House Contents: Protecting Your Possessions

2007-03-08 10:33:40

( Insurance )



PRECIOUS PROPERTY

Your house contents encompass most of your material possessions. Whether your house contents were bought at thrift shops or are heirloom pieces that have been passed down for many generations, they are equally precious beacuse they are tokens of your heritage and hard work.

There is really no solace for the loss of or damage to a valued item, but we do not have the means to protect ourselves against unforeseen events. The best thing that we can do given the situation is purchase house contents insurance to shoulder the costs of repair and replacement of our insured possessions.

Contents insurance will pay you for the loss or damage to your insured house contents. The coverage stipulates specific events where the policy is valid and claims can be made. Depending on the type of house contents insurance you purchase, you may be covered for fire, theft, flood, collision, etc. The more events you are protected against, the higher the premiums you have to pay.

RISK EVALUATION

Of course when buying a house contents you have to take into consideration the likelihood of an event actually taking place. There is no sense in paying for coverage you have no need for. There is no need to have coverage for flood when it hardly rains in your area. Incidentally your contents insurance premiums will also depend on your location. An example is when your house is near a fire station; in this case the premiums you pay for fire protection will be considerably lower.

House contents insurance does not provide umbrella coverage for all of your house contents. The policy requires an itemized list of all the things you want to have coverage for. The list must be specific, with details and pictures if possible. Once you have decided on the items you want insured, make sure you have your own detailed inventory that you can use as basis when you have to make a claim.


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