How much does home contents insurance cost?

4 minutes

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Having a contents insurance policy in place is essential for every household.

No matter how careful you might be, there’s always a chance one of your prized possessions could get lost, stolen or damaged in some way, leaving you to foot the bill of replacing it. But despite households in the UK having thousands of pounds worth of belongings, studies show over six million homes still don’t have contents insurance.

Contents insurance helps protect against loss, insuring your items against the risk of theft and damage. So if the worst should happen, you can easily replace them without being out of pocket. When you’re buying home contents insurance, there are plenty of things to consider. You’ll want to know what’s covered, what’s not, and how easy it is to make a claim if something in your home does unfortunately get damaged. 

For many people, one of the most important considerations when buying home contents insurance is the cost. In this guide, we’ll look at the average cost of contents insurance and explore some of the factors that influence it. 

What is contents insurance?

Contents insurance protects your personal belongings and covers you against unexpected damage. It helps cover the costs of replacing your possessions if they get damaged unexpectedly from a fire or flood or stolen in a burglary. Contents insurance can also cover electrical equipment, such as your trusty tablet or TV, as well as special items like your precious heirloom jewellery, lucky golf clubs and other sports equipment. 

What impacts the cost of home contents insurance?

As with any insurance product, your contents insurance policy will be tailored to you and no two policies are exactly alike. Insurers take a number of different factors into consideration when calculating your contents insurance cost, which is why your policy is unlikely to cost the same as someone else’s.

Factors that can influence the cost of your contents insurance policy include: 

  • The estimated value of your possessions: If you have a higher number of more expensive things, it’ll cost more to insure them. 
  • The level of cover required: Additional extras like accidental damage and cover for taking your stuff out of your home can impact the cost of your contents policy.
  • Where you live: Areas where there are higher numbers of claims, or higher crime rates, can be seen as a higher risk, which impacts the cost of your policy. Living in areas more prone to flooding can also increase how much it costs to insure your contents. 
  • Your claims history: If you’ve made a lot of insurance claims in the past, insurers may view you as a higher risk. 
  • Security measures: If you have a house alarm, doorbell camera or a more securely-locking door, it can signal your home is at lower risk of burglary, which could help reduce the price of your insurance. 

What does home contents insurance cost?

According to statistics, the average cost of home contents insurance in the UK is £127 per year, the equivalent of £10.58 per month.


How do I estimate the value of my possessions?

The combined value of your possessions will affect your contents insurance cost.  This value should be the total cost of replacing your items as new.  To estimate the value of your possessions, go from room to room and make a list of all your items. Include things like:

  • Furniture owned by you, the tenant
  • Artwork
  • Electronics
  • Cooking equipment
  • Large and small appliances
  • Clothes

You can either use pen and paper, or a contents insurance calculator, to estimate the cost of your belongings. Consider having precious items like jewellery and antiques professionally valued to make sure you have enough cover for them. Remember that the price you paid for something ten years ago is likely to be different if you were to buy a new replacement today. Then, all you need to do is calculate your total to reach an approximate value for your possessions.

Does home insurance cost more for older homes?

Old homes tend to have a higher contents insurance premium due to the increased risk that older water fittings could cause water damage. Houses built between 1850 and 1940 have the most expensive insurance premiums.

Check out our Flow Monthly renters insurance for great deals on cheaper contents insurance with our extensive adds on and flexibility.