Home Contents Insurance: Protect your valuable belongings
Everybody is aware of the insurance policies and insurance has become imperative in today's lifestyle. But, have ever thought about insuring your valuable belongings at home in addition to its structure?
Read the article to know more about the Home Contents Insurance.
What is Home Contents Insurance?
Home Insurance is commonly known as the Home owner's insurance is a type of property insurance which covers a private residence. Home Insurance can be split into two basic types of policy. One is the building's insurance to protect the structure of the house and any permanent fixtures inside. The other is Contents Insurance to protect your valuable belongings when they are damaged or stolen.
What does this Home Contents Insurance Cover?
Contents can be explained as things could be taken with you when you shift a house. They generally cover Furniture ( bed, sofa, wardrobe, dining table), Entertainment ( DVDs, CDs, video games, books, vinyl) Kitchenware (pots, pans, cutlery, microwaves, kettles etc.), Soft furnishings (cushions, curtain, bedding), Electricals (TVs, DVD players, laptops, games consoles, digital media), Toys, ornaments, antiques, clothes and jewellery. This is also known as materials insurance.
Is it Compulsory?
No, not at all, but to its slightest. But it is always preferable to insure the belongings as well. Also, keep an eye on the high valued commodities which are classed into high risk, and are the tempting target for
What is not covered?
Damages occurring when the residence is not occupied or empty. Rented out components are also not covered.
There are two types of materials insurance coverage. One is 'new for old', where if something is damaged, the insurance will pay the full cost of repair. Note that some items, usually clothes are not covered under "New for old" type of policies.
Alternatively, you can choose for personal belongings protection, where your contents are covered even when damaged outside the house. You can also opt for added coverage for house emergency.
Identify the terms and conditions completely to identify what you are able to claim or not.
How to get the best one?
As always, comparison is the best method. Do compare the quotes from at least two or three insurance providers to choose the best one for you. Also, think of buying a new plan when its time for the renewal.