Buying a house (and renting)

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OrangeRKN
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PostRe: Buying a house (and renting)
by OrangeRKN » Wed Jan 16, 2019 11:29 am

Contents insurance question if anyone can answer!

In the event of having to make a claim, how do I prove what was stolen in order to get compensated? I basically don't have receipts for most things, do I need to take pictures including serial numbers etc.?

I don't want to be paying for cover that doesn't cover me.

EDIT: Specifically thinking of my consoles and games here, and I don't know if a "collection" becomes a notable high-value item.

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PostRe: Buying a house (and renting)
by Albear » Wed Jan 16, 2019 11:41 am

You usually have to show proof of purchase. I just sent bank statements for all my stuff that got nicked and that was fine.

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PostRe: Buying a house (and renting)
by Albear » Wed Jan 16, 2019 11:42 am

I also sent screenshots for items i bought off amazon and that was ok as well.

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PostRe: Buying a house (and renting)
by OrangeRKN » Wed Jan 16, 2019 11:43 am

What if I the vast majority of things I own were paid for in cash or were gifts?

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PostRe: Buying a house (and renting)
by Albear » Wed Jan 16, 2019 12:13 pm

Then you should probably start keeping receipts

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PostRe: Buying a house (and renting)
by Mini E » Wed Jan 16, 2019 1:10 pm

Moving to Oxford in a couple of months. I just looked at rent prices. FML.

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PostRe: Buying a house (and renting)
by Jenuall » Wed Jan 16, 2019 1:34 pm

Mini E wrote:Moving to Oxford in a couple of months. I just looked at rent prices. FML.

Where are you moving from out of interest? Oxford does look to be pretty pricey from what I can see!

I've been looking into rental prices today as we may need to rent for a short period before we move house and despite the fact that the cost of buying a house is a lot cheaper where we are moving to, the average rental price seems to be higher!

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PostRe: Buying a house (and renting)
by Mini E » Wed Jan 16, 2019 1:41 pm

Jenuall wrote:
Mini E wrote:Moving to Oxford in a couple of months. I just looked at rent prices. FML.

Where are you moving from out of interest? Oxford does look to be pretty pricey from what I can see!


Winchester, which until now I believed was the most expensive place around other than London. I was incorrect.

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PostRe: Buying a house (and renting)
by OrangeRKN » Wed Jan 16, 2019 2:40 pm

Mini E wrote:
Jenuall wrote:
Mini E wrote:Moving to Oxford in a couple of months. I just looked at rent prices. FML.

Where are you moving from out of interest? Oxford does look to be pretty pricey from what I can see!


Winchester, which until now I believed was the most expensive place around other than London. I was incorrect.


https://www.theguardian.com/business/20 ... es-to-live

Home affordability in Britain is at its worst level since 2008, with Oxford, London and Winchester the UK’s most unaffordable places to buy.


You were /almost/ correct!

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PostRe: Buying a house (and renting)
by Mini E » Wed Jan 16, 2019 4:57 pm

OrangeRKN wrote:
Mini E wrote:
Jenuall wrote:
Mini E wrote:Moving to Oxford in a couple of months. I just looked at rent prices. FML.

Where are you moving from out of interest? Oxford does look to be pretty pricey from what I can see!


Winchester, which until now I believed was the most expensive place around other than London. I was incorrect.


https://www.theguardian.com/business/20 ... es-to-live

Home affordability in Britain is at its worst level since 2008, with Oxford, London and Winchester the UK’s most unaffordable places to buy.


You were /almost/ correct!


Which is almost compensation for the fact that I keep picking the cheap places to live...!

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PostRe: Buying a house (and renting)
by Green Gecko » Wed Jan 16, 2019 7:31 pm

OrangeRKN wrote:What if I the vast majority of things I own were paid for in cash or were gifts?

Albear is right, you need to account for your petty cash purchases with receipts of some kind. However you might be covered if you have an "unspecified personal possessions" cover (which I had under £2000 until they cancelled my insurance entirely because I was classed as "heavy industry" for some reason) and you clearly state the value of your items and maybe back it up with a serial or manufacturer number and some web listing showing its value. You need to tell them each of the things you have that you want covered and what they're worth for that to count when you make a claim.

If you have no evidence of the value of something at all that isn't readily purchasable online or in-store somewhere (which is what they'll try to do first, to rebuy it for you before making a cash settlement) then you'll need to get it valued by some appraisal person.

Last claim I had I had an email receipt from Amazon which was fine.

So you need to get on with making an inventory of all the items you can't afford to lose.

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PostRe: Buying a house (and renting)
by OrangeRKN » Thu Jan 17, 2019 10:42 am

Thanks for the info.

My laptop, TV and consoles should all be easy to cover, but I'm still not very clear on how and what to do about my game collection. I can take an inventory by photographing boxes on shelves, but when it comes to accurately estimating value for cover that's a pretty mammoth task right? Each game is going to have its own going price - my copy of Twin Snakes is worth a lot more than my copy of Resistance: Fall of Man for example - and that going price is variable. When you say they will try to replace before paying out a settlement, with the majority of my collection they are only available second hand - is that included, or do they only go by still available for general sale? Reading up people also talk about how insurers can apply depreciation algorithms to assess the value of goods, which is obviously going to massively undervalue parts of my collection.

This is also going to be first time in my life I am going to own a significant amount of furniture. Presumably that all falls under contents too? I just spent a lot on a bed for example (that one /was/ on card, I'm not completely mental!)

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PostRe: Buying a house (and renting)
by Green Gecko » Fri Jan 18, 2019 6:18 am

I don't think anyone is going to steal your bed, and hopefully it doesn't set fire (unless things get really sexy), but anyway, yes, you need an inventory of all the games that are worth noting down and a screenshot or saved web page or print out of that or something showing the value (of a site like CeX listing) would be a good start. If you do nothing, it won't help you. It's insurance companies job to take your money and not pay it however possible.

They will have deals with outlets like Currys or whatever (I found out this doesn't even include Amazon with the co op lol) and only if they can't replace it for like or better will they pay cash settlement, minus any premiums you owe. If you can prove the value of the goods you should be fine but if you don't have proof they will find the cheapest price and pay that.. Which as you say could be crap. You should take photos (and datestamp them or include something like your passport photo) of the exact condition of a rare item. I'm just riffing here but how else are you going to prove its value if it goes missing (which by the way isn't covered if you let someone in and it disappears) and that is based on completeness and condition?

Sometime that's good if they can't find stuff easily.. I actually made a small profit on one claim because the equivalent thing had appreciated in value as a new model and the accessory I had bundled in with the original package was ridiculously expensive separately, but no longer included (was £0 now around £80). They took what an said on faith, I guess they can tell if you are lying, but I had a crime number and receipt for the item lost. However the grilling was arduous and the process took days.

They won't replace items that can only be bought second hand. They have to buy new ones or pay cash.

When you make a claim initially they will listen to you and treat it on good faith but then when the underwriter looks at the claim they will want all the supporting documents or invalidate the claim and pay nothing, it's just what they do.

That's my general experience with contents insurance and reading the policy documents in full, of course if you have questions the best people to ask is the insurer.

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PostRe: Buying a house (and renting)
by OrangeRKN » Fri Jan 18, 2019 9:44 am

Thanks man!

Green Gecko wrote:of course if you have questions the best people to ask is the insurer.


My experience of asking the insurer is that the sales person just hand waves the questions away in the attempts to make a sale, unfortunately!

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PostRe: Buying a house (and renting)
by BID0 » Fri Jan 18, 2019 12:36 pm

Things like special editions they will try to give you the regular version. My friend had his Xbox day 1 console nicked and they tried to give him the money for a regular Xbox console until (after much arguing) he managed to get them to pay money out the value of a "day 1" console based on it's current market value.

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PostRe: Buying a house (and renting)
by Jenuall » Fri Jan 18, 2019 12:43 pm

I used to be incredibly organised with things like this. I had folders and files where I kept receipts for pretty much everything I bought along any warranty or registration details etc. I even used to scan it all in and store everything both in hard and soft copy.

I think it's probably been about 10 years since that was the case though, I just don't seem to have the time, space or energy to be that on top of things now!

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PostRe: Buying a house (and renting)
by Green Gecko » Fri Jan 18, 2019 3:53 pm

Fortunately I have to keep 6 years worth for business things by law, but I'd be strawberry floated if something happened to my games or musical instruments as they won't cover me anymore. I don't see what's so hard to understand about being self employed and making things with equipment at home but whatever.

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PostRe: Buying a house (and renting)
by KK » Fri Jan 18, 2019 4:06 pm

Aviva sent me a new home and contents insurance quote this week - a reduction. First time in history a company hasn't put it up the following year, I couldn't believe it.

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PostRe: Buying a house (and renting)
by Jenuall » Fri Jan 18, 2019 4:37 pm

KK wrote:Aviva sent me a new home and contents insurance quote this week - a reduction. First time in history a company hasn't put it up the following year, I couldn't believe it.

They've probably just changed the payment plan, the value you're seeing is a weekly figure!

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PostRe: Buying a house (and renting)
by Corazon de Leon » Fri Jan 18, 2019 6:02 pm

OrangeRKN wrote:Thanks for the info.

My laptop, TV and consoles should all be easy to cover, but I'm still not very clear on how and what to do about my game collection. I can take an inventory by photographing boxes on shelves, but when it comes to accurately estimating value for cover that's a pretty mammoth task right? Each game is going to have its own going price - my copy of Twin Snakes is worth a lot more than my copy of Resistance: Fall of Man for example - and that going price is variable. When you say they will try to replace before paying out a settlement, with the majority of my collection they are only available second hand - is that included, or do they only go by still available for general sale? Reading up people also talk about how insurers can apply depreciation algorithms to assess the value of goods, which is obviously going to massively undervalue parts of my collection.

This is also going to be first time in my life I am going to own a significant amount of furniture. Presumably that all falls under contents too? I just spent a lot on a bed for example (that one /was/ on card, I'm not completely mental!)


You should actually be ok with the collection to give a rough estimate of the total worth, as individual items only need to be noted if they're over a certain amount. If you do ever need to make a claim and your collection is undervalued, make sure you have pictures of what's in the collection and provide the insurer with proof of worth, i.e. eBay auctions and other sales of items like MGS. For what it's worth my game collection is worth about £2,500 and I work for my insurer.

Jenuall - trust me, Aviva don't do weekly payments. :lol:

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