Home and Contents insurance can provide you with cover in the event of loss or damage as a result of various stated events such as bad weather and theft. Your insurer can provide you with a list of events and definitions so you can see under what scenarios your insurer would pay you out. Home insurance provides you with cover for the building itself.
You can have your cover setup as ‘Indemnity’ cover, whereby in the event of a successful claim, the claim paid will be the value of the property at the time of the loss and takes into account any depreciation. You can alternatively have ‘Replacement’ value cover (also known as ‘new for old’). This cover replaces the insured property with a new property equivalent to the lost property.
Contents insurance provides you with cover for the actual contents in your house e.g. furniture. This is important if it is your own home or you are renting. You can also obtain contents insurance cover as an ‘indemnity’ or ‘replacement’ value policy.
Hot Tip! You should keep a list of your contents and the values. The onus is on the insured to prove to the insurer that loss has occurred and the value of the loss, in order for a claim to be successful.
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