You can buy home contents insurance, which pays out if you’re burgled or your property is damaged by something like a flood or a fire.
You can also get cover for accidental damage, and on some policies, your item is either replaced with the same or a newer or better model. If you’re underinsured, your insurer won’t pay out the full value of your claim. Go through your home room-by-room and total up the value of your property. As a bare minimum, insurers reckon that a home contents policy should be set up to pay £15,000.
The best type of contents insurance to go for is new-for-old, which is the vast majority of policies sold today. This coverage means that if your television is stolen, the insurer pays for you to buy a brand new one rather than working out the current market value of the stolen model and offering to pay you that amount.
With contents insurance, there is normally an excess fee of around £100 depending on your policy. It would be wise to discuss this before taking out the contents insurance policy, and be aware of any hidden fees and know exactly what you are covered for.