Home & Contents Insurance
What You Need to Know About Home & Household Contents Cover
We all value our possessions and would wish to remain with them for as long as we want. We will go to any extent to protect them depending on our attachment to them. The need to safeguard the things we own has resulted in the provision of a cover meant to take care of them. The cover is called household insurance cover. This cover is, however, optional, so one is not under any obligation to insure them. This does not undermine the need for it.
Types of Cover
Another name given to this cover is content insurance. It is meant to take care of any loss or destruction of household goods that are subject to the policy. There are two categories of this insurance.
An indemnity policy is a type of plan that deals with replacing the commodity destroyed or lost.It, however, does not cater for the buying of the product at the market price but at the depreciated value. This means that it takes into account the age of the product to replace.The amount of premium paid for this policy is lower.
The other type of household coverage is the new for old policy. More money is paid for this cover since the rate of depreciation is not considered when replacing any item covered under this policy. If a piece of jewelry gets lost, it will be replaced at the current market value even if the piece of jewelry was old.
Extra cover is a cover that one can opt to take separately to take care of any loss or destruction of very expensive jewelry, antiques, and any other thing that might not have been covered under household cover.
What Else Should I Know?
- When one goes to apply for any home insurance, one should ensure that he gives the real value of the goods that he needs to be included to avoid getting into problems later. The principle of utmost good faith applies to all insurance categories involving property and in case one lies to pay a less premium it may make a claim made nullified in case a loss of the item occurs.
- To ensure that you do not undervalue all the goods you want covered take time to go through every room of the house. Take stock of every item in the room then after you have covered all the rooms, you can proceed to add up the total value of the items. You will then get the amount you have to pay for the household goods.
- It is also advisable to do a valuation of the home goods once every year. This is because a change in the number of items is likely to occur whereby in most cases there are additions. In case a loss of the items not covered occurs you are not going to be replaced for just because you have home and contents insurance.
- Once you go shopping for a household cover, make sure to read the copy of the agreement between the lines to ensure that you understand what is included and all the terms and conditions applying to the cover. You should make sure that you are aware of anything that is likely to make your claim not to be honored. Different companies have different offers with some offering to give a discount for some items while others will place such items under another cover or category and insist that they are included separately. These goods are covered under extended cover. Things under this category include the expensive electronics in the house, computers, medals and any other thing that cannot fit under the other two household policies.
How Do I Get Quotes?
We’ve made this process very easy. You have two options:
- You can read more about the different insurers on the companies page.
- At the top of this page you will find a quotation form that you need to complete in order to get quotes. A consultant will get back to you with your quotations and will be there to answer any further questions you may have. Please make use of this service and share it with your family and friends.