Would you be able to afford to replace all the items in your home if something went wrong?
By paying a small amount each month you can protect your belongings against a number of events and give you the reassurance you need.
The Hillcrest Group strongly recommends all tenants take out contents insurance.
What is contents insurance?
Contents insurance covers the cost of replacing your possessions if they are damaged, destroyed or stolen. Your contents are everything you would take with you if you moved home including your furniture, kitchen appliances, curtains, bedding, clothing, TV, computing equipment and jewellery.
What does it cover?
Contents insurance covers the cost of repairing or replacing any of your possessions that are damaged or destroyed as a result of an event. Most contents insurance policies cover damage to loss of your contents as a result of perils such as:
- Burst pipes (escape of water)
It is your responsibility to protect against these risks. The Hillcrest Group will not compensate you for damage or loss to your contents.
Most contents insurance policies will not cover items damaged by wear and tear and may not cover items you damaged accidentally unless you decide to add this level of cover to your policy as an added extension. Please ensure you choose an insurance policy that meets your needs and you check your policy thoroughly as different insurance companies provide different levels of cover. Most companies will let you choose to pay for your insurance monthly or annually.
How do I choose contents insurance?
- Firstly you will need to work out how much contents insurance you need. You should think about each room in your house and work out how much your furniture, carpets, curtains, clothes and any other belongings in that room are worth. Add all of this up, and this will give you the amount of contents insurance you need.
- The quickest and easiest way to get an insurance quote is to do this online by searching home contents insurance. There are a number of comparison websites out there that can provide you with quotes.
- Once you receive a quote for contents insurance, you will need to carefully check the policy to ensure it provides you with the level of cover you need. Most policies will allow you to add extra cover for items such as accidental damage or cover for personal possessions away from your home. If you own a particularly valuable item, you should check that the policy covers this as some policies will only cover individual items up to a certain value. You may need to take extra cover to insure this item.
- Most policies will have a policy excess. This is the amount you need to pay towards any future claims. For example if your excess is £50, and you claim for an item that is valued at £200, you will receive £150 from the insurance company. Some policies may allow you to choose a higher excess in return for cheaper premiums.
- Check the premium you have been quoted for your contents insurance and make sure you are happy with the level of cover provided and the excess you need to pay before selecting your policy.