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Posted by Royal Sundaram on 14 Aug 2009
What is Home Contents Insurance?
A Home Contents Insurance Policy ensures protection to all your valuable and prized possessions collected so loving over the years. Remember your Home insurance is only for the structure of your home. It does not cover your jewellery, other valuables and prized electronic items.
A Home Contents insurance policy offers compensation should the contents of your home be lost due to theft, short circuit or natural calamities, like earth quake, floods, or fire.
What does a Home Contents Insurance Policy cover?
A standard Home Content plan covers the following home contents:
- Clothing, bed linen, curtains, utensils, crockery and Furniture and Fixtures
- Electronic items like mixies, grinders etc
- Home PCs, Television, AC
- Jewellery and valuables (silver articles, wrist watches, camera)
What is not covered under a Home Contents policy?
This policy does not cover Laptops and mobile phones. This policy also does not cover cash, documents of any kind and share certificates.
What are the events against which this policy provides cover?
This policy provides your home contents cover against:
- Fire and Allied Perils
- Electrical and mechanical breakdowns
However this policy does not provide cover for breakages.
What should a person keep in mind while taking a Home content Insurance?
- Avoid either undervaluing or overvaluing your possessions. If you undervalue your possessions, it will result in inadequate compensation for the undervalued items. Over valuing your possessions will result in a significant increase in your home content insurance premium and thus may not be beneficial over the long run.
- Most online policies only provide blanket cover, which is a general cover for all your home contents up to a certain limit and therefore there is no documentation involved.
- In the case you are taking specific coverage for individual items, say appliances, elaborate details of all the items including the model number, name of manufacturer, year of purchase, value and any peculiar specifications need to be mentioned for easy settlement of claims.
- If you replace any insured item or acquire a new one, please make it known to the Insurance company. Then the policy needs to be revised.
- Inform if there is any change in your address, else the company can ignore your claim totally.
Premium for this policy is paid annually and it should be renewed every year to ensure you get continuous protection.
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