Building And Contents Insurance And High Risk Items
You probably have your building insurance all sorted if you are a home owner
, just make sure that the policy you have taken out covers you for a rebuild, rather than cover up to the market value of your property.Some people think that because they have building insurance, everything inside their home is also covered but this is not the case. If you want cover for your belongings then you need contents insurance as well.
Although some insurance companies do offer policies that combine buildings and contents insurance, in most cases you will find that you need a separate policy for your belongings. You should make a detailed list of everything you own for insurance purposes, including the replacement value of those possessions. Policies for the contents in your home will vary according to the amount of money you are looking to cover and how much of what you own may be seen as high risk items.
Contrary to popular thought, high risk items, when it comes to insurance purposes, are not necessarily your most valuable possessions. Insurance companies define any items that are attractive to thieves and burglars, as high risk which include the following, just so you have an idea:
* Plasma televisions
* DVD players
* CD players
* Laptops
* Jewellery
* Cash
* Credit Cards
When it comes to items such as jewellery and credit cards, as well as any cash that you may keep at home, your insurance company will want to know whether it is safely locked away. Jewellery, cards and money should be in a safe or at least in a locked box in a safe place.
Most insurance companies will not include credit cards and cash in your contents and you may need extra, personal cover for these items. If you live in an area where there are a lot of burglaries and theft of high risk items, then this will affect the cost of your premiums. The amount of items you have in your home will also affect your insurance premiums.
When you take out any insurance policy you should always read the small print as this is where the exclusions can be found. You may want to get several quotes for your content insurance, if you go with a company that has received a lot of claims for high risk goods in your area this will affect your premiums. Insurance companies respond in a number of ways when they have a high level of claims in a particular area, they may simply raise the cost of contents insurance, or they may decide to exclude some items.
If you read the small print on your building and contents insurance policies and find that high risk items such as those listed above are not covered, then you may want to get another quote. Some insurers may require you to take out a separate policy at a higher premium rate to include high value items. It is up to you whether you want to take out a separate policy, or whether you want to get quotes from other companies before you make your decision.
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