Contents Insurance Imperative As Crime Increases

March 30, 2010 by · 5 Comments 

Summary:  
home insurance covers everything removable in your home.  discover how costly it would be to buy new.  You can select to pay more for additional insurance cover.

Look around your home and observe the removable things that you take for granted, like computers, TV’s , your clothes, jewellery and the furniture, even the fish, meat and veg in your freezer. Oh and don’tDon’t miss out the lawn mower and garden tools if it’s kept in a locked shed down the garden.  And cash you may keep in a cash box, up to around £200 perhaps. All these items make up the ‘contents’ for insurance purposes and they ought to be insured for loss or damage.

It is not binding to have contents cover so getting a home loan would not depend on having it, nevertheless it is rather important.

People usually claim if their property has been damaged or stolen, but contents policy would usually also protect against circumstances such as vandalism, an explosion or damage due to water leaks.

The cost of replacing the locks is normally included in a contents insurance policy if your handbag was taken with the house keys in it. 

Calamities take place, and most policies will pay out for damaged ceilings for instance.  You have to state and pay more additional costs to incorporate damage to electrical items, so check the terms in the insurance policy vigilantly to be sure you are receiving the protection you require.

You can choose an ‘all risks’ extension to your home and contents insurance policy which covers loss or damage to your valuables, when you are travelling.  Things such as jewellery, cameras , binoculars or even your spectacles.

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

Some covers have conditions such as raising your cover around Xmas when you are likely to have more gifts around, likewise for two months either side of a son or daughter’s wedding so the wedding gifts are well covered. 

A further benefit for families whose children are away at uni is when your contents policy covers their personal possessions and household goods where they are residing.  The cover may be for up to 12% of your total sum insured.

If you run your business from home you will require an additional premium,  as many home and contents policies omit cover for this.

The more cover you wantthe more expensive your premium. The total sum you are insured for is the total the life insurance company will pay out, even if even though all your belongings are ruined.  So you need to think very  carefully and sum up the cost of your goods.

It’s hard to know the value of your possessions but you must have a rough idea in order to purchase insurance.  Go through the whole house – loft, garage, shed, everywhere, and make a list of everthing.  Do some research, find out what your belongings would cost to replace.  It could be staggering!

This doesn’t  apply to bedding, towels or clothes for example, as wear and tear is deducted from the replacement cost.  Cheap Life Insurance companies sum up the value of a jacket, for example, by taking off a quarter of the original cost for each year you’ve had it.

Many insurance companies give bistowe discounts for having an alarm system and for fitting locks to doors and windows, for example, or to client who have not made a claim in a required number of years.

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