Contents Insurance Critical

Contents insurance covers all removable items in your house.  Find out how costly it would be to buy new.  You can decide to pay more for further insurance cover.

Take a good look around your house and observe the removable objects that you take for granted, like jewellery, your clothes, TV’s, computers and the furniture, even the meat and veg in your freezer. Oh and don’tDon’t forget the lawn mower and garden tools if you keep it in a secure shed down the garden.  And money you may keep in a cash box, up to around £200 perhaps. All these items constitute the ‘contents’ for insurance purposes and they should be insured for damage or loss.

It is not binding to have home and contents cover so getting a homeowners loan would not depend on having it, nonetheless it’s somewhat important.

Consumers generally claim if their goods have been stolen or damaged, but a contents insurance policy would usually also protect against circumstances such as a fire, an explosion, vandalism or damage due to water leaks or overflows.

The cost of altering the locks is usually incorporated contents insurance policy if your bag was taken with the house keys in it. 

Mishaps take place, and most insurances will pay out for damaged ceilings for instance.  You have to indicate and pay extra to include damage to electronic equipment, so check the terms in the policy cautiously to be certain that you are getting the cover you expect.

You can opt for an ‘all risks’ extension to your home and contents insurance policy which covers loss or damage to your valuables, when you travel away from home.  Items like cameras, the jewellery you are wearing, and your spectacles.

Most policies incorporate personal liability insurance which pays out if an other person hurts themselves on your premises, or if you harm someone else’s belongings in their house.  This claim could be for up to £900,000 .

Some insurance covers have features such as increasing your insurance cover over Xmas when you expect to have more presents around, likewise for a few weeks either side of a family member’s wedding so the wedding presents are well insured. 

An extra benefit for families whose children are away at university is when your home and contents insurance covers their individual belongings and household goods where they are residing.  The cover could be for up to 16% of your total sum insured.

If you run your business from home you will need an extra insurance,  as many home and contents policies exclude cover for this.

The more cover you wantthe higher your payments. The sum you are insured for is the limit the life insurance company will settle, even if everything you own is completely ruined.  So you need to think very  carefully and tot up the cost of your belongings.

It’s difficult to know the cost of your belongings but you need to have some idea in order to purchase insurance.  Look through the whole house – garage, loft, shed, everywhere, and make a list of everthing.  Find out what the items would cost today if you had to replace them.  You might be in for a surprise!

This is not related to bedding, towels or clothes for instance, as wear and tear is subtracted from the cost of new.  Cheap Life Insurance companies calculate the cost of a dress, for instance, by taking off a half of the initial cost for every year you’ve owned it.

Insurers offer discounts for having an alarm system and for fitting locks to doors and windows, for example, or to customers who have not made a claim in a required number of years.

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