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Cheap ‘New for Old’ Home Insurance

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New for Old Home Insurance – Compare Cheap Quotes


Roughly two thirds of households in the UK take out some form of home insurance, with homeowners usually opting for a combined building and contents insurance policy while tenants will obviously go for contents-only insurance since they don’t own the building themselves.

However, some policyholders may be unaware that their contents insurance (or the contents element of their combined policy) often won’t pay the full cost to replace their contents if an insurable event occurs and they have to claim on their insurance.

Many contents insurance policies operate under an ‘indemnity’ model rather than a new-for-old model, which means those policies would pay out the current market value of damaged or destroyed items at the time of the claim. The net result in that policyholders who have an indemnity-based contents insurance policy would have to cover the difference themselves if they wanted to replace their laptop, PC, TV or furniture with a new version of that same product.

That’s why it might be a wise idea to double check whether home insurance providers offer ‘new for old cover’ when you’re comparing home insurance deals, because this policy feature or add-on would mean your insurer would cover the cost of replacing your contents with a new version of that same item.

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What is new for old home insurance?

As the name suggests, ‘new for old home insurance’ is designed to protect policyholders from the financial burden they might face if they were required to cover the deficit when replacing their second-hand contents with brand new, shop-bought replacements.

Depending on the policy you opt for and the provider you go with, new for old contents insurance might be included as standard or you might be given the option to add it to your policy for a small fee.

Is new for old insurance usually included with my home insurance policy as standard?

No, not necessarily. While a few home insurance policies do include new for old cover as a standard policy feature, many providers will require you to add it as an optional extra, so it’s important to double check this when you’re signing up for a new home insurance policy.

What happens if I claim on my ‘new for old home insurance’ but the item I’m claiming for is no longer available from retailers?

If this happens and your home insurance policy includes new for old home insurance then your insurance provider might allow you to replace your damaged gadgets or furniture with the closest equivalent model currently available in retail outlets, although the insurer will likely cap the amount you can claim for each of those items.

Is new for old insurance worth the cost if it’s offered as an optional add-on?

That will likely depend on the total value of your contents, as well as the fee your home insurance provider is quoting for this new for old add-on.

However, it’s worth bearing in mind that the contents of your home might be worth much more than you might think, with industry data suggesting the average value of the contents of a typical three-bed semi-detached house amounts to around £40,000. In addition, many of the items in our flats, apartments and houses depreciate in value surprisingly quickly, particularly if the items in question are PCs, laptops, TVs, smartphones or other gadgets.