Home insurance – Cover for you and your belongings | If (2024)

FAQs

Home insurance – Cover for you and your belongings | If? ›

Personal property coverage — also known as contents coverage on a home policy — helps cover the cost of your personal items if they are destroyed, damaged, or stolen due to a covered loss or peril. Personal property includes things like furniture, clothing, electronics, and kitchenware.

If you are a homeowner, then combined buildings and contents insurance covers both your home and the things in it. If you rent, you'll only need contents insurance. This will cover items owned by you.

There are two types of personal property coverage: replacement cost and actual cash value. A replacement cost policy typically pays the dollar amount it will take to buy a new item at the time of a claim. An actual cash value policy factors in depreciation to provide reimbursem*nt based on the current value of an item.

Personal Property Coverage is intended to help reimburse the cost of your personal belongings if they're stolen, damaged or destroyed under certain covered circ*mstances. It's especially important for items that have high monetary or sentimental value.

Homeowners insurance will cover the cost to repair or replace you and your family's belongings, including furniture, decor, electronics, clothing, and appliances, up to a certain limit.

Most policies offer new for old cover. This means you get the full replacement cost of items that are lost, stolen or damaged. However, some policies will only offer you the amount that your items are currently worth if you need to make a claim.

Homeowners insurance doesn't cover floods, earthquakes, typical wear and tear, and damage due to insufficient maintenance. You can usually add flood and earthquake coverage to your policy for an additional fee, but wear and tear and damage from a lack of maintenance are considered preventable.

Personal belongings add on provides you coverage against such belongings kept in your car. While theft of a car is covered, theft of the items kept in the car is not. Personal belongings might include items such as laptop, smartphone, camera, musical instruments, etc.

Can you insure belongings? ›

Contents insurance covers your household items and personal belongings if they're damaged, lost or stolen. This can include your furniture, clothes, computer, fridge, television, tools and jewellery. If you own your home, you can bundle your contents insurance with your home insurance.

Personal property coverage helps pay to replace or repair your belongings if they are stolen or damaged by a covered loss (including theft). If an intruder steals items from your home, personal property coverage may help pay to replace them.

Homeowners insurance typically helps cover the contents of your home, including home appliances. You'll typically find that different types of coverage may help protect different types of appliances if they're damaged by a covered peril.

Events typically not covered by standard homeowners insurance include: Floods. Earthquakes, sinkholes and other "earth movement" Other natural disasters (depending on geographic location)

It covers any item that belongs to you that you might use or carry in or out of your home. The most commonly covered items under personal possessions insurance are: Mobile phones. Tablets and laptops. Still and/or video cameras and equipment.

This covers things inside your home like furniture, clothes, sports equipment, and other personal items that are stolen or destroyed by fire, hurricane, or other insured disasters.

Perils covered by property insurance typically include select weather-related afflictions, such as damage caused by fire, smoke, wind, hail, the impact of snow and ice, and lightning. Property insurance also protects against vandalism and theft, covering the structure and its contents.

Making a claim for freezer contents

Before you make a claim, check how much your excess is as this will be deducted from your payout. Unless the remaining amount would be enough to help replace the food, it's probably not worth making a claim as it can increase your premiums in the future.