We all know the importance of home contents insurance, but many are unsure as to exactly what it covers and if they need to add extra insurance for specific items. Read on for a few insights into contents insurance and personal possessions insurance.
As with any insurance policy you will need to read the small print to check what is and isn’t covered by your policy, and to understand the terms and conditions. Contents insurance can be purchased on its own or as part of buildings insurance (only required if you own your property) and, as a general rule, covers everything you would take with you if you moved, as well as carpets. This includes jewellery, clothing, furniture, appliances, TVs, phones, tablets and computers. The policy will protect them against damage from fire, water, explosion, vandalism, lightning and falling trees, as well as covering you in case of theft or burglary. Accidental damage cover, for example, if your child tipped water into your television, can also be covered but usually at an additional cost.
There are certain events that your insurance provider probably won’t pay out for; these include lost possessions, theft via unsecured door or window, mechanical or electrical breakdown, faulty workmanship and general wear and tear. Additionally, although some policies cover possessions when they are taken out of your home, others won’t, so please read that small print!
If your personal possessions are not covered outside of the home, you will need to take out a personal possessions policy. This will cover you for those expensive items you take out with you — your phone, wallet, bag, watch and jewellery, for example. Do check that you haven’t already covered it separately; nobody wants to pay to cover the same thing twice.
Check individual policies to see what you are covered for and what you need to add on separately — insurance policies differ from provider to provider so the onus is on you to check these details. Alternatively, chat with one of your experts who will help you pick the right home contents and personal possessions insurance for you.
