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Posted on: November 23rd 2020   •    Posted in: General News

Contents Insurance – why is it important

It is a good idea to take out home contents insurance to cover your possessions against fire, theft, and other risks, such as accidental damage.

As your landlord, Havebury does not provide contents insurance under the agreement you have with us.

If something happens to destroy or damage your possessions, it can cost a lot of money to replace the items, some of which may be essential.

We do cover buildings insurance for leaseholder and Shared Ownership properties. You can find more about that here.

What is home contents insurance?

Home contents insurance covers you against loss, theft or damage to your personal and home possessions. It can also cover you if you take items out of the home, on holiday, for example.

The insurance covers your own possessions and those of close family members living with you. It may not cover the possessions of anyone staying with you.

You don’t have to take out home contents insurance. Yet, it’s a good idea to do so because if any of your contents get lost, stolen or damaged you will have to pay to replace them.

What should your policy cover

Your policy should cover damage caused by fire, flooding, storms and theft. You may have to pay extra to cover accidental loss or damage to your possessions. This may be worth considering is you have children or pets. It is important to check what’s included.

You will also have to pay extra to cover possessions that you take out of the home.

Your policy may not cover the contents of a freezer or a mobile phone and there may be an upper limit for a single item.

Most policies carry an excess. This means that you won’t be covered for the first few pounds of a claim. A typical excess may be between £50 and £100.

Most policies offer new for old cover. This means you get the full replacement cost of items that get lost, stolen or damaged. But, some policies will only offer you the amount that your items are currently worth if you need to make a claim. Make sure you know what your policy is offering to replace before you take it out.

Home contents insurance can also pay a lump sum if you die from a fire, theft or accident at home. It can also cover you if someone gets injured or dies when visiting you.

Taking out a home contents policy

Before you take out a policy you need to work out how much cover you need, based on the cost of replacing all your possessions. Many people under-insure themselves, so make sure you include everything. This may include carpets or flooring and the contents of your garage or shed.

Havebury Housing Partnership has teamed up with Thistle Tenant Risks who provide specialist policies.

Thistle Tenant Risks Contents Insurance scheme can offer you insurance for the contents of your home including cover for items such as;

  • Furniture
  • Carpets
  • Curtains
  • Clothes
  • Bedding
  • Electrical items
  • Jewellery
  • Pictures and ornaments.

You can find out more about the contents insurance we recommend and sign up here.

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