What is a household contents insurance?
With a household contents insurance, you insure damage to your belongings in and around your home. For example, damage caused by fire, storm, or precipitation. Damage from theft or burglary is also covered by your household contents insurance. You’re attached to your belongings, and it’s a significant expense if all your belongings are lost in a calamity like a fire. That’s why you take out a household contents insurance. It’s handy and gives peace of mind. No obligation.
What damage is covered by a household contents insurance? And what isn’t?
When taking out your household contents insurance, you can choose how extensive you want the coverage of your household contents insurance to be. Typically, damage to your belongings caused by fire, burglary, lightning, storm, and leakage is covered as standard. However, there are also causes of damage that are not covered, such as damage caused by an earthquake. You can find out what is covered and what isn’t on your policy document or in the insurance terms and conditions.
Are your belongings insured outside of your home?
As standard, your belongings are not insured outside of your home. However, you can choose to take out additional coverage on your household contents insurance to insure your belongings outside of your home. In that case, damage or loss of your belongings is insured when you’re on the move, for example.
Are accidents covered by your household contents insurance?
If you drop your phone on the kitchen floor or spill coffee on your laptop, these kinds of accidents are usually not covered by a basic household contents insurance. However, you can choose to take out an all-risk coverage. In that case, you pay a slightly higher premium but are insured against damage caused by accidents. There’s often an excess on accidents, which means that you have to pay the costs up to a maximum of the excess yourself in case of an accident.
How do I determine the value of my household contents?
When applying for a household contents insurance, insurers use a household contents value meter. This allows them to estimate the value of your household contents. They do this based on data such as your age, income level, family composition, and the size of the house you live in. When using the household contents value meter, you have a guarantee against underinsurance. This means that if the value of your household contents is higher in case of damage, you will still be reimbursed.
In addition to the household contents value meter, there are other ways to determine the value of your household contents, such as creating your own household contents list or determining the value through an appraisal by an appraiser.
How much does a household contents insurance cost?
The premium for your household contents insurance is determined by several factors. The value of your household contents is one of the factors, as well as the postcode area you live in. For example, if you live in one of the four major cities, the risk of burglary is higher than elsewhere in the country, which results in a slightly higher premium. The desired coverage and the excess are also important factors in determining the premium.
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