How much should I insure my contents for

There is not an easy ‘one-size-fits-all’ type of answer to the question of how much, contents insurance should anyone get.  The reason is that different people will need various amounts of coverage, and rates will depend on the circumstances.  Rates can fluctuate due to the neighbourhood where the building is, or whether other claims have been made in the past, or the cost of some of the contents.  That is why owners should look for the best deals they can find when looking for content insurance. Finding the right insurance can be a matter of research and perseverance.

Contents are those possessions within the home or business that are not a fixed or permanent part of the dwelling and can be removed.  These items, nevertheless, for the most part are always found in the home despite being portable. The expense of the types of items will justify the cost of insurance. When an owner asked wants to know “how much should I insure my contents for?” the answer depends on the property they own, where it resides and what it is worth. 

In order to really know how much to insure the contents for, it is necessary to know exactly what there is to insure.  The total value of the contents often surprises many owners because these items are purchased over years or even decades. It should not be a matter of memory.  The owner will need a pad of paper, a pen, an empty notebook with flaps or file holders so receipts can be held, a camera and a place to put all the information later such as a fire-proof cabinet or safe.

The owner needs to go through the entire building and take careful stock of all insurable items.  The owner will be looking for those items insurance companies see as contents such as furniture including couches, living room and dining sets, kitchen tables and chairs, bedroom sets and furnishings,  non-permanent lighting fixtures such as lamps, rocking chairs, tables, desks, desk chairs and stands.  While at first these items might not seem all that expensive it is easy to see how the cost might stack up quickly to replace them.  The owner should make a note of each item and take a picture for the record. Since these items seldom had model or serial numbers this record is very important.  The owner also needs to be looking for and making record of all electronic property such as game consoles, desktop and laptop computers, televisions, DVD players and VCRs, or other small, portable but expensive items.  Along with these owners should catalogue the software, video games and DVDs. The owner should photograph each item and record the model and serial numbers.  They should also gather up all the receipts for these items. 

Now with this information to hand, it is easier to use the receipts to figure out how much it would cost to replace all the contents.  The answer to the question of “how much should I insure my contents for?” is answered by this amount including for depreciation.