We shopped online more than normal during lockdown but does your contents insurance cover these new purchases? You might be surprised to find out how much it would cost to replace your possessions if they were damaged or stolen.
During the lockdown, we have worked from home, and we’ve also shopped from home. Apart from the day-to-day essentials, we are buying gadgets, appliances, clothes and equipment for the kitchen to the home office, and even makeshift home gyms.
These items can add up, so are they covered by your home contents insurance? You might need to review the level of cover in your policy in case anything is damaged or stolen and needs replacing.
Contents insurance covers the cost of replacing possessions in your home – up to a certain amount – if they are stolen, destroyed or damaged.
When you’re insuring your home, you’ll select the level of contents cover. Some policies allow you to specify high-value items in your home (like jewellery or smart TVs) that normally wouldn’t fall under the general contents category because they’re worth more than £1,000, for example.
It’s a good idea to check your coverage so you’re not caught out if something does go wrong. If you take each room at a time and estimate the value of items (making a note of the high-value ones), you’ll have a better idea of what your total contents cover should be.
Examples of possessions you could include are:
– Furniture
– TVs
– Laptops and Computers
– Games consoles
– Hi-fi equipment
Is it time to check your contents insurance?
– Home exercise equipment
– Jewellery
– Expensive clothing and accessories
– Kitchen appliances
For those with gardens, the lockdown saw extra spending on tools, garden furniture, fire pits and barbeques. People also took to converting sheds into home offices.
Tally up your outdoor items and include them in your content value. And remember to lock tools and equipment away when not in use, or you risk invalidating a claim if something is stolen from your garden
Online shopping makes it easier to store receipts in case you do need to make a claim. It’s also worth registering new electronics and appliances for free warranties that often come with them.
Along with these steps, find out if you are covered if you transport any items outside of your home (like a laptop, for example).
Post lockdown travel insurance – Many of us are looking forward to travelling again and a lot of bookings have already been made. Travel insurance – even if you are travelling within the UK is important, so it’s a good idea to purchase a policy separate from the one you might have with your bank. Look for coverage specific to Covid-19 to make sure you are protected if anything changes.
Our team of financial experts can help you with your financial queries from financial protection to finding an investment deal. We can also give independent no-obligation advice on personal pensions and more – get in touch today or email [email protected] – we’re here to help.
Edward Mellor Financial Advisors can help you navigate the small print in your insurance policy and help you find the best content cover to protect your belongings. Now is a good time to review your insurance policies and make sure it covers everything you own. Our expert advisers can help you review your coverage or help you find a new policy that works best for you and your family
Source: Openworks
