Understanding Contents Insurance
Contents insurance is a policy designed to cover for personal belongings. A claim for the loss of these belongings can be made in the event of fire, theft, and damage as a result of flooding. Policy features and costs differ depending on the provider. For this type of cover, you need to look for an insurer who provides an extensive coverage. It is important to understand the common features available in a contents insurance cover.
Valuables in Total
This feature covers items of a specific value such as works of art, watches, jewelry, cameras, TVs and computers. Usually, the insurance company sets a limit on how much they can pay for such high-risk items.
Valuable Single Item
This type of contents insurance covers for a single valuable item. This can be a piece of jewelry or a work of art. There is often a set limit on such items. If the valuable item exceeds the limit, then it will have to be insured under a different contents insurance plan.
Money in the Home
This policy feature covers for the cash you keep at home. The money can be reimbursed in the event of theft or damage. Usually, credit cards are not covered under this feature. You may have to obtain a separate cover for the credit cards.
In the event that your fridge or freezer breaks down, the freezer Youi contents insurance covers you for the cost of replacing the foods in the fridge. It is important to note that, a loss that was caused by a deliberate act by you or your employee is not covered.
Contents in the Open
Under this feature, the insurer covers for the damage or loss of items left outside the house, but within the compound. Plants or shrubs are normally excluded under this feature. Certain insurance providers will also insist that you take out a separate cover for garden furniture or ornaments.
Theft from buildings
This insurance feature covers for the contents that are kept in a garage or a building outside the main house. In most cases, the insurer will not pay for any loss or damage if the home has been unoccupied for a long period of time.
This covers the homeowner from any liability arising from a claim made against them that resulted in loss or damage to the property.
If you are a tenant, you can be covered from any liability arising from damage or loss of the landlord’s fixtures.
Contents insurance policy features can be negotiated with your insurance provider.