Whether you rent or own your home, home contents insurance buys you peace of mind in case the worst should happen. While burglary rates are dropping, each year it seems new areas are hit by flooding, and house fires and accidental damage can happen to anyone. It may seem like disaster is highly unlikely but with costs starting from less than the price of Lotto ticket, it may be one problem worth betting against.
Tenants are often unaware that their landlord has no duty to repair or replace possessions lost or damaged through theft, fire or flood. This sometimes extends to carpets and loose furnishings, leaving householders with an empty shell or a massive bill.
Moneysavingexpert.com has a detailed run down on what home contents insurance is and ways to minimise the cost click here . The Money Advice Service website also has a lot of simple information to help you make up your mind about whether it’s something to invest in or not click here.
With insurance, the quote is very, very specific to your circumstances – not only down to your postcode but what level of security you have and what precautions you’ve taken with smoke alarms, for example. Some of these may bring your quote down so much, they’re worth investing in anyway. If you think a claim is highly unlikely, you can bring down the cost by agreeing to cover the first couple of hundred pounds (the ‘excess’) yourself. Cut out all the cover you don’t need but make sure any claim would pay for everything to you would need replaced.
Once you are insured, remember NEVER renew without going back to the comparison sites again. The deals change all the time and the odds on you already being on the cheapest deal are stacked against you.