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Home Contents Insurance: Taking Care of Your Assets Inside and Out

Nov 22, 2007
Our homes are precious. Insuring the bricks and mortar seesm second nature to us, not least because our homes represent a major investment and a lot of very hard work to pay for it. We often forget however, just how much we have invested in turning a house into a home with our personal possessions and the cost of furnishing a home for our comfort.

The average cost of replacing the contents of a house is in excess of thirty thousand pounds which may seem like a lot, but just consider what your buildings insurance policy does not cover. Carpets for instance, are not covered by a buildings insurance policy yet they are the first things that are damaged in the event of a flood. Just consider the value of all the electronic equipment in your home from digital televisions, computers, stereos and home entertainment systems and you start to see how quickly the bill will mount if we ever were in a position where we have to replace everything.

Contents insurance covers the contents of our houses and flats. We are protecting the very things that make our property our home. A buildings insurance policy may replace the roof of our house, but it is not going to cover the cost of the fittings that have been damaged during a storm. Given the relatively cheap cost of insuring contents and the greater possibility of making a claim when compared to the building, it makes real financial sense to put contents insurance cover in place.

Contents insurance cover cannot replace valuable heirlooms or collections that have taken years to accummulate but it can alleviate the financial loss and help you replace the irreplaceable. Contents cover tends to make owners seriously consider the protection of their valuables and review the security arrangements that may help prevent loss or aid in the recovery of their belongings in the event of theft or loss.

It pays to seriously consider the extent of coverage. Cash for instance, is frequently not covered or has strict conditions that attach to how much can be insured. You may find that a contents policy will not insure for equipment that is used outside of the home, for instance a video camera whereas some do. Bicycles are a particular risk for insurers so check to see if they are insured or not, and always see what conditions are attached to such articles being insured in the policy.

Given the variation and different features and options that can be included or excluded with a contents insurance policy, the ability to compare one policy to another on a fair basis is important. You must check the policy terms and conditions very carefully so you know exactly what is insured and what is not. This is a difficult task even for experts so take your time and do not hesitate to seek help with this.

Contents cover nevertheless, tends to be reasonably cheap and the cover provided offers a very good deal to the policy holder. Setting up a contents policy is frequently done at the same time as insuring the building but this is not always the case. It also pays to check whether combining a policy with the buildings insurance is the best deal for you financially so be prepared to shop around.

Contents insurance should never be ignored. The cost of replacing our possessions is much greater than we may at first sight think. It pays to make sure you have adequate cover or risk suffering the loss of the posessions that really make a difference in our lives. Peace of mind cannot have a price when we are dealing with the very things that we have worked so hard to provide for ourselves and our family, so take some time to make sure you have the cover you need.
About the Author
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