Household Contents Insurance for Added Protection

2007-07-24 08:31:47

( Insurance )



Why You Should Get Household Contents Insurance

Like most people, you probably keep the majority of your belongings in your own home because you need to have them within reach. Loss or damage to these items due to natural disaster or criminal activity would be very devastating for you and your family members, since most of them may be very difficult or impossible to replace.

Installing a home security system may not always prevent loss or damage, and may not compensate you adequately when such events occur. Furthermore, most unfortunate events occur when you least expect them.

Features and Limitations of a Household Contents Insurance Policy

A household contents insurance policy gives you extra protection against unfortunate events that may befall your home belongings.

This type of policy is quite similar to auto, building, or health insurance policies. You determine the amount of protection you would like as coverage for your household items, then pay the corresponding premium quote. You can arrange with the insurance company regarding premium payment schedules. Most policies are on renewable, twelve-month terms.

A basic household contents insurance policy covers only the items that you and your family members own and store in your home. Some policies, such as household appliance insurance, will cover only your kitchen gadgets and electronics equipment. Most policies may also cover replacement costs of locks, defective wiring, and leaky pipes.

However, basic policies do not cover loss or damage occurring to your items outside of your home, or due to accidents that you or another family member has caused. Standard policies may not also fully compensate for valuables.

Options and Extras

Many policies offer you additional coverage for self-induced accidents. You can also buy extra coverage to include loss or damage to items you have brought out of your home. You will also need to seek the approval of the insurance company for covering jewelry, antiques or other valuables, and to pay extra premiums for such articles.

At extra cost, you can also insure items that belong to your visitors or non-family occupants of your home, such as your tenants or boarders, and additional cover for any injuries or fatalities.


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