Your home and its contents is your personal space, a place where you and your loved ones stay and build a life. They are likely to be one of your biggest investments. Home content insurance policies protects your most treasured asset – home contents. It covers all the household essentials like electronic appliances, gadgets, and many other things of considerable value.
If you are a homeowner, it is prudent to take a home contents insurance policy for protecting the contents against any damage or destruction. Most home loan providers also insist on this insurance before offering a loan.
During natural disasters like floods and fires, the contents of your home might get damaged. You might suffer loss of costly appliances, artwork, jewellery, etc. due to vandalism or theft, resulting in considerable financial loss. Hence sufficiently insuring the contents will give you a peace of mind. The insurance policy should be personalized to appropriately cover your personal belongings.
Contents and Personal Belongings that can be insured
- Jewellery – gold, silver, platinum, precious stones
- Laptops, computers, tablets, cameras, other digital devices
- Clothing and personal effects like watches, luggage
- Furniture & Fixtures
- Bonds, deeds, important documents
- Home appliances like television, washing machine, home theatre, freezers
How to select personalized home content insurance?
Look for home content insurance that is affordable and offers wide coverage. Choose an insurance policy that offers coverage for all your valuable belongings, albeit at a reasonable rate. The maximum sum insured limit should be approximately equal to the value of your personal belongings or contents being insured.
If you under-insure, your insurer will pay only that proportion of the claim as listed by you. You need to list out the valuables to the insurer so that the value of estimated coverage can be drawn up. Ensure that your policy covers damage due to fire, storms, flooding, and theft.