Your home is your beautiful palace. It’s your peaceful enclave where you can creatively express yourself and live life wonderfully. Your nuances, artistic preferences and lifestyle choices typically manifest in your décor, furniture, artwork, and delightful odds and ends that adorn the walls and halls of your humble abode. But what happens in the event of accidental loss or damage to the contents of your home?
Your home possessions can be protected - As a homeowner, or renter, it's important to know about your options. Content insurance, or home content insurance, is a great way to protect the furnishings and personal items in your home. This includes everything from toys, sporting equipment, smartphones, tablets, PCs, Macs, jewelry, clothing, artwork, keepsakes, and much more.
Coverage that snugly wraps around all your personal items - Home content insurance is designed to offer insurance protection on anything that is yours in your home. Imagine flipping your house or your apartment upside down. Everything that falls on the floor is covered by home content insurance – everything else isn't. Depending on the type of policy you get, it may even cover motorized wheelchairs.
You can easily get personal property coverage - The all-encompassing nature of home insurance is a great option when it comes to protecting your possessions in the outbuildings of the property too. Personal property coverage in insurance is increasingly important in addition to home warranty plans which cover standard systems and appliances in your home.
Of course, like any insurance policy, there are exclusions. If friends, family members, or visitors leave their possessions at your residence and they are lost, damaged, or stolen, they will not be covered by your policy. You would have to take out additional insurance coverage for anyone else living with you, to guarantee that they too are covered by a home content insurance plan. If you wanted your friends to be covered, they would have to have their names listed on your home contents insurance policy.
Be Safe & Snug – It’s ideal for Renters and Homeowners
Whether you rent an apartment, or house, you can enjoy full coverage and protection with a home content insurance plan. The same is true for homeowners. Many of these home content insurance plans are affordably priced, with extensive coverage options to boot. The most popular option is a replacement value policy which works on a depreciating scale from year to year.
Premium overage options such as new for old are also offered to home content insurance subscribers. This means that loss or damage of your possessions will be covered with new items. These policies are offered at a higher cost, since you're getting a higher-priced new item to replace your older item.
As with all insurance policies, there are limits on the amount of coverage you are offered. These may range from $500 on jewelry to several thousand dollars, depending on your monthly premiums and plan options.
Typically, the bigger the coverage amount, the higher the premium. If you have expensive items in your home such as firearms, stamps, coin collections, jewelry, artwork, furniture, electronics etcetera, you may wish to itemize their specific value in your policy to ensure that you have maximum coverage in the event of loss, damage, or theft.
How Much Personal Property Protection Insurance is Needed?
It's also important to know what isn't covered by home content insurance. If you are renting your home, none of the landlord’s possessions are protected by your home contents insurance. This means that any existing furniture, fixtures, fittings, or appliances are not applicable to your policy. Dogs and cats, exotic animals, fish and birds, vehicles and flying appliances, gadgets, or flying toys are not included either.
The perils that result in damage or loss include a range of factors such as theft, vandalism, fire, smoke, riots and so forth. The coverage on personal property insurance is designated in $10,000 increments. It's hard to get a round figure for all the personal property in your home, so you may simply wish to opt for the standard amount of $30,000, or any other acceptable figure in increments of $10,000. The benefit of added insurance is peace of mind, even if you never have to use it.
Now that everything’s nicely wrapped up in the warm embrace of complete coverage, you can rest easy and enjoy complete peace of mind.