Your house is undoubtedly the most prized possession you own in your lifetime. And the things you buy to set up a home are equally important. No matter how much you safeguard your house, it will always be endangered by risks such as fire, theft, storm, earthquake, etc. Such events not only cause damage to your house but also to the household items. Home insurance can save you from the financial burden of rebuilding, replacing, and repairing your home and compensate for the damage/loss caused to your household items.
You set up your home with everything that you always wanted to own and things that make your living easy. Some priced possessions not just have a high monetary value, but also emotional sentiments attached to it. Thus, a theft at your home can be very emotionally draining. But what can possibly be avoided is the financial burden to repair or replace those items.
For this, you need a home insurance plan with the right riders. A basic home insurance plan indeed covers your personal possessions against the loss or damage caused by theft or robbery. But the cover is insufficient if you have belongings that are of high value or rare. Items like expensive jewellery, unique paintings, precious stones, etc. exceed the amount of basic coverage, and this cannot be covered under a basic home insurance policy. You need to add theft insurance add-ons to your selected home insurance policy. You can calculate the cost of items you insure and then select the additional coverage amount accordingly to pay for your losses. This will need you to pay an extra premium amount.
Can you imagine your home or life without a TV, air conditioner, or microwave oven? In today’s scenario, these electronic items are not a luxury but a necessity to make everyday life easier. From working on laptops to cooking in the microwave and getting entertained by watching TV, these electronic devices have become an inseparable part of our lives. Companies introduce gadgets with the latest technology to make our daily chores easy, and we shed money from our pockets to live that comfort. This is why it becomes more important to invest in a good home insurance plan with a theft insurance or content insurance cover.
What is content insurance cover?
A content insurance cover protects you from the financial loss of replacing or repairing damaged items in your home in case of theft, robbery, fire breakout, etc. According to insurance companies, ‘content’ is defined as things that you would take along with you when you relocate from one house to another. These contents usually include money, jewelry, furniture, electrical items, and even fixtures like carpet and other upholstery in some cases.
There are two types of content insurance covers. The first one is New for old, which means it pays for the entire repair amount of damaged contents. In case of theft, it will reimburse the amount needed to replace the content with a similar one. Contents covered under this coverage depend on the insurer you choose; usually, it excludes apparels. The second type of coverage is indemnity policy, which pays for the damage of content depending upon its depreciation value; hence it is cheaper than other options.
Now that you know how essential it is to buy a home insurance online, you should invest in the policy to save your precious abode and contents against unfortunate events.