As you navigate today’s uncertain world, where you may be seeing the value of your investments fluctuate unpredictably and perhaps depreciate, it’s more important than ever to protect your most important investment—your home and your valuables within it.

Take some time to review your home and contents  insurance contents insurance policy and assess whether you have enough coverage to fully protect your home, your belongings, and your family in the event of theft, fire, water damage and other accidents


Recovery May Cost More Than You Think

You might be surprised to find out how much it costs to rebuild or repair your home after a catastrophe, repair a damaged piece of fine art, or restore belongings after water damage. These expenses can easily rise into the tens of thousands—and sometimes millions—of pounds However, with enough insurance, and the right types of coverage in place, you may be able to avoid having to dip into your savings or cash in your investments and have total peace of mind


But how much is enough? These 8 questions can help you assess whether you may need to modify your coverage or increase your coverage limits.


  1. How old is your home? Sometimes when an older home gets damaged, it may need to be modernised when you undertake repairs. Will your insurance cover this modernisation? Common repairs include replacing all the electrical wiring in a house, upgrading the home’s heating system, and replacing kitchens and bathrooms.

  2. Did you have custom work done? Check whether your policy covers the cost to replace the things that make your house a home, such as custom designed cabinets—some policies don’t pay for these types of upgrades.

  3. How will inflation impact the cost of rebuilding? Costs for skilled labour and building materials generally increase year over year.   Most insurance products factor this but generally at a standard rate not akin to homes with higher specifications.

  4. How much will it cost to repair or rebuild or your home after a natural catastrophe? Make sure that your building limit will cover you in a worst-case scenario. After an event, the costs of building materials and skilled labour can increase substantially.

  5. Will your policy pay to fully replace your belongings? Many policies will only pay Actual Cash Value, which means your payment will be based on the age and condition of your belongings. Find out if your insurance company offers new for old, which provides for the amount it costs to replace your possessions today, without a deduction for depreciation.

  6. Do you own fine art, jewellery, wine, or other collectibles? If you have more than a couple of pieces or they are very valuable, your insurance company may decline to cover them.  Ensure you can have all of your possessions adequately insured.

    entryway decorated with artwork
  7. Do you know all that you own? If a fire were to destroy your home, would you know what you needed to replace? Consider creating a home inventory to keep track of your possessions and valuable personal items. This can also be a good way to keep a record of your receipts, which are useful in the event of a loss or damage.

  8. Do you have an up-to-date valuation? The more information you can provide to your insurance company, the better they can assist you if you lose or damage a piece of jewellery. Keep an up-to-date valuation in a secured area, that includes the type of jewellery, what it’s made of, the gemstones used and how they are graded. Make sure the condition of the piece is included and consider having the valuation updated every 2 years.

Your independent insurance agent or broker can help you do a full insurance review.

Learn More: Chubb Personal Insurance
Explore how Chubb Personal Insurance can help protect your most valued possessions
Explore how Chubb Personal Insurance can help protect your most valued possessions

All content in this material is for general information purposes only. It does not constitute personal advice or a recommendation to any individual or business of any product or service. Please refer to the policy documentation issued for full terms and conditions of coverage.

Chubb European Group SE (CEG) is an undertaking governed by the provisions of the French insurance code with registration number 450 327 374 RCS Nanterre. Registered office: La Tour Carpe Diem, 31 Place des Corolles, Esplanade Nord, 92400 Courbevoie, France. CEG has fully paid share capital of €896,176,662. UK business address: 100 Leadenhall Street, London EC3A 3BP. Authorised and supervised by the French Prudential Supervision and Resolution Authority (4, Place de Budapest, CS 92459, 75436 PARIS CEDEX 09) and authorised and subject to limited regulation by the Financial Conduct Authority. Details about the extent of our regulation by the Financial Conduct Authority are available from us on request.

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