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Contents insurance covers the things you own inside your home.  A good rule of thumb is to remember that a typical home contents insurance policy includes all the items you would take if you were moving house. 

It is important to assess the value of your possessions as accurately as possible.  If you place a value on your goods collectively, which is less than the actual cost, then you have under-insured.  This could mean that you find yourself out of pocket if you should have to make a claim.  Equally, if you should over-insure your possessions, that is put too high a value on them, you are in danger of paying more for your policy than you really need to pay.

Accurate assessment of the cost of possessions and a careful choice of excess amount will make your policy more expensive or cheaper accordingly.  However do not be fooled into thinking a cheap contents insurance policy is the best.  It may well be the case in some circumstances but it is more important that you define your needs as honestly as you can in order to gain the correct cover for yourself and your family.

The best way of correctly estimating the cost of your possessions is to make a list and go through it item by item.  This hand written list may take you some time which is why it is a good idea to hold on to it and keep it with the policy documents in the event of any claim.