INSURANCE INFORMATION I INSURANCE ADVICE Here is a link to a handy contents/home insurance calculator,take a minute with this calculator , to make sure, you and your belongings are covered, as a common get out clause with all insurance policies is that you were under or even over insured.You do not need this calculator, if you value your home contents by the number of bedrooms method. http://www.fool.co.uk/insurance/home-insurance-calculator.aspx
For a good explanation about the merits of each method of calculation, see the article by insurance expert Michael Challiner further down the page.
A Basic Guide To Home Contents Insurance Basically, home contents insurance is insurance protection against the replacement cost that you would otherwise have to pay to replace the contents of your home in the event of then being lost, damaged or stolen. As is the case with home buildings insurance, the main factors contributing to grounds under which you can make a claim against your home contents insurance include theft/burglary, damage due to floods, burst water pipes or boilers, etc. There are, however, two very important factors that you need to keep in mind when insuring the contents of your home: First, in the case of home contents insurance, it is rarely the case that your mortgage provider is going to insist that you have this type of insurance as part of your mortgage agreement; Second, regardless of whether you own or rent the property you are currently living in, you should still be looking to insure the contents of your home – as these are your personal possessions. Two further aspects of home contents insurance also need to be considered carefully when you are checking out the different kinds of policies on offer. In some, but not all, cases you can be insured for your home contents even when the items listed in your home contents insurance policy are not actually physically located on the home ‘property’. So, for example, First, it is possible to claim when you are transporting items from one place to another and they are stolen. Second, home contents insurance is insurance against the replacement cost of the item being insured. It does not, nor is it intended to, insure you against the nostalgic value of the item damaged/lost. So, for example, if you insure a picture your deceased grandmother gave you, which would cost £20 to replace, it makes little difference that it was your deceased grandmother who gave it to you and that it cannot, therefore, be replaced. Although home contents insurance is, in all but a few very rare circumstances, a completely voluntary scheme of insurance to subscribe to, if you are in any doubt as to the value of this insurance scheme, take a quick mental inventory of the contents on your home and their value and then get a few quotes off the internet and you’ll soon be seeing the value of having your home contents properly insured. Joseph Kenny is the webmaster of the insurance site [http://www.insure121.com]http://www.insure121.com/ where you will find information, news and links to the leading providers of [http://www.insure121.com/uk-home-insurance.htm]home insurance in the UK. Article Source: http://EzineArticles.com/?expert=Joseph_Kenny http://EzineArticles.com/?A-Basic-Guide-To-Home-Contents-Insurance&id=94444
Contents Insurance - Your Questions Answered How does the "sum-insured" method of deciding the level of cover differ from the "bedroom-rated" method? Levels of cover may be selected in different ways. With sum-insured cover, you need to calculate the cost to replace your possessions and your premium is worked out by the insurer based on this information. Bedroom-rated cover is simpler as it is based on how many bedrooms your house has. We recommend that you obtain quotes using each method of valuation before deciding which is right for you. Comparison internet sites are a good place to obtain the most competitive rates as you can see the rates being offered by both brokers and insurers. Using a broker may sound the best option, but you must make sure they search the entire marketplace, as they have a reputation for just searching the rates of a small group of insurers. This will limit your potential savings. How does the insurer define a bedroom? Originally your house would have been designed to have a certain number of bedrooms. Even though a room may now be used as a study, it is the original number of bedrooms that the insurer is looking for. They may also want to know whether you have converted any other room into a bedroom. The general rule is to insure your possessions for whatever price it would take to replace them today. Try to be accurate, as falling into the trap of being over or under insured can lead to problems if you have to make a claim in the future. If the item is valuable it is worth getting an expert valuation from an auction house, antiques dealer or bookshop. You can obtain further advice from your insurer or the Association of British Insurers. Do you have sufficient accidental damage cover? Some accidental damage cover is included in standard contents policies and would normally include such things as stereo equipment. However furnishings and goods may not be covered. You will be able to extend your cover to include this kind of item for around 20 - 100 pounds extra. Less active households may decide that it is not worth paying the additional premium. You may also wish to consider extending your cover for personal possessions. This insurance, also known as all risks cover, protects you from loss of possessions when you are away from home. A digital camera or a handbag, are typical examples. The insurer may place restrictions on which possessions are covered, so it is advisable to obtain a list of insured items from the Company. If your possessions are destroyed or stolen, your insurer will either pay to replace them with new items, or reimburse you for the full cost of repairing them. However, indemnity policies, deduct a sum to cover wear, tear and depreciation. Although the premium maybe cheaper for an indemnity policy, we do not recommend them, as you would probably be badly out of pocket if you made a large claim. We are not surprised that you are having problems finding an insurer as there is a much greater risk attached to this kind of cover. However there are companies who do specialize in cover of this nature. Your friendly insurance broker will search for a suitable policy or you may wish to consider taking out a joint policy with the other occupants of the property. Most do charge extra. It just depends who you are insured with, so shop around. Insurers have an agreement with the Government that they will continue cover for their present customers, who live in an area at high risk from flooding, as long as sufficient money is allocated by the Government to improve and maintain flood defenses. Visit Brokers Online to find out more about [http://www.life-assurance-bureau.co.uk/home-and-contents/]Home Insurance Cover, [http://www.life-assurance-bureau.co.uk]Life Insurance Cover and much much more. Brokers Online also provides its clients access to a specialist forum when they can ask questions about their financial problems. Article Source: http://EzineArticles.com/?expert=Michael_Challiner http://EzineArticles.com/?Contents-Insurance---Your-Questions-Answered&id=2315838
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