Do You Have Contents Insurance to Protect Your Valuable Possessions?You may feel confident you have all the protection you need with your home owners insurance, but are you really sure? You may be shocked to discover many of your personal possessions are not covered. You should always evaluate the level of coverage for your possessions and determine if you need to add additional contents insurance to be safe. Often many items you would assume are covered may be excluded.Are Your Electronics and Gadgets Covered By Your Policy?If you have a household disaster you may be unpleasantly surprised to discover your current policy may not cover items like cell phones, iPads, laptops, netbooks, or even portable movie players. Where you expected to have all of your important possessions covered you could suddenly find yourself without thousands of dollars of small electronics you enjoy using daily. Contents insurance should be evaluated to make sure it covers all of these important devices.Does Your Policy Include Outdoor Furniture and Decorations?Stepping outside of your home you can probably see other expensive items. You may have lawn furniture in your garden. You could have expensive water features or statues decorating your lawn. Are those items covered by your policy? Take a few minutes to review your contents insurance and see if it includes items in your yard or only within the four walls of your home.
Is Your Home Office Included Under the Coverage?Insurance companies can be very picky about how they pay. If they see a way to cut the amount they need to pay out they will take it. Many insurers view a home office as a separate space, a business location, instead of being part of the home. Make sure you discuss you home office or home based business with your insurer. Take time to make sure the existing home policy covers everything or if you need to add additional contents insurance for your office items.Do You Rent Out a Room?Your tenant may be assuming their belongings are covered under your policy. You may even expect the furnishings in the room to be covered. You may be shocked to discover when you begin renting out a room, studio, or apartment all the rules change. Make sure you check into the rules on your current policy and for contents insurance for tenants. The last thing you need is to discover the income stream you were receiving for renting is now a major liability.Check your coverage carefully and then you will be prepared to compare the costs for contents insurance for you, and contents insurance for tenants.