House Content Insurance 101

Losing a home and its contents could be a huge setback. As a home owner, not having home content insurance leaves you vulnerable.

What a standard home content insurance policy should include:

Information pertaining to:

  • Property that is covered
  • Events that are covered
  • Events that are excluded
  • Optional and extra covers
  • General conditions
  • Schedule and policy details

Home content insurance generally attracts far higher costs that the home buildings section.

What does this insurance cover?

Contents are usually defined as household goods and personal effects. This may include furniture, carpets, portable appliances, home computers and accessories, clothing and personal effects, paintings, projectors, screens and photographic equipment.

How to get the best home content insurance deals?

You can bundle your insurance. Many insurance companies are now offering their clients discounts for having multiple policies with them. If you have car insurance with a particular insurance company, you should ask them about savings you can get by simply bundling your insurance policies.

Keep in mind that the type of cover that you choose will affect the premium you pay and that some policies cover you for defined events. The policy provides cover for only the very specific events outlined in the insurance contract. So if your new laptop is stolen from your house and you have not updated inventory of your home contents, you won’t have any cover. You need to be clear about exactly what type of cover you need and any exclusions in your policy.

You can save money on content insurance by choosing to pay a higher excess.

There are two main types of home content insurance:

  • Policies that cover the value of your belongings
  • Policies that replace your belongings with new items

The types of perils that are covered include:

  • Fire, explosion, lightning, earthquake, burglary or housebreaking or theft.
  • Malicious damage or vandalism
  • Riot

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