Contents insurance is a type of insurance that helps protect your personal belongings and
possessions against loss, damage, or theft. It is designed to provide coverage for the
contents of your home, including items such as furniture, electronics, appliances, clothing,
and other valuable belongings. In this article, we will explore the basics of contents
insurance, including what it covers, why it's important, and how it works.
Contents insurance typically covers the cost of repairing or replacing your personal belongings and possessions if they are damaged, destroyed, or stolen due to covered events such as fire, theft, vandalism, flooding, and other perils.
The specific items covered and the extent of coverage can all be found within the policy documentation.
This documentation will be shared with you as part of the Resooma journey, whereby you will need to download the My Endsleigh app and select Resooma to get your full details. It is important to read the insurance policy documents to make sure you understand what is covered.
Why Is Contents Insurance Important?
Contents insurance is important for several reasons:
Protection against loss or damage: Contents insurance provides financial protection in case your personal belongings are lost, damaged, or stolen due to covered events. It can help you recover the cost of repairing or replacing your belongings, which can be a significant financial burden on your own.
Peace of mind: Knowing that your personal belongings are protected can give you peace of mind and reassurance that you are financially safeguarded against unforeseen events.
Coverage for valuable possessions: Contents insurance can provide coverage for valuable possessions such as jewellery, electronics, and other high-value items that may not be covered under other insurance policies, such as a standard home insurance policy.
Protection for students: If you are a student living in a rented accommodation, contents insurance is particularly important as it can help protect your belongings while you are away from home, such as in a university dormitory or shared housing.
What is an excess on an insurance policy?
An excess, also known as a deductible, is the amount that you are responsible for paying towards a claim. In other words, it is the portion of a claim that you must pay out of your own pocket before your insurance provider will reimburse you for the remaining claim amount.
For example, let's say you have a contents insurance policy with a £50 excess, and you file a claim for a stolen laptop that is worth £1,000. If your claim is approved, you would need to cover the cost of the £50 excess, and your insurance provider would reimburse you for the remaining £950, assuming there are no other policy limits or exclusions that apply. Please check your policy documents in the My Endsleigh app to see the excess rates that apply to the policy.