subject: What Isn't Covered By Your Building And Contents Insurance [print this page] Many people sign their insurance policies without reading the small print in the contract. The small print at the end of an insurance policy document is often the place where the insurer lists all those things that are not covered by your policy. For example, many people think that contents insurance covers any money and credit cards that might be in the house.
Credit cards are not covered with many policies and you may need to take out extra insurance to cover the theft of cash and credit cards - while you might do this when you go on holiday, there is a tendency to forget they are not covered when you are at home.
If you own your home then you will need building and contents insurance. If you are a tenant then insuring the business is your landlord's responsibility, but you will still need contents insurance. Contents insurance does not cover you for every eventuality to all your possessions. Many people have expensive audio visual equipment that is covered in case of fire or theft, but may not be covered for accidental damage.
If you have a power cut then the food in your freezer is not covered by your contents insurance, you will need to take out a special policy for that. Some companies will replace the contents of your freezer as part of the guarantee of the equipment, but many will not.
All too often people take out insurance on their home and assume that they are covered for every eventuality but this is not the case. The small print on your policy documents will tell you all about the exclusion clauses and under what circumstances your insurance might be invalidated. You should always read the small print and know what you are not covered for before you sign any insurance document.
If you have a garage or garden shed, you should not assume that possessions inside those buildings are covered by your contents insurance. You may need to take out a policy that specifically addresses anything that is stolen from an outbuilding such as a garage or garden shed.
Try to make sure that you do not under insure in an attempt to save some money as it could be very expensive in the long run. Most people do not bother updating their contents insurance if they receive an expensive gift or buy something valuable for their home. If you don't update your contents insurance from time to time or when you have to renew the policy, then you won't be covered for the loss, theft or damage of those extra belongings.
If you think that you are paying too much for your building and contents insurance then shop around. It won't cost you anything to get two or three insurance quotes over the internet and then you will know whether or not you need to change your insurance company. There are plenty of online companies offering home insurance so shop around until you find something that is suited to your circumstances.
by: Tom Jones
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