How much are my belongings worth?
What to include and how to value it
First things first, what items are part of your contents insurance and what is covered by your landlord’s buildings insurance. An easy way to think about it is, imagine tipping your home on its head. Everything that falls out, is considered to be part of your contents so this includes any freestanding fridges, bathroom cabinets, etc. where everything which stays in its place like flooring or the built-in-oven is part of the building.
Ok so now we know what’s included, how do we go about valuing all items? Especially that rug with the big tomato sauce stain? Most insurance policies are ‘new for old’ on most items, meaning you should value items at the cost of replacing them new, rather than their current resale value (as this is what the insurance would pay out). For any items which are difficult to replace such as antiques or limited-edition artworks or books you should enter the current value (you may need to get an expert valuation for this).
But what with that diamond brooch you inherited? Well any valuable items worth more than a certain amount, depending on your policy, should be individually listed on your policy in order to be covered (you’ll usually be prompted to do this when taking out cover).
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 This is based on data captured in the summer of 2017