content insurance : What Can You Expect ?

2007-03-08 10:33:40

( Insurance )



There are many online services if you want to get contents insurance quotes or information on buildings and contents insurance.

If you are looking for home insurance you have the option of both buildings and content insurance to protect both your home and possessions in the case of damage or loss.

What exactly is home content insurance? This covers all the possessions that would go with you in the case that you moved home. This would include, for example:
• household goods
• appliances
• personal effects
• clothing
• kitchen equipment
• anything valuable up to a certain limit.

content insurance can provide either:
• new for old
• replacement as new
• indemnity.

Cover:
• new for old / replacement as new.

You will be paid out
• full cost needed to repair damaged goods
• full cost needed to replace them with the same or similar new articles in the case of theft or destruction.

Indemnity
• the insurance company will reduce your claim to take into account depreciation, wear and tear.

Household linen and clothing
Cannot be insured on a new for old / replacement basis.


What is a policy?
It is a contract between you and the insurer. Both parties are placed under legal obligation.
• The insurer covers you during the period you are covered for against damage, loss and legal liability
• The policy holder agrees to look after the insured goods and take all reasonable precaution not to lose or damage them.

Under what circumstances do most content insurance policies cover your goods in terms of loss or damage while in your home?
• subsidence, landslip or heave
• earthquake, explosion, lightning or fire
• water escape from pipes or tanks
• theft – actual or attempted
• flood / storm
• civil commotion, riot, political or labor disturbances, strikes
• collapse or breakage of satellite, television, radio, signal equipment
• tree or branches falling
• impact by animals, any vehicle, aircraft and other aerial device
• oil escaping from heating systems.

In tenants content insurances policies, in many cases there is cover in case your building is damaged.

What else do you need to think about?

Sum insured
The complete amount your goods are covered for. This is the most you will ever be paid in any eventuality. For this reason make sure your contents are insured for their full value.

Extensions
If you pay extra you can extend your content insurance policy to cover loss or damage of goods which you take away from your home.

In the case of certain valuables (art works etc) there is usually a limit which can be negotiated.

Exclusions and excesses
Certain possessions or risks will be excluded.

Exclusions could, for example, be:
• theft in the case that your house has been let or sublet (unless enrty is forced).

An excess might be required – meaning you have to pay some of that claim yourself.


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