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Homeowners advised to regularly reassess value of contents

11/10/06

Homeowners are being urged to regularly assess the value of the items in their house to avoid being underinsured in the event of an emergency.
 
This month, the Environment Agency has warned that the UK could be facing some of its highest tides in the last 20 years.
 
Many residents are concerned that sea defences may be unable to cope with the rising water levels, which could result in their properties being damaged by flooding.
 
Should floodwater enter the home, items such as telephones and home entertainment could be irreparably damaged and require replacement.
 
However, home contents insurance deals typically have bands dependent upon the total value of goods insured; so if the homeowner has recently made lots of expensive purchases, the old protection policy may now be insufficient.
 
James Harrison, chief executive of financial website Insurancewide.com, has urged homeowners to conduct regular checks on the total value of contents within the home.
 
"Check your cover limits - you need a policy whose cover is relevant to the value of your possessions so make sure the insurer's terms are right for you," Mr Harrison said.
 
"If you are approaching renewal time, consider these points carefully.
 
Once you have insurance, reassess the value of your home contents regularly and accurately, especially high-value items, so that you're not short-changed if you do need to claim after a flood."
 
Earlier this week, home insurance company Lloyds TSB Insurance provided advice to homeowners about preparing for an imminent flood.
 
Among suggestions proffered in its guidebook, the insurance broker recommends that householders carry high-risk electrical goods upstairs wherever this is practical.
 
To renew your home contents insurance policy, why not try Dial Direct