MoneyTalk - The Benefits of Home Contents Insurance

Home contents insurance is advertised a lot on the tv and radio, and there are many benefits to having it.

In this month’s MoneyTalk we will explain what home contents insurance is, the types of things it covers and what the benefits are to having a policy.

What is home contents Insurance?

This is insurance that covers the cost of replacing your belongings in your home if they are damaged, lost or stolen. ‘Contents’ are described as the things you would take with you if you moved house.

How does contents insurance work?

Have you ever thought about you would replace everything if you lost your things in a fire, or to a burglary? That’s what home contents insurance is for – to give some protection if those things ever happened. It would cover some if not most of the cost of replacing the items.

What does home contents insurance cover?

Some insurance policies vary in what they cover but most of them usually include:

  • Clothing
  • Jewellery
  • Electronic goods (tv, mobile phones, washing machines)
  • Furniture
  • Entertainment (Video games, dvd’s)

You may have to pay more if you want to be covered against accidental damage.

What home contents insurance won’t cover

There are certain things or situations that home insurance won’t cover. These can include:

  • Wear and tear
  • Fixtures and fittings (light fixtures, fitted kitchens)

Damages to computers/laptops caused by a virus.

Do I need contents insurance if I’m renting my house?

If you rent your home, your landlord will be responsible for the house if anything happened such as a fire. They would not be responsible for your valuables though if anything like that happened.

There are lots of company’s out there that provide special home insurance for renters, as well as company’s that will only provide insurance to people who are on low-incomes and are in social housing.

Where can I buy insurance for my home contents?

There are a few ways that you can buy insurance for your contents including:

Comparison websites – such as Go Compare or Compare the market. These can be a good way of finding cheap insurance. Be careful though as being the cheapest doesn’t mean it’s the right policy for you. Make sure to double check what the policy does and doesn’t cover.

Direct from insurers themselves. Not all insurers are on comparison websites, and you may be able to get a better deal by going direct. Big names such as Direct Line, Aviva and Gabbro don’t appear on comparison websites, but products can be bought from them directly.

Insurance brokers do the shopping around for you. They can help you find the best deal for your needs at a price that suits you.

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