Home Contents Insurance For Homeowners, Renters, and Condos
Some people have home contents insurance, and many people should have it, but almost no one ever thinks about it, and few know if they even have it or not. Discover here what home content insurance really is and if it’s something you should even be concerned about.
If a person or family has possessions or anything of value, they should be thinking about insurance to cover those items. A property insurance policy covers the home’s physical structure and land. Home contents insurance covers any item inside a house, apartment, or coop, usually meaning in a shed or on the lawn as well, that is not attached to the house. Basically, if you could pick your entire home upside down and shake it, what would fall out?
Most policies like this will also cover wedding rings and other heirloom jewelry which you wear out. A few policies will even include money stolen from your home. Those are the kinds of items that would be covered.
When you consider the low cost of this kind of coverage compared to computers, appliances, musical instruments, tools, electronics, and all the little things that add up when needing replaced, having coverage to replace those items when needed is definitely a plus.
Do you already have this coverage, think that you do, or wonder if you might but are not sure exactly what you have? Most homeowners have contents insurance included in their homeowner’s policy. However, it’s good to check to make sure.
It’s also a good idea to see what your personal property’s value is on your policy. Make sure you are not overly insured. You want coverage, just not too much of it.
Also see if your policy pays for a new replacement (a higher amount to you) or the current value of your loss (a lower amount).
Renters are less likely to have this insurance since they do not have a mortgage with an additional insurance payment added to a monthly mortgage payment, but sometimes apartment complexes or an owner may have required the renter to purchase a renter’s insurance covering the home’s contents. If you are a renter and have renter’s insurance, check your policy just like you would as a home owner to be certain you have enough coverage but not too much.
If you rent without this coverage, you would still most likely want your possessions covered after a bad event such as a roof leak, theft, hurricane, or any other bad thing you can think of. Talk to an agent or go online and get a home contents insurance quote. Being able to cover costs of everything you own is important whether you pay a mortgage or pay your rent each month.
As mentioned, if you already have insurance in place for this, make sure you are properly covered and that everything you need to have covered is covered. If you do not have anything in place for this, you can start the ball rolling by going through your home, making of list of everything there and in or on your shed, lawn, basement, garage, and garden.
When you have that list, start looking at similar new and used items being sold right now to get an estimate of what you believe the objects in your home would be valued at and what you feel it would cost you to replace those items today. Then call any insurance agent who sells homeowner’s or renter’s insurance and ask for a quick quote based on what you have listed. Ask the agent or insurance representative if the policy they have would pay you for today’s depreciated value or if a claim would cover the replacement cost of your contents.
When you have contacted agents from several different companies or online with this information, you should be well prepared to do a home contents insurance comparison. When you have a policy ready to go, make sure you also have some pictures of your items, either online or in a safe place, and also update your agent if you add anything of great value to your home contents.
You’ll most likely find that cheap home contents insurance is available from every financial company that handles this kind of product and that getting this kind of coverage is easy regardless of your situation, finances, or credit rating. With such accessibility and ease of purchase, it makes sense to have a good home contents insurance policy in place.