If you’ve thought about getting your home insured, then before you do, consider what level of cover you’re going to get. When it comes to contents insurance, there’s a variety of options and belongings you can choose to cover.
It’s really up to you what you include. However, the more you include, the more comprehensive your cover will be and the more expensive your premium will be. But, when it comes to cost, you should never be put off of getting the level of insurance that you require, it’ll pay dividends if you ever need to claim.
Making sense of the contents cover choices
It’s important you fully understand what different levels of cover include. If you take out contents cover with a specific insurer, it may not be immediately clear what you’re insured for and when a claim is legitimate. For example, you may take out a policy assuming you’ve got your brand new iPhone covered, only to realise that either this isn’t covered at all, or you only have cover for damage and not theft. In these instances, it’s absolutely crucial that you read the small print clearly before taking out any insurance policy.
So, where do you start if you need comprehensive contents insurance? First things first, make a list of all of your possessions. This is a working document, so when you buy or sell possessions, you can update the list accordingly. Work your way around the home and visit every room. Make a list of everything and try to assign a value. If you want a more comprehensive cover, be sure to include everything, even the smaller items.
Think carefully about insuring valuables
When it comes to comprehensive contents insurance, be sure you fully understand what your insurer’s definition of valuable is. This will help when it comes to getting cover for specific items, and when you need to claim on these. For really expensive items like fine jewellery, antiques and art, you will need to get an expert evaluation. Some companies will insist on this and only provide cover on this basis.
Also, be sure to keep all of your receipts for expensive items. Whilst this won’t be possible for certain things, for the more expensive products you’ve purchased, you’ll need to show the receipt as proof of purchase and ownership. Without this, it will make it much harder to make a claim. It might also be worth taking photographs of all your valuable items to clearly shows their condition. Again, this will help when it comes to making a claim as you’ll have conclusive evidence of ownership.
It’s important for your peace of mind
From small to large and cheap to expensive, if you’ve got fully comprehensive contents insurance you’ll have peace of mind. You’ll be relaxed in the knowledge that if anything happens to any of your possessions, you’ll be protected financially so you’ll have the money to replace or repair them, as necessary. That’s why it’s also important to insure your more expensive items, as these will often be impossible to replace or repair without an insurance payout.
Failure to secure the correct level of cover could leave you badly out of pocket when it comes to making a claim. Whilst we all hope our contents cover is purely precautionary, this shouldn’t be used as an excuse to purchase an inadequate policy. Some form of insurance is always better than none and there’s certainly no value in getting a policy that is too elaborate. But you should always look to insure your most treasured possessions – both in terms of cost and personal attachment.
*Note: Insure4Retirement has issued this guide for information purposes only regarding what could be available on a home insurance product. No advice is being offered as to the suitability of any policy to a person’s own personal circumstances.