Contents Insurance

Protect your Household Contents from Damage

Contents insurance cover provides protection against damage to the contents of a home caused by such things as fire, vandalism, flooding or theft. Contents cover includes all items within the home that would go with someone if they moved house - items such as furniture, household goods, televisions, computers and in some cases freezer contents.

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Accidental Damage

Most policies provide standard cover but there is also an accidental damage option which can be included for an additional premium. Accidental damage cover for contents would cover such things as spilling bleach on carpet or breaking an expensive ornament.

Calculation of Premiums

It is important to be insured for the full replacement value of contents purchased new - a new television will cost much more than the one it's replacing. Many people insure contents for the current value rather than the replacement value so are under-insuring.

Premiums are calculated differently by different insurers. Some will insure on estimated replacement cost or a new for old cost with inflation protection, others provide cover up to a specified limit based on number of rooms and post code.

Reduced premiums can be secured for properties fitted with recognised burglar alarms and window/door locks of a specified standard. Additionally properties which are part of neighbourhood watch scheme may benefit from cheaper premiums.

In recent years there has been a well publicised increase in claims as a result of flooding. If you are in an area which has a high risk of flooding you can expect to pay a higher premium. The Environment Agency web site environment-agency.gov.uk provides a postcode search to help establish the flood risk in a particular area.

Most UK insurance companies will offer discounts where there have not been any claims on a policy for a period of time, the longer the time period since a claim the greater the discount. This is called a no claims discount or no claims bonus.

An individual is not required to take out home insurance with their mortgage lender, although it can sometimes be required to secure a special deal. Sometimes lenders will charge a fee if insurance is taken out elsewhere.

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Exclusions

Most policies will not pay out:

• The first £50 or £100 of a claim - this is known as the policy excess.
• Claims which are as result of the property being left empty for an extended period.
• Theft unless force was used to enter.

Homeowners

Whilst contents cover will not normally be compulsory as a condition imposed by UK mortgage lenders, it will always be strongly recommended.

Tenants

The need for contents insurance is dependent on whether a property is being offered for rent furnished or unfurnished. For a furnished property the landlord or buy to let investor will normally need contents insurance but the tenant may also need cover for their own personal items. For an unfurnished property the tenant is normally responsible for the contents insurance.

Quality of Cover

Cover provided from one provider to the next varies widely so it is important to check the key fact and terms and conditions with each insurer so that a decision can be made on quality of cover as well as price.

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