Whether you own your own home, live in a rented property, share with others or a University Hall of Residence, it is your responsibility to insure your personal property. This includes furniture and clothing, valuables, lap top, other electrical items and your mobile phone.
Home contents insurance covers your possessions against loss, accidental damage and theft. In some cases your home insurance policy will include personal liability against third party claims against you.
Comparing insurance quotes online will help you decide on the best level of cover for you.
Contents Insurance Policy Benefits
- Fire
- Storm and flood damage
- Subsidence
- Water leaks
- Burglary
Home contents cover comes with a range of options. New for old policies are generally more expensive. The cover will include the cost of replacing an item that is lost, stolen or destroyed with a new one. This type of home insurance cover does not normally cover items such as clothing or linens on a replacement basis. Another type of home contents policy is the Indemnity. This is a cheaper option because unlike new for old, deductions are made for depreciation in the value of the items insured due to normal wear and ageing.
Contents Cover
You can insure your property for its full replacement value. This is known as the sum insured. Under insuring could prove costly if you have to make a claim. Your insurance company will only pay the agreed sum insured and you will have to pay the difference.
Many home insurance companies offer an 'on line' tool that you can use to calculate the value of your possessions. You can calculate the value of your belongings by going into each room. You should include your garage and any outbuildings to make a list of the replacement cost of each item.
Home contents insurance policies can, for a slight increase in the premium, be extended to provide cover for items including valuables, clothing and sporting equipment when it is lost or stolen outside of the home.
If you own any especially valuable property such as a work of art, antiques or stamps, you should obtain a professional valuation. You should then inform your insurance company who will then insure it for its full value as a specified item. It is also important to update your cover if you buy anything expensive. Any increase in the value of your possessions needs an equal increase in the sum assured.
Home Insurance Quotes
Your home insurance quotes will have outline exclusions in the cover. The exclusions generally relate to the furnished letting of the property or periods of unoccupancy. You will be expected to follow an agreed level of security to protect your property.
Substantial key operated window locks should be fitted to all ground floor and other accessible windows and external doors require a five lever mortise lock or deadlock. You will often get a discount on your premium if you have an alarm system or cctv fitted and belong to a Neighbourhood Watch Scheme.
