LIVE 24-SEVEN
PERSONAL BELONGINGS & VALUABLES BASIC CONTENTS COVER AND
THE VALUABLE INSURANCE EXTRA’S
Whether you rent or own your own property, contents insurance covers personal belongings within your home, from furniture, toys, sports equipment, clothes, jewellery and TV’s. Generally speaking, if you imagine turning your home upside down, your contents insurance would cover everything that falls out.
CONTENTS INSURANCE Most types contents insurance will cover you against loss or damage due to theft, fire, explosions, storms, flooding or water leakage, plus other similar issues. But all of these benefits generally come with maximum limits and individual criteria that can vary from one insurance company to the next, and from one policy to the next. Don’t take anything for granted, don’t think all polices cover the same, they do not! Get professional advice as obtaining the wrong cover can be a very expensive mistake that could cost you thousands of pounds if and when you need to make a claim. Generally, if a policy’s premiums are cheap, it’s cheap for a reason!
MPG 8
HOW MUCH DO I NEED? When taking out any contents insurance policy, it’s important that your total sum assured is enough to cover all of your personal belongings. Often policies will offer up to £50,000 cover as standard and may allow you to increase this further as an optional extra, they usually have a personal possessions limit which can be anything from under £10,000 to over £20,000.
BENEFITS TO LOOK OUT FOR Like all policies, the details make all the difference. Before you sign on the dotted line, there are a number of benefits you should always look out for on your contents cover.
NEW FOR OLD REPLACEMENT Many contents policies replace damaged or stolen items with a brand new equivalent (or its monetary value). so, if your three-year-old TV falls off its stand and breaks, they replace it with a new one in the same make and model. Less substantial policies only offer the value of the TV based on its current age, which is likely to be considerably less.
COVER FOR HIGH VALUE ITEMS Most policies indicate a maximum amount you can claim for an individual item if it’s lost or stolen. Anything worth more than this is likely to need flagging with your insurer to avoid any claims shortfall. Most insurance policies may set a maximum limit of £1,500 per item,
however this could be higher dependant of the quality of the contents policy. Any item over this value would need to be itemised in your policy with a description and value.
PERSONAL POSSESSIONS
COVER AWAY FROM THE HOME Provides cover for your personal possession away from the home, in most cases anywhere in the UK and Europe up to 60 days worldwide. It means you would still be able to enjoy your holiday as your suitcases would be covered. Cover can be for clothes, camera’s, jewellery, mobile phones, laptops, tablets, bags and watches. Individual policies may set limits, it’s important to check these details.
ACCIDENTAL DAMAGE COVER Although accidental damage cover is included as standard on some policies, it’s often limited to specific items such as TV’s, computers and video equipment. For full accidental damage cover, you usually have to pay extra, it’s well worth consider-
ing if you’re worried about everyday mishaps such as wine on the sofa.
HOME EMERGENCY COVER If you were in a situation where your home becomes un-inhabitable and you are frantically phoning around for a reputable plummer, joiner or electrician then home emergency cover could be just what you’re looking for. It gives you 24/7 access and support to approved tradesmen should the worst happen. This is ideal if you need help quickly to deal with burst pipes right through to any pest infestation.
LEGAL EXPENSES COVER It normally covers everything from employment disputes and per- sonal injury claims, to tax enquiries and probate; not to mention any legal issues with your home.
WHAT WILL HAPPEN IF YOU ARE UNDER INSURED?
WHAT IS THE UNDER-INSURANCE CLAUSE? It’s important that your possessions are insured for at least their full value to avoid claims being reduced or declined due to under -insurance. When a policy is under-insured, any claims made will be subject to an average which means any valid claim pay-out will be proportionally reduced by the amount that the sum assured is under-insured. The important message is do not try to cut corners with your insurance as you’re putting the replacement of your personal possessions at severe financial risk.
For further information please contact Peter Hunt on: 0121 503 0961
www.moneywatchfinance.com
LIVE24-SEVEN.COM
THE MIDLANDS PROPERT Y GUIDE MONE YWATCH F INANCE
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