Household Contents Insurance: Cover your Losses

2007-03-08 10:33:40

( Insurance )



STRUCTURE AND CONTENTS

Household contents insurance provides protection for items that can be found inside your house. These items may include furniture, appliances, jewelries, art collections, silver and porcelain sets, and other items as may be specified in the household contents insurance. The policy may even cover other household contents such as money, up to a certain amount as long as they are mentioned in the list of household contents.

Household contents insurance will pay for the replacement or repair costs of these items when they are damaged or lost. These may be caused by fire, theft, flooding, tornado, collision and impact from other vehicles and animals, and any other circumstances that cause loss or damage to your household contents, as specified in the policy.

A more common arrangement is an integrated buildings and household contents insurance which covers for both the structure and the contents therein. This type of plan is considerably cheaper than taking separate policies for the building and household contents.

ITEM INVENTORY

As with any other type of insurance, premiums will be based on the extent of coverage and the high probability of damage to property. Regarding household contents insurance, it may be wise to have a specific listing of all the items that you want covered and make sure to have it written into the household contents insurance contract. Once you have the items insured, make an inventory of all of them, take pictures, and file them away in a safe place like a safety deposit box. The inventory and pictures are meant to be used as proof when you need to make an insurance claim.

Of course there are some personal belongings that can never be replaced, especially for the memories they represent. These items may be rare heirloom pieces, or just ordinary stuff from an ordinary store. Either way, both have irreplaceable personal value. In order to minimize your risk, make sure that these precious items are kept in a safe place.


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