To protect your belongings from fire, theft, and other risks such as accidental damage, it is a smart idea to get home contents insurance. It can be costly to replace items that have been damaged or destroyed by an accident.
This page will tell you about the coverage of your home contents insurance, how to select a policy and any problems that you may have when filing an insurance claim.
What is Home Contents Insurance?
Home contents insurance protects you from the loss, theft, or damage of your personal and household possessions. You can also get coverage if you take items with you on vacation, for instance.
Insurance covers you and your possessions as well as those of family members who live with you. You may not be able to cover your temporary possessions.
It doesn’t mean you have to get home contents insurance. It’s not a requirement to have home contents insurance. If any of your contents is lost, stolen, or damaged, you will need to pay for their replacement.
What should your policy include?
Flooding, fire, lightning, and theft should all be covered by your policy. To cover accidental damage or loss to your possessions, you may need to pay an additional amount. If you have pets or children, this may be something worth looking into. But make sure to check the details.
Additional fees may be required to protect valuable items or cameras that are taken out of your home. You may not be able to cover contents of a freezer, a mobile phone, or one item.
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Many policies have an excess. An excess is a limit on how much you are covered. The typical excess could be between PS50 to PS100.
Many policies provide new-for-old coverage. You get the entire replacement cost for items that have been lost, stolen, or damaged. If you have to file a claim, however, you may only receive the current value of your items. Before you sign up for a policy, make sure you understand what it covers.
You can get home contents insurance that will pay you a lump sum in the event of your death from an accident, fire, or theft at home. You can also get coverage if someone gets hurt or dies while visiting you.
Renters can get home contents insurance
You may have to replace any items that are damaged or lost if you are a tenant. You may need to insure a TV or other item you rent.
A home contents policy can be taken out
You should determine how much coverage you need based on the cost to replace all your possessions before you sign up for a policy. Many people are underinsured. Make sure to include all your belongings, including flooring and carpets. It is possible to get multiple quotes before you decide on a policy.
Sum-insured policies and bedroom rated policies
Insurance policies for home contents are typically based on the number and type of rooms in your home. These policies are called bedroom rated. They may also be calculated based on your total possessions and contents. These policies are known as sum-insured policies.
While premiums may be higher for policies that are based on how many rooms you have, they might offer greater coverage.
What each policy covers and which exclusions it contains
- The premium that you will have to pay
- The amount you’ll have to pay for any excess
- The no claims bonus, which is a bonus that increases each year if you do not make a claim
- Any additional conditions, such as the requirement to leave your home empty for a prolonged period.
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Your insurer must be informed about any information that could affect their decision to offer you insurance or to determine how much they will charge. Also, inform them of any changes to your situation.
- Home contents insurance claims: Problems
- Underinsured policyholders may not pay all of the claim.
- You may not be entitled to a maximum amount for one item. In this instance, you might have to pay more
- You won’t be covered for fair wear to an item if you don’t have a new policy.
- You might find that your policy provides a replacement item, rather than money for it.
You may not be able find a replacement if one item is damaged in a set. In this instance, your insurer will pay for the damaged item as well as a portion towards the replacement of the unaffected items.