Contents insurance covers your household possessions against loss, damage or theft. As a general rule, “contents” refers to items that you would take with you, if you were to move home, so this could include clothing, jewellery, kitchen appliances, furniture, artwork and electrical goods.
Some policies cover you for items that you regularly take outside, for example cameras, jewellery and laptops. It’s important to note that different policies offer various levels of cover, but generally you'll be covered against theft and fire, and have the option to insure against damage you may cause by accident.
It is always vital that you thoroughly read and understand the full policy terms and conditions. If not already covered by your contents insurance, you may want to consider travel insurance for loss or damage to your personal belongings whilst travelling.
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What isn’t covered?
Anything beyond the maximum amount your insurer says they will pay, and it may pay a maximum amount on single items. You'll therefore need to specify the value of the contents. Some companies have limits on the value of any one item under the general policy, so you'll need to specify individual items such as expensive jewellery, laptops or camera equipment, for example. Your cover may also be affected or cancelled if you leave your home empty for a long period of time, or if you let it out. Damage to the building itself is also not covered; this needs to be covered separately with buildings insurance, which you can learn more about here.
How to keep costs down without compromising on cover
Many insurers offer discounts if you have a burglar alarm, window locks or if you're a member of a Neighbourhood Watch scheme. You may also get a better deal if you combine contents and buildings insurance. Most policies have a standard excess charge, which means you agree to pay the first part of any claim, for example the first £50 or £100. If you agree to pay a higher excess you might get a cheaper policy. Always compare what's covered by a policy, not just the price – the key policy information will help you do this. Some might be cheaper than others, but they may not offer the same level of protection.
Level of cover
Some contents insurance policies offer new for old. This means they'll replace old damaged appliances and possessions with new ones when you claim. Bear in mind that your premiums may increase the following year, or the insurance company may refuse to cover you for the same risk if it happens more than twice, for example.
Benefits can include:
- Accidental Damage Cover
- Credit Card Misuse
- No Claims Discount
- Door lock replacement
- Frozen food
- Gold, silver, jewellery and furs
- Deeds, registered bonds and personal documents
- Domestic outbuilding contents (other than garages)
- Seasonal / Wedding increase info
to get the most suitable deal, begin your search with the best advice
Charles Derby Mortgage Bureau has helped many homeowners and tenants save money with contents insurance, and we’ll only ever suggest policies from reputable insurers. Whether you require a basic policy or wish to take advantage of special add-ons, we can guide you through the various policies to ensure that your plan offers the level of protection you need for your most prized possessions. To learn more about us and how we can help you, please contact the Charles Derby Mortgage Bureau team today.