AtHomeWithSarahBeenyAutumn2016 - 62

Contents cover THIS COVERS PERSONAL ITEMS - BE SURE TO HAVE EXPENSIVE ITEMS VALUED REGULARLY. each time you claim. It's often around £150-£250, but £1,000 is a common amount for subsidence. This is a large sum to ﬁnd, but still much cheaper than ﬁxing it entirely by yourself. You can change the excess you pay, which will aﬀect your policy premiums. CONTENTS: YOUR BELONGINGS This covers the items inside your home that are not part of the structure, including your clothes, furniture, electrical goods and jewellery. Unlike buildings insurance, your mortgage provider won't insist on you having contents insurance, but it's a good idea in case your home is burgled or there's a ﬁre, for example. Diﬀerent policies oﬀer diﬀerent levels of cover, but generally speaking you should be covered for ﬂood, ﬁre damage and theft. There will be a ﬁgure for total cover, such as £50,000, or £100,000 - this may be calculated on the size of your property, or you can work it out yourself using an online home contents calculator. Check your cover amount is enough to replace everything should the worst happen. You'll be surprised at just how much your belongings add up to if you had to replace them, new for old. There is usually a single item limit, which may be around £1,000 - so if you have anything of high value, such as a painting or piece of jewellery, you'll need to inform your insurer. They will ask for proof of ownership and you may need to take out extra cover. You'll have an excess on your contents insurance, too, which means you'll need to pay a minimum amount every time you claim. If you make a claim for £300, for example, and your excess is £250, you'll only get £50 from your insurer. Tailor your excess accordingly - a lower excess means slightly higher monthly payments. You can add optional extras to your policy, including legal cover (in case 062 | OCTOBER 2016 THE DAMAGE TO YOUR HOME IS ONE THING BUT ARE YOU INSURED FOR A NEW WASHING MACHINE? SARAH SAYS 'You can save on contents insurance if you have few possessions. You will be encouraged to take out insurance, but the more you insure, the more it costs, so do your research.' you need a solicitor in relation to a property or family matter), accidental damage cover (if you drop your TV, for example), personal possessions cover (for items such as laptops when you're out of the home) and travel cover. The more optional extras you add, the more expensive your policy will be, so work out which beneﬁts you actually need and tailor the policy to suit your requirements. SPECIALIST POLICIES There are times when you will need a non-standard policy. If you are building a home, you'll need self-build insurance - this can be expensive, but will cover you for contractors working on your property, public liability insurance, materials on site and rebuilding should there be a ﬁre part way through the build. You may also need a tailor-made policy if you are looking to insure your second or holiday home, are only staying somewhere short term, or are away from the property for long periods and it is left empty. Similarly, if you are undertaking major renovations you may need specialist insurance. In these instances, it's worth visiting an insurance broker to make sure you get the right policy. They will be able to look at your situation and advise you on the best policy and provider. LANDLORD INSURANCE If you plan on letting out your own home, or have a buy-to-let property, then you will need a specialist landlord policy, as a standard buildings and contents plan won't cover you. This type of policy is usually more expensive than a standard one, but if anything goes wrong, it will be worth every penny. These policies will be more comprehensive than standard policies, and can be tailored to include extras such as public liability cover (in case a tenant injures themselves in the property), legal cover (should you need to evict tenants), cover for theft or malicious damage by tenants, and cover for alternative accommodation and to recover lost rent (if the rental property is damaged by ﬁre or ﬂood).

Table of Contents for the Digital Edition of AtHomeWithSarahBeenyAutumn2016