Whether you are looking to buy brand-new items or saving a little cash with pre-loved items, starting a family can be expensive.

There are the everyday costs, whether it is the cost of disposable nappies or the cost of running the washing machine for reusable nappies. Then there are the big-ticket items like prams, cots, and car seats.

With all the excitement of a new baby reviewing your contents insurance is probably the furthest thing from your mind. But all the new furniture, electrical equipment, toys, and clothes can add up. Costs can vary depending on whether you are having your first, second or even third child, but on average families spend around £6,000 in the first year.

When to review your contents insurance

You should also review your contents insurance if you have any major life changes for example:

1. If you move to a new home, you should review your contents insurance policy to make sure it still meets your needs. The value of your personal belongings may have changed, and you may need to adjust your coverage accordingly.

2. If you purchase expensive items, such as a new piece of jewellery or a high-end appliance, you should review your contents insurance policy to make sure these items are covered. Some policies have limits on the amount of coverage for certain types of items, so you may need to purchase additional coverage.

3. If you renovate your home, you may need to review your contents insurance policy to ensure that it covers any improvements or additions you have made. You may also need to increase your coverage to account for the increased value of your personal belongings.

4. If your circumstances change, such as getting married, having a child, or starting a home-based business, you should review your contents insurance policy to ensure that it still provides adequate coverage for your personal belongings.

Tips for reviewing your contents insurance:

• Make a list of all your belongings and their value. This will help you to determine how much cover you need.
• Check your policy documents to make sure that you understand any exclusions or limitations.
• Speak to your financial adviser about any gaps in your cover.

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It is important to review your contents insurance regularly to make sure that it still meets your needs. By doing so, you can be sure that you are properly protected in the event of a claim.