Contents Insurance – All You Need To Know

Every block of apartments insurancebrochure tells you that the policy will protect your flat and your personal belongings from unfortunate incidents such as flood, earthquake, storm, broken pipe and etc. However, flat insurance can include different coverage and general terms. For instance, if you are a tenant, you might not need a building insurance. Instead, having contents insurance is essentially important for you. However, if you are landlord, building insurance is a must for you. In this blog post, let’s focus on needs of people who have just rented the flat and wondering what kind of insurance they need. 

Difference Between Building Insurance and Contents Insurance

·         Building insurance- general term used to describe the policy that covers permanent fixtures, kitchens bathrooms and sometimes outside building, such as garage.

·         Contents Insurance – describes insurance that covers your furniture, home décor items, TV and other personal belongings you have inside the flat.

You can purchase these two policies separately according to your needs, however many block of apartments insurance providers offer them as a joint policy.

What Does Contents Insurance Cover?

Many of you might wonder what does contents insurance cover and in what cases insurance providers will pay the claim. Contents Insurance covers all your personal belongings. In other words, this type of insurance includes everything that is not attached to the structure of the building.

Contents Insurance generally includes:

1. Furniture
2. All electronic goods
3. Home décor items   
4. Clothing and jewelry 

However contents insurance comes in different packages and covering levels. Generally the insurance will pat the cost of damages caused by flood, theft, earthquake and etc. If you desire, you can expend you insurance coverage level and include accidental damage cover and personal possessions cover. However, these things are not covered by general contents insurance.

What Is Not Covered by Contents Insurance

I have spoken about things that is covered by contents insurance, but as everything there are things that contents insurance does not cover too. For instance your insurance will not cover damage of flat walls and roof. Yu need to include these things in building insurance. The contents insurance will also not pay the costs for following damages:

·         If your computer is damaged because of virus

·         If you have to buy new coat because the old one is warned out. 

Things To Consider

Don’t forget to add your new belongings to insurance policy – when you purchase electronic devices and gadgets, make sure to add these things to the contents insurance policy. Otherwise, in case of accident they won’t be covered. 

Think twice before making a claim – when something is damaged, think about whether you want to address the insurance provider or not. If the damage is minimal and related to small expenses or you can repair the item on your own, better not make a claim and sacrifice no-claims bonus you have.