Contents Insurance
Contents insurance covers your possessions against things other than crime including loss, accidental damage and in some cases personal liability against third party claims against you. Most insurance will cover loss or damage due to many causes including:
• Fire
• Storm and flood damage
• Subsidence or earthquake
• Water leaks
• Damage caused by a vehicle colliding with your property
A home contents insurance policy should cover everything you would take with you if you moved home. Home contents insurance is designed to provide you with peace of mind and financial protection against damage to, or the loss of, contents in your home.
Contents insurance policies can for a slight increase in the premium be extended to provide cover for certain items including valuables, cash, clothing and sporting equipment when it is outside of the home environment.
Major damage to your home, or the complete loss of your home, can be devastating. They are committed to relieving your stress and helping you return to normality as fast as they can. While they can’t remove the heartache of losing a treasured heirloom, they can quickly arrange for the repair or replacement of your home contents with new items using our well-known suppliers.
Wherever you live, whether it is your own home, a rented property, sharing with others or a University Hall of Residence, it is your responsibility to insure your personal property. This includes furniture and clothing, valuables such as jewelers, cash and documents, electrical items and your mobile phone. Of course, personal insurance is not compulsory, but despite government statistics showing that crimes such as burglary and theft are becoming significantly less common, your property is still at risk from thieves.
Home contents insurance comes with a wide range of options.’ New for old’ policies are generally the most expensive. As the name suggests, they will cover the cost of replacing an item that is lost, stolen or destroyed with an equivalent article.
Reasons to choose – contents insurance
Contents cover of up (higher levels available on request)
Automatic new-for-old cover on most items
Legal expense cover
Accidental damage cover for your non-portable home entertainment and home electrical and gas equipment
It is important to insure your property for its full replacement value. This is known as ‘the sum insured’. Under insuring is a bad mistake, because if you do have to make a claim, the insurance company will only pay the agreed ‘sum insured’ and you have to pay any difference. Many insurance companies offer an ‘on line’ tool that you can use to calculate the value of your possessions, but a general idea can be gained by going to every room at your property – including garages and outbuildings – and make a list of the replacement cost of everything in the home.
It is important not to let or sub-let your house without telling your contents insurer – your policy will likely be declared null and void. Letting increases the risk of a claim so an insurer will probably impose conditions on your policy and increase your premiums. Most contents policies will not meet a theft or damage claim if you let or sub-let your house and there is no evidence of forced entry.
Most insurers automatically link the sum insured under your policy to inflation so that it increases in line with inflation. Check that yours does. If in doubt about home contents insurance, always seek advice from an independent insurance broker or agent.