replace with something of similar age and condition. i.e. you may not get "new for old" cover that is normally provided as standard. Again, this will need to be checked with the appropriate insurer but both methods of settling the claim mean you would not get a full satisfactory settlement if you were underinsured.

Statistics show that the vast majorityof people underestimate the value of their possessions. A way of looking at it is that if you were unfortunate enough for your house to burn down, it was then rebuilt and you were given a cheque for the value of your contents sum insured, would you be able to replace everything in your home with equivalent new items including all carpets, clothing, books, CDs/DVDs, bedding/linen and electrical goods?

Something for everyone to think about and it would be interesting to hear how many on here think they have underestimated the value of their possessions.