A week ago, we published an article on whether or not it is mandatory to take out homeowner’s insurance for my home. Today we want to describe one of the fundamental elements of this policy, which is known as “contents”.. Let’s see what elements compose it, and how to value it.
Improvements in home insurance
Initially, home insurance policies were known only as fire policies, because they only covered that risk. In fact, in many homes, above the entrance door, we can see “insured against fire”.
Later on, guarantees have been introduced, turning this insurance into what we know today as “multi-risk”, since it has many more coverages than before.
The parts of the home insurance
The fundamental elements of a home insurance policy, nowadays, 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 it should be considered content, everything that, if we were to move to another house, we could take with us. We are talking about:
- Clothing
- Furniture
- Appliances
- Computer, telephones
- Jewelry and valuables
- Refrigerator and freezer food
- …
Once these assets have been identified, the second part of the question remains: How do we value these assets?
We believe that, in this case, the best thing to do is to make a kind of inventory, and give an approximate value to each of the items we have, especially those of a high cost.
If you need us to help you to improve your home insurance, or to give a correct value to your content, contact us. Contact us and put yourself in good hands.
