Often referred to as home contents insurance, this kind of policy aims to provide you with a vital lifeline if your homely possessions become damaged or stolen. Cover will usually apply to typical household items that generally stay inside the home-like furnishings and larger, expensive items.
Contents insurance will generally cover your items for any damages or losses outside of your control. Natural events like storms or an unfortunate circumstance like burst pipes can result in flooding, damaging or destroying carpets, rugs, lounge furniture and any other floor standing items.
Other causes of unexpected damage or loss can include fires, subsidence, theft or vandalism. It will depend on what your insurance provider offers cover for as standard and the kinds of damage they’re willing to protect against. It’s always a good idea to thoroughly check the wording of your policy so you know what is or isn’t covered.
In some cases, uncommon items or those with an exceptionally high value may not be included as part of your standard cover. Things like sports bikes, musical equipment, precious jewellery or significantly expensive computing equipment may require you to seek out individual high value item insurance for the appropriate cover.
It’s not mandatory to have a contents insurance policy in place. Without one, any repairs or replacements of items would have to be paid for out of your own pocket. For this reason, home contents insurance helps to give you peace of mind that you may be able to rely on a safety net if the worst should happen.
Whether you’re a renter or a homeowner, it’s a good idea to seek out appropriate insurance for your possessions at home. As a homeowner, you may also need buildings insurance, which is available as a separate product but can also be quoted for alongside contents insurance providing you with a combined policy.
For tenants, while your landlord would be responsible for the building, it’s up to you to protect your own belongings inside. With an insurance policy in place, you can be sure that the items you own will also be protected. When thinking about which items you need to insure, one handy way of determining this is to think of what would go with you if you were to move home.
Contents insurance is also a good idea if you’re a young student, renting accommodation away from home for the first time. In some cases, your belongings may already be covered on your parents’ policy, but this isn’t guaranteed. It’s always a good idea to check whether your treasured possessions are already covered before you look for contents insurance.
Depending on where you live, the cost of contents insurance can vary. Typical costs can fall anywhere between £55 – £80 per year, but there are a few different things that may help to bring that quote down. One of the most common ways to make a big saving suits homeowners with a mortgage, who will be able to combine both contents and buildings insurance for one overall premium.
Maintaining a good level of security around your home will help to bring down your quote. Things like having a sophisticated security system fitted and using sturdy and suitable locks on doors and windows will demonstrate to insurers that you’re less likely to be a victim of burglary or theft. It can also help to be part of a Neighbourhood Watch scheme.
There are additional options for increased insurance like away-from-home cover for items you might common take outside with you everyday (mobile phone, watches, jewellery, etc.) or even accidental cover in case of smashes or spillages you accidentally cause as a one-off. Adding extra cover may cause your premium to go up slightly, but it can provide you with more peace of mind and security.
The amount of excess you’re willing to pay will have an effect, as a greater excess may reduce your premium, but require you to potentially contribute more for any repairs. Like any kind of insurance policy, choosing to pay the total annual sum upfront will often work out cheaper than making monthly payments, which some insurers may add interest or admin charges to.
Since there are a lot of factors to take into consideration, it can be difficult knowing where to begin. That’s why at Arkwright, we have a team of skilled and highly knowledgeable experts ready to help you find the cover that’s right for you.
You can give us a call on 01204 392 525 or send us a few details online by requesting a quote. Once we know the ins and outs of your situation and what level of contents insurance you need, we can provide you with the best possible quote from our excellent panel of insurers.