Money Matters: Could you afford to replace everything in your home?
It isn’t something most of us think about day to day but if you had a fire, flood, storm or burglary, could you afford to replace everything you own?
For many households, the honest answer is no. That’s where home contents insurance can make a real difference.
In this week’s Money Matters column from Housing Plus Group, we’re looking at home contents insurance – and why it matters.
Even if you don’t feel like you own “valuable” items, the cost of replacing everyday essentials – should the worst happen – quickly adds up.
That’s where contents insurance comes in as it helps cover the cost of replacing your belongings if they’re damaged, destroyed or stolen. That includes things like furniture, electrical items, clothes – and even the contents of your fridge or freezer.
As a social housing landlord, a common question we get asked by our customers is whether they need it.
If you rent your home, your landlord is responsible for insuring the building in which you live – and this covers the cost of repairing damage to the structure of a property, as well as the cost of replacing things like pipes, cables and drains.
But it doesn’t cover your personal possessions, which means your personal belongings are your responsibility.
Without insurance you would need to cover the cost of replacing everything yourself.
Thankfully, contents insurance is more affordable than you think.
Most people assume insurance will be expensive, but policies can often cost just a few pounds a month depending on your personal circumstances. Some insurers offer flexible options or lower cost schemes specifically for tenants.
The key is to shop around and make sure you understand what is and isn't included in the policy.
Have a look at what cover you actually need as not all policies are created equal. It's important to check the total amount you're covered for – is that enough to replace everything? Also, are any high value items such as jewellery or mobile phones included?
You will also need to know whether accidental damage is covered or if it costs extra.
Taking a few minutes to check the details now can save a lot of hassle later down the line.
Insurance is one of those things you hope you'll never need but if something does go wrong it can be a lifeline. Without it, an unexpected event or emergency could leave you facing significant costs at an already difficult time.
Have a look at some online comparison tools such as Money Saving Expert’s here, and, once you’ve found a policy you like the look of, check the provider’s reviews before taking out a policy. You should also make sure they’re regulated by the Financial Conduct Authority.
Pictured is Dan Bebbington, Housing Plus Group’s debt and energy manager.
8th May 2026