Introduction | Homeowners
| Buildings insurance |
Contents insurance | Level of cover
| Costs of cover |
Choosing a policy | Making a claim
| Tenants insurance | Landlords
insurance
CONTENTS insurance
Contents insurance provides protection for your belongings inside
the home - and sometimes outside too. Although there are slight
differences in the way it works, its main purpose is to cover all
or part of the cost of replacing your possessions should they be
damaged, destroyed or stolen.
The contents of your home will usually include anything that is
not a fixed part of your home - any personal artefacts, computer
systems, camera, TV, HI FI and other appliances, clothes, jewellery,
furniture, fittings, and even the contents of your fridge and freezer.
Your contents insurance may well include some element of cover
for items that you take away from the home. This usually includes
bicycles or prams, though some policies even cover the contents
of your handbag should it get stolen. Other things that your policy
may cover include accidental damage and any legal expenses you may
incur whilst pursuing or defending any personal liability claims.
As with your buildings policy, the insurer will ask you a host
of questions to determine your premium. They will ask about:
Your occupancy at the property. Whether you are there in the daytime
or out of the country for six months at a time can have a big impact
on the cost of your policy.
- The security devices you have fitted.
- Your current employment.
- High profile public figures can suffer from higher than average
premiums.
- Your past claims record.
- Your criminal record.
Any other factor that the risk assessors in the insurance company
feel may offer them an insight into whether you are likely to be
making a claim in the future. One important factor is your postcode
and the general level of claims in that area.
Make sure you disclose everything that is asked of you. Answer
all questions to the best of your knowledge. Failure to do so is
called nondisclosure and will nullify your policy in the event of
a claim. Insurance companies are businesses not charities and will
generally try to legitimately minimise the amount of money they
pay out. One of the ways they do this is by checking all the details
you disclosed when you took out the policy. If you falsified the
information that you gave them, they have the right not to compensate
you for your losses.
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