With Christmas getting ever closer, homes around the country are starting to see more and more presents under the tree, some gifts may come with a hefty price tag. But are they covered for insurance?
It might be a good idea to check that the contents cover on your home insurance is sufficient, if you don’t have any contents cover, or your contents cover isn’t sufficient, you could lose out significantly if your home was burgled in the run up to Christmas.
What is contents insurance?
Contents insurance protects ‘your content, in other words, it protects your possessions and anything within your home. It will protect you against theft, attempted theft, fire, flood, water damage and other potential problems, depending on your policy.
It works very similar to car insurance in that, if your contents are damaged by one of these things, your insurer will either pay for the full cost of repair or give you the money to buy the equivalent new item as a replacement.
The price may vary for each person as it is worked out by looking at the cumulative value of the contents in your home. There are contents calculators which help you get an accurate estimate of your contents’ value so that you don’t over-pay or under-pay for cover.
By the time you’ve finished your Christmas shopping and, wrapped all your presents, put your feet up, the value of your home’s contents may have gone up by several hundred pounds, which was not originally considered when you took out an initial policy.
So, do you need to increase your level of cover around this time of year to include the presents sitting temporarily under your tree?
Some insurers automatically increase your contents insurance during the season of goodwill. The extra level of cover and the period of the extended cover all depends on who you took out your insurance with. Some may have a few add ons or extras, so it’s important to read your policy documents carefully. If in doubt, get on the phone to your insurer and ask how Christmas affects your cover.
It’s definitley worth taking out a contents insurance policy if you don’t already have one or giving your existing insurer a ring to see whether you need any extra cover over the next few weeks.
It’s also a good idea to hang on to any receipts you have for presents you’ve bought but have yet to give as these could be useful in the event you had to make a claim for a loss at your home.
Whatever the time of year, it’s important to choose the right sum insured and make sure you’re sufficiently protected.
For more information or advice on insurance get in touch today.