Home Contents Insurance

Posted by Susan Whelan May 4, 2008

I have recently renewed my home contents insurance and have gone through the rather tedious task of preparing a home inventory to make sure that I have enough cover. After being blasé about this for a number of years, severe storms in the area where I live last year have scared me into being more responsible.

Check Your Contents Policy Fine Print

Unfortunately, many householders didn’t discover that they weren’t sufficiently covered by their insurance policy until they were making a claim. Most contents insurance policies contain clauses that limit the responsibility of the insurer for water damage and other events.

A friend discovered after the storms that the carpet that she had assumed would be included in her building insurance policy for a rental property she owns wasn’t actually covered, resulting in a significant replacement expense.

Most policies will limit the amount that can be claimed for collections of items that are not specifically listed on the policy or for household items that are damaged or go missing outside of the home (such as jewellery or photographic equipment).

Home Inventory Software

A home inventory lists all the significant items in a household that need to be covered by the content insurance policy. Preparing a home inventory is a tedious task, but well worth the time it takes.

There are software packages and downloadable spreadsheets that can simplify this process. Collectorz.com has a particularly easy to use and comprehensive range of home inventory database software for cataloguing and organising book, music, movie, and comic collections.

Task for the Week

Prepare a home inventory and check to make sure that your current contents policy actually provides the cover that you need.

For more articles on insurance topics, visit Suite101’s Insurance Feature Writer, Lisa Nichols.