The value of the typical family’s home contents will rise by almost £20,000 over the next five years and homeowners are advised to make sure the extra contents are sufficiently insured.

According to MoreThan, the typical ‘lifesworth’ of the 2.4 family will rise 30 per cent between now and 2013, from £70,848 to £90,422. The insurer claims that this dramatic leap in value will be due to the fact that people will be looking to improve their homes by replacing furniture and buying more possessions instead of moving house.

Furthermore, MoreThan predicts that in 10 years, the average family will be worth £124,692 and in 15 years, £159,408; increases of 75 per cent and 125 per cent respectively.

The research has found the there are key milestones that have a great affect on a family’s wealth. The first is when a couple moves in together; their combined possessions amount to an increase of 65 per cent on their total home contents value.

The next big change comes with babies; each baby immediately adds £2,000 to the family’s overall value. Unsurprisingly, when a child leaves the family home, the contents value decreases by around £1,000 per year.

MoreThan is warning that with added value should come additional home insurance – “considering the current economic downturn it’s surprising that the worth of the average family is set to rise over the next two decades,” said Dowshan Humzah, product director at MoreThan, “after all it is understandable that, in the current financial climate, many people might consider it far safer to invest in the things that make their homes more ‘homely’, rather than risk spending the money on upgrading the actual property they live in.

“But as individuals feather their nests, it’s important they regularly re-evaluate the value of their home contents to make sure they’re properly protected.”

© Fair Investment Company Ltd