How To Estimate Home Owners Insurance - Computerquote Insurance launches online home contents calculator to measure the true value of replacement properties and avoid underinsurance
When the reminder of home insurance renewal hits the doormat (or inbox), many policyholders will only make a rough estimate of their property's value. Hampshire-based broker Computerquote Insurance is today launching a quick and easy online content calculator, to take the guesswork out of completing a home insurance quote and help avoid the consequences of being underinsured.
How To Estimate Home Owners Insurance
We are pleased to launch this convenient online tool to help our customers understand the true replacement value of their property.
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Many homeowners and tenants in the UK don't know how to calculate the true value of their assets, or leave the total the same as the previous year by default. Often the policyholder will make a quick estimate based on the price of their latest smartphone, but ignore the value of any new clothes or furniture they have purchased since the last quote. Likewise, they may not account for the increase in value of gold jewelry, or may not account for the cost of a lawnmower, barbecue set, or garden tools. Without knowing the true value of the home's contents, a policyholder risks overpaying or, more likely, being underinsured. Overestimating the value of the contents increases the premium payable, but does not benefit the policyholder, as insurers always require receipts or photographic evidence as proof of ownership and value.
Homeowners spend more and more of their income making a house into a home, which naturally accumulates over the years. Whether it's big purchases like home electronics and furniture or smaller items like clothing and kitchen appliances, it all starts to add up, making things more expensive to replace in case of underinsurance, underestimating the value of the contents.
Underestimating the value of the contents can have costly consequences, even for a small loss, as it is common practice for the insurer to reduce the value of a claim in proportion to the total coverage shortfall. For example, if a single item, such as a tablet computer worth £500, is stolen, but the policyholder underestimated the total value of their contents by 20%, the amount paid on the policy (before any deductible) would be be £400 as each claim would be reduced by 20%. Insurers apply this deduction, known as the "average clause," to avoid not paying the correct premium for the full risk of loss, so that they are justified in not paying the full amount of compensation.
Specialized home insurance broker Computerquote Insurance offers its clients two safeguards to avoid the pitfalls of underinsurance. Unlike many ISPs, Computerquote advises customers on the right policy for their needs, with fully trained staff available to discuss customer needs by phone six days a week. In addition, the new online home contents calculator helps customers understand the true value of replacing their home contents. Customers enter the new cost of replacing belongings in every room and area of their home and the calculator instantly generates the actual value of their belongings, which can be used to get an accurate home insurance quote and gives the customer peace of mind that they will be complete. Indoor.
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Homes in the UK are exposed to risk and vulnerability all year round. Summer is a prime time for opportunistic and professional thieves to take advantage of people on vacation, and the warm weather leads to more open windows and garden items being left out in the open. Theft also peaks in winter when expensive gifts abound. Contents insurance is also relevant in case of extreme weather conditions such as flooding, which causes damage to household contents.
The median value of household effects is over £50,000 in some postcode areas, almost double the average UK annual salary of £26,500. This reflects the high value of household contents relative to income and an increasing tendency to accumulate items in the home, even if they are not viewed as assets to be protected.
Figures from insurance broker Computerquote show that average property values vary considerably depending on the location of the house, with a difference of almost £20,000 between Harrow (the highest value) and the Outer Hebrides (the lowest). Research by the specialist home insurance provider based near Portsmouth shows that the average home contents value in the local PO postcode is over £52,000, making it one of the most affluent areas of the UK in terms of contents value.
With the new home contents calculator on Computerquoteinsurance.com, homeowners or renters can easily calculate the value of the individual properties in the household.
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The divisible calculator shows the content value for each room and the total for the whole house. Via a pie chart, users can see which part of the home has the highest replacement value.
Household items should be included in the purchase price as all Computerquote insurance policies offer new for old and the option of accidental damage coverage. Once the content figure has been calculated, the user takes one click to the Computerquoteinsurance.com quote form to compare the best quotes from a panel of major insurers.
“We are excited to launch this handy online tool to provide our customers with clarity on the true replacement value of their belongings. Besides the obvious home appliances and jewelry, you may have soft furnishings, ornaments or even food items in the freezer to take with you. the calculation. If lost, they all have to be replaced and the calculator gives our customers a handy visual and financial representation of their home contents value."
Retail manager Justin Ward of Computerquote Insurance advises those with individual assets worth more than £1,000 to itemize them separately when completing a quote:
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“Where valuables such as a watch, bike or laptop are worth more than £1,000 new, these items must be listed separately on the policy to give them specific protection against theft or damage and guarantee replacement value. Simply increasing the total content value won't help in these circumstances as most insurers need to know the details of individual items over the £1,000 limit.
Computerquote Insurance employees can advise on the right home insurance policy for a customer's needs. Call 0800 389 9949 or visit https://www.computerquoteinsurance.com/home/quote.
Computerquote Insurance is a Hampshire-based private insurance broker serving more than 30,000 home, motor and pet insurance customers by phone and online at http://www.computerquoteinsurance.com
Computerquote Insurance is part of Stride Limited, an independent property insurance broker based on the south coast since 1973, with over 55 employees with a total gross written premium (GWP) of £20 million per annum. Home » Home Insurance » Complete Guide: How To Estimate The Cost Of Home Insurance Based On Where You Live
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Things like your home inspection, down payment, finding the best mortgage and how to get rid of that stupid neighbor across the street.
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But in the midst of all the excitement, we sometimes forget another seemingly innocuous detail — one that sometimes can't be so innocent: your homeowner's insurance policy.
It seems like a minor detail, but homeowners insurance can actually be a pretty big deal if you live in a place where homes cost more to insure.
Did you know that Florida, Louisiana, and Oklahoma are the top three most expensive states in the country for homeowners insurance?
And according to the Federal Reserve Bureau, the average cost of an annual homeowners insurance premium is between $300 and $1,000.
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The bottom line is that no matter where you are, if you're looking for a home, it's important that you factor homeowners insurance into your budget.
Even if you get a lot for the house, homeowners insurance may be enough to push you over your budget and make the house less attractive.
In this article, I'll show you what homeowners insurance entails and how you can find out how much you're likely to pay based on where you live.
For example, if your home is flooded, broken into, or a natural disaster such as a hurricane hits it, your homeowners policy kicks in.
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