Many homeowners fall into the trap of thinking that in the event of a natural disaster or theft their building insurance covers the loss or damage of personal belongings inside their home. Truth is, this isn’t the case unless it’s packaged with household content insurance.
Whilst building insurance covers the structure of your home and its outbuildings, household content insurance covers more personal possessions and valuable objects like your furniture, appliances, cutlery, crockery, clothing, bedding, clothing and all loose items in your home.
Both types of insurance will cover instances where damage is caused by fire, lightning, explosion, storm, wind, rain, hail, snow, water or earthquake. They’ll even cover bursting and leaking pipes, overflowing of water and damage from faulty heat installations.
As a homeowner, you know that your home is one of your biggest assets. Having both building and household content insurance ensures that, should something go wrong, you will have money to rebuild your home and replace your belongings.
Having both these insurances doesn’t only cover you financially but also gives you peace of mind. You’ll know that you and your family will be taken care of in an event of theft or a natural disaster.
Another important factor to consider when looking for suitable insurance is to find one that covers not only for replacement of the structure and the contents, but one that includes the cost of living somewhere else whilst your damage is repaired.
When taking out a policy, it is essential that you provide a good assessment of your belongings. Being under insured can turn out to be almost as bad as not having a policy at all and if something did go wrong, you might end up voiding the policy, or not being able to claim everything back.