Protecting Your Belongings

By Author: Lecia Selbo
Total Articles: 49
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If you want to make sure that your property is well covered in the event of accident or theft, it''s vital to have a good insurance policy on your home contents. Before you arrange this with your insurance provider they will ask you for a cover limit: the higher the limit, the greater the premiums you will face. However it is crucial never to understate the value of the contents of your home, as this could mean you lose out heavily if the worst should happen. As vast as the sum may seem, the contents of a typical home amount to something in the region of ?40-50,000.

Insurers will typically rely on a policy known as averaging, which ultimately means that when you make a claim, their payout will depend on the level of cover you have on your properly as a whole. So if your possessions amount to ?50,000 but you are only covered by half this figure then the insurers will pay you out for a mere half of the original value of each item.

Furthermore it''s important to realise that some items will not be covered if you are renting. This is why the cover limit suggested to tenants is typically different to that given to homeowners, ...
... reflected in lower premiums.

The key thing which you must do is to put together an inventory of the valuables in your home and work out how much they are worth.

It is easy however to forget many things, the cost of which is sure to add up. In the kitchen, don''t forget the many gadgets you have which you may use frequently or only on occasion but which are all dear. As well as this expensive food and drink should be included, such as vintage wines you may possess.

In the bathroom you might keep bottles of cologne or perfume, whilst you may have all sorts of gear hidden away in your bedroom. Forgetting any of these could end up costing you more than you will have bargained for. Books, CDs and DVDs also add up to huge amounts, even if you think you only have a modest collection.

Ensure your outdoors equipment is fully covered too. Not only your visible garden furniture and expensive equipment, but also aerials and satellite dishes on your roof which you might otherwise ignore.

Taking the time to make an inventory of your contents could turn out to be vital should the worst come to the worst and you have to make a claim. So make sure you are not caught out, and know exactly what is covered and what is not.