There’s much more to contents insurance than having everything in your home insured for one overall sum of money.
As people’s lifestyles have changed over the years, contents insurance has too.
This article contains useful information on the various aspects of contents insurance you need to be aware of when it comes to knowing how much you’re covered for each particular area.
* Theft of outdoor contents
The amount of contents insurance cover for theft from domestic outbuildings such as sheds and garages may vary between insurers.
From your point of view you need to make sure the amount of cover is enough. For example, if your contents insurance policy provides £2,000 worth of cover as standard and you keep a £5,000 motorbike in your garage, you’ll want to increase the level of protection.
* Office equipment at home
If you work from home, you may have office equipment that needs to be insured as part of your contents insurance. This could cover things like laptops, printers, scanners, fax machines and your office furniture.
You should be aware that not every home insurance policy will include contents cover for home office equipment; even if yours does, is the level of cover enough for the equipment and furniture you have?
* Theft of cash
Keeping large amounts of cash in your home can be risky. Your contents insurance company will only cover you for a certain amount, usually around £250.
It may not be possible to get this limit raised, due to the higher risk of potential fraud, but it’s certainly worthwhile knowing how much you are covered for, so you can make other arrangements for storing cash over this amount.
* Freezer contents
Your freezer may have always been reliable, but it’s often the case they break down just as you’ve stocked them up with food.
Obviously, the size of your freezer will to an extent dictate the value of its contents, but it is good to know exactly how much you’ll be covered for if the worst was to happen. You should also be aware of your contents insurance excess limit as it may not always be in your best interests financially to make a claim.
* Personal possessions away from your home
With laptops, tablets, iPods and mobile phones being owned by so many people in the UK, having contents insurance away from your home is important.
Again, knowing the sum you’re insured for is advisable. For example, if you have an expensive laptop that gets stolen while you’re on your way to work, do you know if your contents insurance will cover the full cost of replacing it?