Although contents cover is not compulsory in the same way as buildings insurance, you still want peace of mind that should anything happen to your home, you would be able to replace your prized possessions.
Content Insurance covers moveable items in your home that you would take with you when you moved house so this includes items of furniture, appliances, ornaments, clothes and jewellery. It also includes non-permanent fixtures like carpets and curtains.
Taking out cover for your contents is completely optional. Whereas buildings cover is required by your mortgage provider (as technically they still own your home until you have paid for it), the contents of your home are entirely owned by you, so it is your choice whether or not you wish to insure them.
The only person that will suffer a loss from damage or theft of your contents is you or your family but would you be willing to take the risk and go without content cover. If you place value in any of your possessions, then if anything should happen to them it could leave you thousands of pounds out of pocket to replace them.
There are certain items in your home that are more obviously valuable than others: TVs and electrical appliances, expensive items of jewellery etc. but you need to consider ALL your possessions when calculating your premium.
Although some of the items you own may not seem that valuable at first, when you add everything up together it is likely to be tens of thousands of pounds.
It is important that you don't underestimate how much your contents are worth. Although insuring for a lower amount means that you may be able lower your premium, this won't do you any favours in the long-term, particularly if you have to make a claim.