Contents Insurance - An Introduction
Contents insurance- What is it for?
It covers the loss of or damage to the contents of your home, for example, furniture, electrical items such as TVs, computers, radios, and smaller items for example, cameras, jewellery, briefcases and other items you carry outside of your home. Different policies offer different levels of cover but generally you’ll be covered against theft, fire and damage you may cause by accident.
What is not covered?
Anything beyond the maximum amount your insurer says they will pay, and it may pay a maximum amount on single articles. You’ll need to specify the value of the contents. Some companies have limits on the value of any one item under the general policy so you’ll need to specify individual items such as expensive jewellery or camera equipment, for example. Your cover may also be affected or cancelled if you leave your home empty for a long period of time, or if you let it out. Damage to the building itself is also not covered; this needs to be covered separately with Buildings insurance.
Keeping costs down
Many insurers will offer discounts if you have a burglar alarm, window locks or if you’re a member of a Neighbourhood Watch
Level of cover
Some contents insurance policies offer new for old. This means they’ll replace old damaged appliances and possessions with new ones when you claim.
Bear in mind that your premiums may increase the following year, or the insurance company may refuse to cover you for the same risk if it happens more than twice, for example.
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Tags: Contents Insurance, Insurance Cost, Insurance Cover, Insurance Level
