 More Th>n Further the Home Contents Calculator Fad: According to More Th>n, Britons are peaking (in terms of home possessions) at age 46. More Th>n reported in moneynews that the average Briton 46 years of age has £40,919 in personal possessions. Yet surprisingly enough, that same report stated that over 55% of Britons had no clear idea how much their home possessions were worth. Even of those who thought they had an idea, many were underestimating the total value of their home possessions. More Th>n Product Director Dowshan Humzah noted that in this situation the risk of underinsurance of home possessions is substantial.
To help overcome this problem, the company has launched an online calculator (www.yourlifesworth.com) that allows users to evaluate the worth of their particular possessions. The calculator focuses on the factors of age, region of residence, and number of rooms rather than asking the user to list all the major items in the house as most such calculators usually do. It is therefore easier to use and takes only a few moments to get a value tally. It also makes use of the insurance research consensus building around the importance of how age influences personal possessions.
There are any number of other home content value calculators available, including the flashiest one at Legal and General. In their calculator you enter a "virtual" home, browsing each room. The guide will bring you to the major contents of each room, prompting you to total them. For instance, when you enter the living room, it will prompt you to total the number of sofas, in the bedroom the number of beds, and so on. It will approximate a value for each home content item you note, and sum the value of them all when you are ready to "leave" the virtual house.
NatWest has a more standard calculator: there, users should have a relatively clear inventory of items in their homes, and it requires them to type the information into a form with no pretty visual cues.
Which one of these calculators is best for you? Recent economic and insurance research in the UK, including that released by Prudential, does tend to confirm More Th>n's report that personal possessions do vary considerably with age, substantially impacting a person's total wealth during each year of life. More Th>n's calculator accounts for this. While Legal and General's calculator allows the user to make a more detailed list of home contents, (and in an easier way than NatWest's, which has no visual prompts), it lacks More Th>n's calculator's crucial age input. Thus, Legal and General's could be somewhat less accurate than More Th>n's in computing home content value.
Insurance experts recommend Britons make some sort of valuation of home possessions, since having this figure at hand will help people get the right level of home possessions coverage. Many of the aforementioned 46-year-olds in the UK, after using one of these calculators, will probably find out they have more in possessions than they thought, and may want to make the necessary insurance adjustments. †
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NCD News: More Than Home Insurance - 27.06.08
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