Contents Sum Insured or Home Contents Insurance
The following points need to be looked into before taking content insurance
- Are all the contents of your house adequately insured?
- Does the insurance policy cover the contents of your house even if they are taken out of your house? And to what extent are they covered? Are there any limits to the coverage?
- Is jewelry covered and to what extent is it covered, are there any limits/sub limits? Will it be covered when you are away from the house? Are accidental losses covered?
- Is the burnout of the electric motor covered? Will you have to contribute to the loss if any? Are there any restrictions on coverage regarding the age of the electric motor?
- Are any of the house contents kept out in the open air such as the veranda or the yard? Will these be covered and are there any limits/sub limits?
- How will the insurance company settle the claims? Will their preferred suppliers be used to provide the replacement items? Or will they be willing to settle claims as per your terms and their preferred suppliers?
- What is the amount of insurance coverage for items in the refrigerator and what is the cover for freezer spoilage?
- Are the antiques and collections of your home covered by your insurer? These items include stamps, coins, memorabilia, guns, etc. and to what extent are these items covered?
Building Sum Insured or Building Insurance
- How to determine an adequate insured sum?
- Is your insurer going to cover the cost of removal of debris, engineer and architect fees, accommodation costs and council fees within the insured sum specified or over and above the insured sum specified?
- And how does all this effect the insured sum?
Specified Contents of Your Home
- Are there any specific items of your home that your insurer will provide cover for?
- Will you need to exceed the insurance policy limits/sub limits for those specific items of your home?