The value inside your cupboards
Have you stopped to think about how much you've spent on all your clothes, linen and kitchen items over the years? We want to make sure you've considered everything when it comes to nominating the value of your contents.
In the kitchen
It doesn't matter how few or how many cupboards we have in our kitchens, we manage to fill every corner. Think of all the items you've purchased over the years, and consider what equivalent item you'd buy today if you had to replace them. This should be the value you need to consider for your contents insurance.
See below some helpful points to get you started:
Pots and pans. While you may have some faithful pots and pans that have continued to live on over the years, if something were to happen, how much would they cost you to replace?
Plasticware. We can't get enough drawers / cupboards dedicated solely to these items, no space is ever enough. How much do you have in your cupboard? How much is Tupperware?
Cooking appliances. What little gems do you have hiding? Maybe a mix master, juicer, or thermomix?
Crockery and cutlery. Are you holding on to some Corningware in those cupboards? The value of some of these older items will surprise you.
Glassware. Don't forget to include the crystal glassware that you might only bring out twice a year.
In the linen cupboard
Linen doesn't end at standard bedding and towels anymore. We have throw rugs, cushions, comforters, winter quilts, summer quilts, mattress protectors, mattress toppers, towels for spills, towels for guests, and so much more. When you stop to think about just how much linen you've accumulated, and the replacement cost for each of those items, the cost may surprise you.
Make sure you consider linen that you use in each room, the brand and quality that you've splurged on, and make sure the nominated value of your contents is enough to put you back where you started if the unthinkable happens.
In the wardrobe
It's taken you a long time, but you may now be at the point where your wardrobe is fairly sufficient for every season. You're ready for the lazy days, the corporate days, the busy weekends, trips to the gym or that last minute catch up with friends. For some, you may even have accessories to go with every outfit.
Things to consider when thinking about the value of your wardrobe:
How many dresses are sitting in the back corner, ready for that special occasion?
How many garments are brand names?
How many bags have you collected over the years?
Don't forget the everyday school uniform.
For many, your wardrobe may also be home to your shoes, scarves, jewellery, perfume and cologne. Not to mention you may be storing your precious wedding gown, bridesmaid dresses or suits. Make sure you factor these items in when you consider your sum insured.
According to the Australian Bureau of Statistics, the amount of money spent on clothing, footwear, furnishings and household equipment continues to grow. Consider this each year as your policy renews, if not before, to ensure your contents cover is appropriate for you and your family.
Before buying insurance issued by RACT Insurance Pty Ltd (ABN 96 068 167 804, AFS licence 229 076) you should read the Product Disclosure Statement (PDS) which you can find along with our Target Market Determination (TMD) on our Insurance Documents page.