Accidental contents damage
Damage that you cause to your belongings, by accident, isn’t normally covered by a standard contents insurance policy. But you can add it if you wish. It will increase your premium, but it may be worth it.
You can often extend an insurance policy to cover your belongings, even when they are not at home. This one is worth checking, as an increasing number of insurance companies do seem to be including this “away from home” cover as standard on many policies.
Worried about legal expenses that you might incur as a result of your belongings? If so, you can have this added to your policy.
A word about excess levels
Most contents policies will include a voluntary excess, as well as a compulsory excess. Just a quick word about how these work.
Let’s say that you have a complulsory excess of £100 and a voluntary excess of £100. This means that you have a total excess of £200. Now, let’s say that you sofa (worth £350) is stolen from your home.
If you make an insurance claim for that sofa, the insurance company would only be expected to pay out £150 (that’s the £350, minus the total level of the excess).
So this is worth thinking about when you’re comparing insurance premiums and policies. Some policies may seem cheap, but have high excess levels. You can choose to increase the level of your voluntary excess, which will result in your insurance premium being reduced. But it will mean that you do have to find that bit more money in the case of problems.
By the same token, you could choose to reduce your voluntary excess. This would, however, mean that you face higher insurance premiums.
Our complete guide to home insurance aims to give you the lowdown on your buildings and contents insurance options. Check out the complete list of articles:
Comparing contents insurance
Buildings insurance explained
Buildings insurance risks
Buildings insurance cover
Buildings insurance: rebuilding costs
Buying buildings insurance online
Buildings insurance: moving home