subject: Home And Content Insurance - Can You Afford To Lose It? [print this page] Home and contents insurance is a monthly expense that most of us feel is an absolute necessity. Apart from protecting your most valuable asset against those inevitable accidents, it also gives you peace of mind to know that even when the unexpected happens you will be insured and not lose all that money. Those who are at the receiving end of a fire, a burglary or even a natural disaster without being properly insured will tell you just how hard it can be to rebuild.
While its clear how important home and content insurance really is, this does not necessarily mean we can all afford it. We all most definitely want it but during these tough times it most definitely is an expense that we need to look twice at. Home and contents insurance is actually two separate types of insurance and although many insurers keep it under the same umbrella, you can separate it and make some potential savings.
Home insurance refers to the insurance of all the fixed structures on your property and includes the actual property itself. This type of insurance is vital and something you need to think very carefully about before you let go. In fact, many mortgage requirements insist on buildings insurance. The potential loss is just too great to go without insuring the actual building.
As for contents insurance, well this is where you can make some savings. Content insurance refers to all your belongings in your home. This goes for electronic equipment, furniture, paintings and everything that is not part of the structure. Although your specific policy will determine what's actually insured its still an expense that can be cut down on. Most insurers allow you to tailor the policy to your needs and by just insuring your most valuable items you can save on all those bits and pieces that's really not worth insuring anyway.
The simple way to decide whether you need building and/or insurance for your home contents is simply to look at the replacement value and compare it to your annual premiums. You will quickly see that the replacement value of a lot of the stuff inside your home is really not worth the insurance payments.
by: Neill Thompson
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