What is Contents Insurance?
Contents Insurance covers loss of or damage to the contents of your home. This can include anything from furniture to electrical goods and even other more valuable items.
Some policies cover you for items you take outside, for example cameras, mobile phones, jewelry and briefcases. Different policies offer different levels of cover but generally you’ll be covered against theft and fire. You may even have the option to insure against damage you may cause by accident. If not already covered by your Contents Insurance, you may want to consider travel insurance for loss or damage to your personal belongings whilst travelling.
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Things to Remember
- Your insurer won’t cover anything beyond the maximum amount of what they say they will pay. You’ll also find the insurer may pay a maximum amount on single articles.
- You may 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 jewelry 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 the 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 scheme. You may also achieve a discount if you combine contents and buildings insurance.
Most policies have a standard excess charge, which means you agree to pay the first part of any claim, for example the first £100 or £150. If you agree to pay a higher excess, you might get a cheaper policy.
Always compare what’s covered by a policy, not just the price – the key policy information will help you do this. Some might be cheaper than others, but they may not offer the same level of protection.
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.
Benefits May Include:
- Accidental Damage Cover
Includes: Accidental damage cover as standard, for televisions, radios, disc players, satellite receivers and video tape players.
- Credit Card Misuse
Up to: £500
- Deeds, registered bonds and personal documents
Up to: £2,500
- NCD (No Claims Discount)
Maximum discount offered: 1 year – 5 years. NCD can be protected on certain policies.
- Domestic outbuilding contents (other than garages)
Up to: £3,500 cover.
- Door lock replacement
Up to: £500.
- Frozen food
Up to: £500.
Up to: £1,000 cover.
- Gold, silver, jewellery and furs
Up to: £2,500.
Up to: £500.
- Seasonal/ Wedding increase info
Up to 10% increase in contents cover throughout December, and 14 days before and 14 days after your wedding.
If you would like one of our advisers to give you a specific quote, covering all your needs, get in touch.