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Home Contents Insurance

What does home contents insurance cover?

 Contents insurance will safeguard your valuables against loss or damage caused by many things, such as:

Water and oil leaks

Theft and vandalism

Subsidence

Fire

 If you accidentally knock over your TV you will be covered for Accidental damage.

Some home contents insurance policies can include

 Legal expenses

Loss or damage to garden furniture

Freezer Cover – loss of frozen food if your freezer breaks down or you have a power cut.

 If you rent property

 If your rental is furnished, the landlord will be responsible for insuring what he owns.  You should consider getting home contents insurance for your own property, such as clothes jewellery, computer, TV etc; these will not be covered by your landlord’s insurance.

 Underestimating the value or your contents could result in your claim being underpaid. i.e. if you are only insuring your home contents for say £25,000, but in fact your contents are worth around £45,000, you then you have some contents stolen at around £10,000 in value, the insurer may assess your contents and only pay out a percentage of your cover.

 Underinsuring your contents might lead to a smaller premium, but can be a cost cutting measure that will lose you money in the event of a claim.

 Working out the value of your contents

This is not any easy job to do.  You could go from room to room and give a rough estimate on the value of items, but if you want old for new you must be very sure about the value of your things.  Your television for instance well it may be 5 years old but if it is stolen you will need enough money from your claim to replace it, so do not knock off 5 years usage look around at what it would cost now and that is how you should value your valuables for house contents insurance.

 You can purchase Indemnity cover which is cheaper but you will only get paid out on the current value of your valuables.

 Add on cover – many types are available ‘All risks’ this will include any of your property taken away from the home – jewellery handbags lap tops etc.

 When it is time to renew your house contents insurance don’t think that the value of your contents will be the same as last year.

 Home contents insurance is usually increased by the insurer each year in line with the Retail Price Index.  However, this will not take into account any contents you purchased during the year, if you have bought any expensive items since your last home contents insurance policy, you should ask to increase the value of your home contents insurance to avoid being underinsured.

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