It’s difficult to put a value on the contents of your home. After all, it’s often the smallest things that carry the most sentimental value and we usually don’t consider just how many possessions we have accumulated. However, it would prove to be a very expensive exercise if you suddenly found you had to replace some or all of your possessions following an incident such as a burglary or fire. This is where home and contents insurance comes in.
Home and contents insurance will help protect your home and your belongings if they are lost, stolen or damages. This could include incidents such as fire, flood, burglary or storms. In addition to standard cover, there are also some added extras that can be included.
Considering the 'extras'
Optional extras, or optional benefits, can provide additional cover for your belongings and are added to your standard policy. Optional extras can include:
- Accidental damage – Standard policies don’t provide cover for accidental damage but you can have this added to your policy. This means that accidental damage caused by pets or children will be covered.
- Higher value limits – Standard home and c-ontents policies put a cap on the amount you can claim for certain types of items. If you have more expensive items, you may want to have an extras policy with higher value limits for a certain item group. For example, you may want to increase the value limit of electrical items.
- Motor burnout – There are numerous items in the house which have motors in them and you can decide to have additional cover for motor burnout caused by things such as power surges.
- Cover for items outside the home – If you have valuable items that you often take out of the house, such as wedding rings or smartphones, you may want to opt for an extra on your policy so that these items are covered even out of the house.
- Flood cover – Not all policies automatically include flood cover and if you live in a flood prone area, it’s important to check whether this is included or whether you need to add it on.
- Specified item cover – If you have some items which are very expensive, it might be worth insuring these for a higher amount rather than relying on the standard value limit.
Speak to the professionals
If you’re not sure if home and contents insurance extras are right for you or have general questions about your policy, the best person to get in touch with is your insurance broker. They have the relevant knowledge and expertise to take a look at your specific situation and find a policy that suits you. With their industry contacts, your broker can help you find a policy that not only offers competitive premiums but also delivers when it comes to claim time.
To discuss your home and contents insurance, contact Elliott Insurance Brokers today on 1300 635 315.