There are two forms of insurance that you should consider when it comes to your property. Home insurance covers the basic structure of your property against major catastrophes whilst home contents insurance covers personal possessions in your home. They complement each other as it is unlikely that your personal possessions would remain intact should something happen to your home.
Home contents policies cover loss of or damage to personal possessions in the home due to specific perils such as fire, lightning, explosion, burglary, storm, flood, leaking pipes etc. They can also be extended to items such as that beloved Ming antique vase or audio-visual system or even to 'all risks' - that means coverage of all belongings. Of course the more comprehensive the coverage, the higher is the level of premiums.
As in the case of home insurance, should anything unfortunate happen, the insured party can claim up to the sum assured which is set at a level deemed to be sufficient to cover all the items in the household. This represents the maximum value which an insurer would be prepared to pay in the event that all the insured's possessions are lost. Thus it is important to determine a suitable limit for yourself.
This policy can be extended to items temporarily removed from the home but such an extension is normally subjecty to a financial ilimit expressed as a percentaage of the overall sum assured.
Recently there has emerged a trend of individuals insuring specific items. This is to protect themselves against theft of easily removable items. After all, you would not expect a burglar to steal your prized chandelier.
Home contents policies cover loss of or damage to personal possessions in the home due to specific perils such as fire, lightning, explosion, burglary, storm, flood, leaking pipes etc. They can also be extended to items such as that beloved Ming antique vase or audio-visual system or even to 'all risks' - that means coverage of all belongings. Of course the more comprehensive the coverage, the higher is the level of premiums.
As in the case of home insurance, should anything unfortunate happen, the insured party can claim up to the sum assured which is set at a level deemed to be sufficient to cover all the items in the household. This represents the maximum value which an insurer would be prepared to pay in the event that all the insured's possessions are lost. Thus it is important to determine a suitable limit for yourself.
This policy can be extended to items temporarily removed from the home but such an extension is normally subjecty to a financial ilimit expressed as a percentaage of the overall sum assured.
Recently there has emerged a trend of individuals insuring specific items. This is to protect themselves against theft of easily removable items. After all, you would not expect a burglar to steal your prized chandelier.
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