Odurinde Finance & Business Blog

Comprehensive home insurance is a costly insurance.  It provides coverage for damages and natural catastrophes like fire, theft, flood etc.  Personal belongings and contents also get covered under this insurance.  Vandalism, theft and personal liability also are covered under this comprehensive cover.  It is important that you purchase the basic insurance policy.

There are two options when it comes to comprehensive insurance; one is the Straight replacement cost coverage and the other one is Guaranteed Replacement Cost Coverage.  Guaranteed replacement isn’t accessible at all places, but is suggested if you are okay with making the payment.  It pays for rebuilding your property even though the cost of rebuilding is over and above the policy amount.  Hence if you go for this option, then you need to ensure that you purchase enough coverage.

Comprehensive content insurance cover

This form of insurance cover is an all inclusive policy which provides coverage for building and the personal belongings lying in that building.  There are some insurance providers who extend a no frills coverage for assets which do not meet up with the customary standards.  Homes or properties which do not meet the insurer’s standards can make few changes in order to get qualified for the coverage.

Home owners are under the impression that a normal insurance is enough to cover the perils or losses if any.  This is true to some extent, in the sense it would cover only your building or property.  Contents insurance would cover the personal belongings like clothing, movable property, and furniture and so on. Jot down the list of major items in your home like electronic items, fittings of kitchen, bedrooms and living room, personal effects and other items.

Expensive items like antiques, collectors items, jewellery are not covered under the contents policy.  Some of the policies put restrictions on items which are theft prone like laptop, watches and camera.

Make doubly sure whether the insurance providers extend coverage on luxurious and expensive items.  Also go in for reputed insurance providers and get in touch with a reliable insurance consultant of repute.  You could also double check with the concerned authority.  Many insurance providers have mushroomed up of late, thanks to the demand for these insurance covers.  There is tough competition amongst the companies to sell their products and services.  You need to check out the discounts offered by the insurance providers.

There are companies offering online home insurance policies and you need to pay only a reduced rate of premium.  Many providers also offer festival discounts and if you purchase the policy during that particular period, you stand to benefit considerably.  It is advised that you read the fine prints carefully before signing on the dotted line.  If you still have doubts on the type of policy, then you need to get in touch with an insurance advisor.  Also provide him all the details and your requirements, so that they are able to suggest the right comprehensive home insurance cover for you.

Last but not the least, check with your friends, relatives or associates if they have purchased contents insurance cover.

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