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What You Should Know about Home Content Insurance

Did you know that the cost of premium for a home content insurance policy could well be less than 1%? This could be one of the prime reasons that could motivate you to opt for property insurance, apart from the other advantages that lie in store. Whenever you seek home content insurance, it would also be a great idea to opt for building insurance, for comprehensive cover. While the former will protect the most valuable assets within your home, the latter would provide cover for any damage to the building itself, on account of natural or manmade disasters.

What does Home Content Insurance do?

Home content insurance provides cover to your precious belongings against accidental losses, thefts or burglaries. The value of the claim is derived from the present market value of the items insured, minus the depreciation on account of use.

What are the Exclusions of a Home Content Insurance Policy?

Exclusions on a home insurance policy include:

  • Your insurer will not entertain any claims for thefts or burglaries in which the insured person or his domestic staff has any sort of involvement. A detailed investigation would first be carried out in the event of a burglary or an attempted theft, before claims are released.
  • Any losses or damages associated with motor vehicles, money securities, bonds, deeds, bills of exchange, share certificates, promissory notes, manuscripts, business books or financial instruments like debit or credit cards, except those that have been mentioned specifically in the home content insurance policy document, will not be reimbursed.
  • Any loss or damage inflicted upon possessions that might have been acquired illegally will also not be honored by the home content insurance provider.
  • Any form of loss or damage during a period when the policyholder has left his home unoccupied for a period of over 30 days at a stretch will not be honored by the company if the insurer has not informed the insurance provider of the same in advance.

Before you finalize on your choice of home content insurance policy, it would be essential to carry out a comparison of quotes across various insurers. Choose only once you are absolutely sure that a fair comparison and assessment has been carried out. Also, make sure you have a basic idea of the financial standing of the company from which you plan to source your home content insurance. It is important to carry out all possible checks before making a final decision.

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