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Contents Insurance explained
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Posted On :
Jun-18-2009
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Article Word Count :
513
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Contents insurance is a type of home insurance. The things in your house that are not part of the physical structure are not covered by your buildings insurance policy, which your mortgage company will probably require you to take out.
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Contents insurance is a type of home insurance. The things in your house that are not part of the physical structure are not covered by your buildings insurance policy, which your mortgage company will probably require you to take out. Although it is optional, contents insurance is there to cover the costs of repairing or replacing your things if they are stolen, destroyed or damaged by flood or fire.
There are lots of different of home insurance products on the market so you should be able to find a policy with the right level of cover to suit your needs. Slightly more expensive policies usually give more protection, for example some insure items such as laptops and cameras even when you are away from home. The cheaper policies will give basic cover, but the price of the home insurance policy you buy will usually significantly affect the level of financial protection you get.
The cheapest type of contents insurance is indemnity insurance, which will pay only what your damaged or lost property would have been worth to sell. This means that if your one year old camera is stolen, you would only get the price of a one year old second hand camera, and not what it would cost you to buy a brand new replacement. You may decide it is worth paying a little more for a new for old policy that pays you the money to buy a new replacement for your old damaged or stolen goods.
Make sure that any valuable items are covered. Your contents insurance will have a maximum value per item and a maximum total payout, so if you have any that is particularly expensive or that would take you over the maximum payout, you may need to insure it separately. Laptops for example are expensive items that are attractive to thiefs because they are portable and easy to sell on, so some insurers do not include them in standard contents insurance policies and make you pay a supplement.
If you do need to make a claim, you may have to prove the value of the goods you wish to replace, so keep receipts and valuation certificates. Some advise that you even take photos of your belongings as an easy way to record what you own and what condition your things are in.
Dont forget to consider your garden when purchasing contents insurance. Think of your garden as a room in your house. Some of the items in your garden, like your greenhouse, are likely to be covered by your buildings insurance, but garden furniture and even plants may be covered by contents insurance.
Lastly, these days it may be worth taking out insurance in case you are sued by visitors to your home who are injured due to some kind of failure to maintain your property. Sadly there have been cases where individuals have been hurt in accidents at their friends homes, and with no insurance, some unlucky hosts have been forced to pay expensive legal costs and compensation.
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Article Source :
http://www.articleseen.com/Article_Contents Insurance explained _1176.aspx
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Author Resource :
Find out how you could save on your household, building and contents insurance cover with Kwik Fit's Home Insurance.
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Keywords :
home insurance,
Category :
Home and Family
:
Home Security
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