You are already owning a home insurance yet not included home contents in your policy. You might not be aware of what exactly is covered under your policy and end up facing a financial burden when any of your personal belongings is lost or stolen. When you think about replacing the item, you will end up burning a hole in your own pocket. Home contents insurance is needed even when you live in a rented house or opting for a loan from any lender to buy a home.
Things to Consider!
With home contents insurance, not everything in your home will be eligible for claims when lost, damaged or stolen. Any standard policy will cover most of the items at your home which are not part of or attached to the building’s structure. Only precious and of higher value such as jewelery, antiques, cash or credit cards need that extra consideration. They are considered as scheduled property or you will need to include them under endorsements in your policy.
When buying a home contents insurance, it is your responsibility to provide accurate value of your valuables to the insurer. Remember that higher value items will result in more premium. Do not under estimate or purposely under value any of the precious item just lower your premium rates, as the result will be bad when a claim is made. Before you value any item, be it old or newly purchased, always check for it’s current market value and then you draw an estimation.
Home contents insurance policy is not same all over, it differs from state to state and from one company to another similar to any home insurance policy. It is always suggested to do a thorough research, shop around, compare rates and then buy the policy which suits your current needs. Check your policy’s terms and conditions before you sign on the dotted line.