What does contents insurance cover?
As you look to move into a new home, you also have to consider what insurances you will need when you settle in. If you are upgrading or downsizing, the whole moving process requires a lot of planning and keeping up to date with any changes in the industry. Therefore it’s a good idea to keep up to date with the mortgage and property market, so a visit to Sam Conveyancing and their articles on such subjects as House Survey news and updates is vital to success.
Lenders are not too concerned with your contents insurance regarding the mortgage application and house purchase process. Instead, they are more concerned with you having building insurance in place. This covers the buildings exterior and interior but not your possessions inside it.
Contents are what you put in the home. It is your TV: Your sofa, specific personal effects and electrical goods. Not everything is covered. For example, Boilers need extra cover, and certain luxury items will push the premium that you pay upwards. For example, jewellery and cycling bikes are prime exemptions from a basic insurance policy that is not usually enough.
In some cases, such things are not covered at all. Another example is Golf clubs. However, you can add additions and addendums to a policy to cover these items should you feel the need to. So it’s undoubtedly very advisable that you do.