Times are tight. Bills keep rising. Many of us are cutting back. But skipping home contents insurance could cost us big time.
If something unexpected happens—a fire, flood, or break-in—we could lose everything. Replacing it all might cost thousands.
What does contents insurance do?
It covers the things inside our home. TVs, phones, clothes, furniture, and more.
If these get damaged or stolen because of fire, flood, storm, or theft, insurance helps pay to replace them.
But it doesn’t cover things that break just because they’re old or if we accidentally damage them ourselves.
For social tenants, the council is responsible for structural damage. But if our possessions get damaged or stolen, we pay. If the worst happens, we need a safety net so we’re not left paying thousands
Flux of extreme weather
Recent summers have brought record heatwaves, heavy storms and flash flooding. One big storm could ruin everything we own.
Last year, insurers paid out record amounts for weather damage. Experts say it’s getting worse with climate change. We need to protect our things before trouble hits.
How to cut the cost
One in ten of Quids in! readers cancelled their cover last year. But there are ways to stay protected, even on a budget.
- Shop around. Use sites like Which?, Compare the Market, GoCompare,
- MoneySavingExpert has a list of the best comparison sites for renters. We can also use their Compare+ Home Insurance Tool.
- Pay yearly if we can. Monthly payments often cost more overall since interest is often added. Paying one annual premium is cheaper in the long run.
- Value contents: Value contents properly. Don’t overestimate. Tot up what we own—clothes, gadgets, furniture—and insure for that.
- Never auto-renew. Loyalty rarely pays. Prices often go up after the first year.
- Make the home safer. Adding locks, alarms, and smoke detectors can lower the price.
Help if we can’t afford it
If we’ve cancelled because money’s tight, it’s worth speaking to the insurer. They might be able to pause payments or reduce cover to bring the price down.
Some councils and housing associations offer discounted contents insurance schemes just for tenants like us. It’s worth asking the landlord or housing office if there’s a scheme available
We can also try cutting costs in other areas to free up the cash. Try our tips for saving on energy bills, or see how to lower broadband costs.
Image: Followtheflow / Shutterstock
