Contents insurance

Unlike car insurance, home contents insurance is not a legal requirement.  And, unlike buildings insurance, it is not something your mortgage lender can insist you take out.  But despite the fact there is less pressure to purchase contents insurance, it should not be overlooked.

Just looking around your home will get you thinking about how much it would cost to replace your belongings.  Furniture, curtains and carpets can all add up – and that’s before you even start thinking about electrical equipment and appliances, CD and book collections, jewellery…the list goes on.

Contents insurance could help you replace these items if they were destroyed, damaged or stolen.  Without contents insurance you and your family could be facing a large bill to get your life back to normal, having already gone through a traumatic experience.

Making sure your contents insurance is adequate to cover the value of your possessions is important.  Being underinsured could mean you don’t receive the money you need to replace your belongings in the event of a claim, but over-estimating the value of your contents could result in a higher than necessary premium.

In order to ensure your contents insurance is at the right level for you, make a list of the contents in each room.  Find out how much replacements would cost.  Check the single item limit with your insurer.  You may need extra cover for valuable items.

Contents insurance can be further enhanced by a couple of optional extras.
Adding personal possessions cover insures your belongings outside the home, whether you are shopping, on holiday or visiting friends.  Adding accidental damage to your contents insurance protects against DIY disasters, like paint spills.

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