A week ago, we published an article on whether or not it is compulsory to take out home insurance for my home. Today we would like to describe one of the fundamental elements of such a policy, known as the “content”. Let's see which elements compose it, and how to value it.
Improvements in home insurance
Home insurance policies were originally known only as fire policies, because they only covered this risk. In fact, in many homes, above the access door, we can see “fire insured”.
Later on, guarantees have been introduced, converting this insurance into what we know today as «multi-risk”, as it has many more covers than before.
The parts of home insurance
The fundamental elements of home insurance today are:
- Continent
- Content
- Liability
These are the three essential legs of a policy, so that it can be considered complete. Today we are going to focus on the second element since, on many occasions, it is the one that causes the most difficulties among our clients.
Which elements are content?
To make it easy for anyone to understand, we always say that content should be considered everything that, if we were to move to another house, we could take with us. We talk about:
- Clothing
- Furniture
- Household appliances
- Computer, telephones
- Jewellery and valuables
- Food from the fridge and freezer
- …
Once these assets have been identified, the second part of the question remains: how do we value these goods?
We believe that, in this case, the best thing to do is to carry out a sort of inventory, and give it a approximate value to each of the elements we have, especially those with a high cost.
If you need us to help you improve your home insurance, or to give a correct value to your content, contact us. Contact us and put yourself in good hands.
