However, if you don’t actually own where you live and rent, you don’t need the buildings element; it’s up to your landlord to pay for this (if they choose to do so!) while you only have to worry about the things you own.
What is Contents Insurance for?
Contents Insurance is there to cover you financially for the theft or loss of your possessions.
It can also provide peace of mind if you’re worried about accidental damage or public liability (i.e. if someone hurts themselves in your home). However, these are often extras which need to be added on to a standard policy.
Additionally, it can cover you when you’re away from home in the UK and Europe. Again, this is often non-standard and costs an additional sum.
Why do you need Contents Insurance
If you’re unsure that you need contents cover, think again.
Even though the UK’s burglary rate, along with other types of crime, has been dropping in recent years, it’s still the fourth highest in the European Union and a burglary occurs every 40 seconds somewhere in the country.
And many people now have a whole host of expensive gadgets, furniture and other items around the house which if stolen, lost or damaged would be very costly to replace.
From expensive sofas, prized collectible guitars and pieces of jewellery to smartphones, laptops and digital cameras; many homes are stuffed with personal possessions worth tens of thousands of pounds.
Don’t forget other perils
Other possible problems contents insurance will financially protect you against include:
- Storms and flooding – More and more parts of the country are prone to flooding and storm damage as climate change takes effect. If your property is flooded, the damage to personal possessions can be extensive.
- Fire – Not as likely as it once was due to the much improved safety of boilers, electrical items and fewer people smoking, but still a possibility.
- Third party injury – The UK has become a much more litigious society. If you have a party in your home, and someone hurts themselves and says it’s your fault, there’s a chance they might try and sue you for a lot of money. Public liability insurance can be included as part of your contents cover.
- Theft, loss or damage away from home – Many contents insurance policies can include cover for loss or damage to items when you’re out and about or on holiday abroad.
- Lightning – Highly unlikely to come through a window, of course, but it can strike buildings and cause fire to start.
Policy Expert is an online Home Insurance broker, dedicated to helping customers find the insurance policy that’s right for them. Our customers are at the heart of everything we do, so we have a team of experts with a real passion for making sure people get the cover that’s right for them. Policy Expert is driven by a desire to help you find not only the best value insurance, but the right insurance for your individual needs. To speak to one of our experts, call 0203 014 9300 or email firstname.lastname@example.org
James is a journalist and digital editor with over 13 years’ experience writing and editing for media and finance businesses. He specialises in personal finance and economics, but also covers property, travel and news.