We’ve got contents insurance with AA and from next year we’ll be paying 33% more. We have had 2 claims for a different policy this year, one at fault, one not, and they said it wouldn’t impact our premiums. Is this common for everyone? I understand it goes up because of all the floods, but 33% is very significant.
Is $120k appropriate? I feel like we have lots of stuff, but if the house burned down we’d only be looking to replace the key stuff. Beds, computers, furniture, clothes, etc.
We have $40k coverage and I have trouble justifying that much!
I thought it was too much too, but it adds up quickly. We’ve got 5 bikes, roughly $5k. Kitchen appliances, another $3k. Washing machine and dryer, $1500. Clothes per person, $5k, times 4. TV, gaming console, $1500. PC and monitors, $1500. NAS, $1000. Curtains. Bread maker. Garden tools. DIY tools. Desks. And so on.
I filled out a calculator online and it even said more, but we went with $120k. When my house burns down I don’t want to be in a position we’re underinsured.
In the very unlikely event of total loss, we wouldn’t be replacing everything. Just the minimum. Sure we have a breadmaker we never use and a big pile of tools accumulated over time as needed and even a TV that we hardly use, as well as big piles of clothes that we only wear a fraction of but really we would just be buying essentials and starting again so $40k should cover that. We don’t have expensive taste anyway.
Contents insurance is on the cheap end of insurance so I wouldn’t stress about it too much, keep ot high if that makes you comfortable. I just have trouble thinking of how we would possibly find enough to spend $120k on! I think I should find a calculator and see if there’s something I’m missing.