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What is contents insurance?
Contents insurance covers your possessions in the event of theft, loss or damage, including natural disasters, fires or flooding. It’s separate to home insurance, which covers the building you live in, including fixtures and fittings.
What does contents insurance cover?
Contents insurance specifically protects your belongings. As a rule of thumb, anything in your house could be protected provided you could pick it up and take it to a new home, including white goods and carpets.
You’re asked to estimate the total value of your possessions, but insurers need you to notify them of any particularly high-value items, especially jewellery, electronics like TVs, audio equipment, gadgets and computers, or expensive bikes.
How much is contents insurance?
The average cheapest contents-only insurance policy was £62, according to MoneySuperMarket data, February 2019. The cost of contents insurance is affected by your location, the value of your home and contents, risk (including flood and burglary) and other factors.
According to MoneySuperMarket data, February 2019.
Does contents insurance cover theft?
Contents insurance does cover theft as standard, but most policies will cost more if you also want theft cover for your belongings when you take them out of the house. Likewise, any high-value items may need to be explicitly listed on your policy to be covered.
How does contents insurance work?
There are two main types of contents insurance, broadly speaking. Most policies are called ‘as new’ or ‘new for old’, and pay out for the full cost of repair, or for the equivalent new item.
The alternative is an indemnity policy, which tends to be cheaper because the payout reflects depreciation or wear and tear. An indemnity policy pays you what the item in question is worth now, not what you paid for it.
Does contents insurance cover mobile phones?
Contents insurance does cover mobile phones, but if your phone is worth more than a certain value, you’ll have to inform your insurer that you need it covered specifically.
For electronic items you use a lot, including those you carry with you when you leave the house, you might want to consider taking out a more specialised gadget policy.
Do I need additional contents cover?
You can pay more to cover more expensive items and add additional cover. The most common additions include:
- Accidental damage cover: if you accidentally break a possession, for instance knocking over a valuable ornament while doing the dusting, it will cover you.
- Out-of-home cover: if something happens to your possessions when you’re out, you could be covered, but you might have to declare which items you want to cover when you take out the policy.
- Extra cover for valuables: if you have any valuables, you may need extra contents insurance if their value exceeds the limit of your policy. For example, if the limit was £1,500 and your £2,000 engagement ring was stolen, the policy would still only pay £1,500.
- Home emergency cover: if you need any assistance or repairs because of a domestic emergency, this will pay out.
- Away-from-home cover: if your children are away at university, and they take their laptop or phone with them, you may be able to cover their items too.
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