Buildings insurance is cover for permanent fixtures and fittings, kitchens, bathrooms and structures. Contents insurance covers the things inside of your home such as personal belongings, electronics and furniture in your home.
Do You Need Contents Insurance?
Wondering if you need contents insurance? First think of the value of the things inside your home, such as jewellery, televisions, artwork etc. If these items were to be lost due to a robbery, fire or flood, what would your next steps be? Would you simply buy them again and bear the cost yourself or would you need to have a back up plan in place? Most people cannot afford to replace lost or damaged items, so Home Insurance protects against exactly this. Home Contents insurance is a preparation for the unforeseen and unexpected incidents. For a small fee per month you’ll get peace of mind knowing you’re protected.
With Contents Insurance all your personal belongings, anything apart from the building structure itself will usually be covered for loss or damage. This generally includes:
- Electrical goods
RSA will even cover the contents of your freezer! Each policy has a different frame, but they mostly cover against theft, fire and flood.
An Accidental Damage Cover and Personal Possessions Cover are usually listed as optional extras.
RSA also covers your personal belongings if they are lost outside of the home! Check for cover on items you take outside your home, including:
- Mobile phones
Perform a proper valuation of your contents
When thinking to purchase a policy, estimate the value of your belongings correctly. Anything but a detailed valuation of your assets may leave you underinsured or paying premiums that are too high. So list out your assets and inform your agent of the values - both what you think they are worth now and what it would cost to replace them.
Understand your coverage
Regardless on the policy you settle on, be clear on the cover you’re getting. You don’t want to be stuck in a situation where you are notified that a particular item is not insured. It all too often happens that policy holders only realise your coverage at the time of a claim,.
Common exclusions could include floods and storms. RSA will insure these specific risks so, if they are important to you, select your insurance provider wisely.
Remember, it’s important to review your contents insurance policy every year as the value of possessions do change over time.