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  • Writer's pictureReuben Bergola

All About Contents Insurance

No matter what your home may be made of - timber, brick, plasterboard, or stone, contents insurance will be there when you need it. This type of home insurance is designed to protect the things you own, so it provides the financial support you need if they are lost or damaged.

What Exactly is Contents Insurance?

Contents Insurance is to home insurance what personal liability is to car insurance. It is a form of coverage that covers your belongings if they are damaged or lost while you are at home. Also called “reduced value,” it pays you for your belongings based on the value of the item at the time it was damaged or stolen.

In the event of a fire or flood, contents insurance would cover the cost of replacing your damaged belongings. This includes personal items, such as clothing, furniture, electronic equipment, and jewelry. It also includes valuable items with a high monetary value, such as antiques, artworks, and collections, as well as valuable business documents, such as files and computer equipment.

More importantly, it will look after the loss of your family’s personal heirlooms. Contents insurance is there to cover the cost of any loss or damage if you are burgled, or if your belongings get damaged by fire, flood, or storm. This begs the question: what are the items that you can insure?

Valuables Covered By Contents Insurance

  • Valuables such as jewelry, watches, stamps, paintings, and antiques;

  • Sports equipment (such as bikes, water skis, and surfboards);

  • Furniture;

  • Clothing;

  • Household items (such as curtains, cutlery, and crockery);

  • Items that you use for business purposes – including your office computer, laptops, and other related things;

  • Your vital documents such as passports, driving license, and birth certificates.

Contents Insurance: Is It a Necessity Like Other Types of Insurances?

Contents Insurance is a necessity nowadays, as it is an invaluable assurance against the costs of replacing your belongings and paying for any other expenses incurred in the event of an accident. It is highly recommended that you consider applying for coverage because there's nothing more valuable than the contents of your home.

The reason why it is important to have contents insurance is that they can be very expensive to replace. This can be especially true of items such as jewelry. These large sums of money may be beyond your means and financially ruin you if something unfortunate were to happen.

Perhaps the most surprising thing about contents insurance is that not all insurers offer the same type of coverage. This is why it is important to shop around and compare various home contents insurance quotes, you will be pleasantly surprised at the huge discounts available.

What Do Contents Insurance Don't Cover?

While contents insurance can protect your home and belongings against theft, fire, storms and a number of other things, this type of coverage will not be there for you when certain things happen. Some of the exclusions of contents insurance include:

  • Wear and tear;

  • Damage caused by war and civil unrest;

  • Damage caused by animals;

  • Damage caused by mold;

  • Damage caused by vermin;

  • Damage caused by neglect.

The Bottom Line: The Importance of Contents Insurance

There are numerous reasons why you should consider taking out contents insurance, but the three biggest ones are:

  • Your home is an investment;

  • Your belongings are part of your lifestyle;

  • You are at risk of losing money and belongings.

All of these are important reasons to get home contents insurance. While it might not be a top priority for everyone, it is something you should consider. After all, you cannot put a price on securing your most vital belongings.

How Can We Help You?

The holidays are fast approaching, and it only makes sense that you take the right steps to ensure your business is well protected. And the best way to do that is by getting business insurance.

New Wave Insurance helps you find an insurance policy that fits your needs. From assets to your business, down to your vehicles—we've got you covered. Learn more about how we can help you today!

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