Are your as­sets fully cov­ered?

Lesotho Times - - Property -

THE contents of your home are valu­able, both in terms of money and sen­ti­men­tal value. If you plan on tak­ing a hol­i­day this year, make sure your home contents are fully in­sured and that pay­ments are up to date.

House­hold contents in­surance cov­ers loss or dam­age to mov­able fur­ni­ture and fit­tings, the contents of your re­frig­er­a­tor and freezer, as well as per­sonal items and valu­ables.

Even the most ba­sic in­surance will cover your house­hold contents against dam­age or loss caused by fire and theft for a set pre­mium each month, of­fer­ing you peace of mind if you plan on go­ing away and leav­ing your home empty dur­ing the hol­i­day sea­son.

How much cover do you need?

In or­der to be able to re­place valu­able items and pos­ses­sions, it is im­por­tant to in­sure the contents of your home for the amount it would cost you to re­place them should they be stolen or dam­aged.

It’s a good idea to make a list of all the items be­ing cov­ered un­der the house­hold in­surance pol­icy. It’s also ben­e­fi­cial to take the time to cal­cu­late the cur­rent value, so that you in­sure your contents for the cor­rect amount.

Most in­surance com­pa­nies of­fer a form that can be down­loaded and com­pleted. Go from room to room and write down what it would cost to re­place all the items in each room.

To en­sure that your in­surance cover con­tin­ues to of­fer the high­est pos­si­ble cover for your house­hold contents, it is es­sen­tial to per­form an an­nual check of re­place­ment val­ues, and in­clude any new fur­ni­ture or items added and that should be cov­ered un­der the pol­icy.

The last thing you want when re­plac­ing lost, stolen or dam­aged items is to find that the prices have out­stripped your buy­ing power, forc­ing you to com­pro­mise on the re­place­ment item.

What should be cov­ered? You spend a lot of time and money to dec­o­rate your home and it can be fi­nan­cially dev­as­tat­ing to re­place th­ese items so, it’s im­por­tant to be as com­pre­hen­sive as pos­si­ble.

Sit down with your part­ner and dis­cuss what type of house­hold in­surance you need, be it ba­sic, per­sonal ef­fects, per­sonal li­a­bil­ity or all risks. If you’re not sure about the type of cov­er­age a spe­cific in­surer pro­vides, sim­ply ask.

Per­sonal Li­a­bil­ity

cover is an op­tion that can be in­cluded with your house­hold in­surance.

This type of in­surance pol­icy pro­tects an in­di­vid­ual from­fro the risk that they may be held legally li­able for in­jury or neg­li­gence that oc­curs on or w within the prop­erty cov­ered un­der the house house­hold pol­icy.

Li­a­bil­ity in­surance poli­cies cover le­gal costs and anyan pay­outs to third par­ties (guests or vis­i­tors) f for which the in­sured would be re

spon­si­ble if found legally li­able.

All Risks

While house­hold in­surance cov­ers the item within a home, when items are tak­en­take out of the home they should be in­suredins un­der All Risks. Ad­di­tion­ally,all not every­thing in a home is cov­eredco un­der your house­hold in­sur­ancesu pol­icy. Say you own ex­pen­sive pho­tog­ra­phyr equip­ment and reg­u­larly taketa this out of the home to take photos,p All Risks of­fers cover shoulds the equip­ment be stolen or dam­aged.d As such, it is im­por­tant that you ac­cu­rately spec­ify the re­place­ment value to en­sure that ad­e­quate cover is pro­vided should your cam­era need to be re­placed. Un­spec­i­fied All Risks cover of­fers even more cover for smaller items such as the contents of a hand­bag or suit­case if you travel fre­quently.

Good to know

1. Ask about the ex­cess for your house­hold cover. A cheap pol­icy may end up cost­ing you more in the ev event of a claim. 2. Don’t for­get about the contents of your garage or out­build­ings. You have the op­tion to cover th­ese un­der your house­hold contents. 3. Have per­sonal items pro­fes­sion­ally val­ued for in­surance pur­poses. — Prop­erty24

In or­der to be able to re­place valu­able items and pos­ses­sions, it is im­por­tant to in­sure the contents of your home.

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