You insured your house, business as well as working tools, that’s great. But hey! what about your gadget, appliances, even furniture and other things that belong to you? We all know that home and business public liability does not cover for them. How then do you insure your personal possessions against repairs and damages? With personal possessions insurance. This guides entails everything you need to know about personal possessions insurance from student personal possessions insurance to home personal insurance only. Additionally, it analyses the quotes and explains what personal possessions insurance covers.
Personal Possessions Insurance
When we talk about personal possessions, we refer to things that belong to you. This means you can get insurance coverage on your iPhone, laptop, television, furniture, bicycle, clothes and every other thing that belongs to you. We secure them against burglary, fire accidents and anything that can cause damages to them. You also need to secure them whether or not you live on a lease property. When it comes to personal possessions insurance policies, it is important to know that most of them come with restrictions. The restrictions pertain to the exact amount your insurance provider will pay for repairs or replacement.
Furthermore, this coverage is an improvement to existing coverage. This means a landlord cannot walk into an insurance firm and demand just personal possession insurance. He can only modify his home insurance to include personal possession insurance.
For instance, typical home insurance may include content insurance. Unfortunately, content insurance is quite different from personal possession. Personal possessions refer to items that belong to you and may sometimes be taken outside the home. Generally, the personal possessions insurance is grouped in two. But content insurance covers just the content that gets lost or damaged within your home.
Types Of Personal Insurance
#1. Replacement Cost
When a personal belonging is beyond repair, you will have to get a new one. The replacement cost provides coverages for the cost of a new item.
#2. Actual Cash Value
Basically, the actual cost puts into consideration the cost of depreciation and then provides coverage for the exact worth of the item. The actual cost of personal possessions is the exact worth of the item excluding depreciation only. For instance, your oven suddenly stopped working, with its depreciation at £80 and presently cost £350, you will receive £270 as insurance.
Home Personal Possessions Insurance
Well, technically homeowners buy insurance coverage for their building. However, there are exclusions to your building insurance. First, building insurance includes liability to the public but in general, will not provide coverage for your personal possessions. That means if your content insurance covers your laptop and it gets stolen anywhere outside of the house? Content insurance may likely not cover it, because the loss was not recorded within the home.
Therefore landlords and tenants are advised to get the modified additional insurance to secure their personal belongings.
Restrictions On Personal Posessions insurance Cover
Generally speaking, the policy is meant to cover everything that belongs to you. However, there are restrictions. Some companies will not cover anything above £1000 while others place their limit at £2500. If you intend to cover such items, you will have to add them to a special list known as high-value contents. This will require additional cost too.
Student Personal Possessions Insurance
Securing or repairing your personal property can be tasking especially when you did not include it in your budget as a student. There are several other things you can do with money and replacing or repairing things is not one of them. That is why you need to insure some of your personal possessions as a student. The student personal possessions insurance provides coverages for your personal stuff. So you do not need to fear or flutter when your laptop accidentally drop off your hands while rushing for a lecture as a student only. This is because your belongings are backed by insurance coverages.
Furthermore, a student generally will not need home insurance when it comes to the building they occupy, they will rather go for personal possessions insurance. This is because it is the most suitable for their budget.
What Is the Student Personal Possessions Insurance?
The student personal possessions insurance is an insurance cover specifically for students only. It provides coverage for a student personal items such as phones, wristwatches, laptops, play stations and so on. Being a student is tasking enough, adding unnecessary expenses is too much of a burden that is why you should protect your personal belongings with insurance.
What Does The Student Personal Possessions Insurance Cover?
The extent of what is covered depends on the insurance company you choose as well as the student policy you purchase. But in most cases, the following are covered;
- Laptop
- Phone
- Camera
- Television
- Appliances
- Jewellery
- Textbooks and so on.
Qualification Of The Student Personal Possessions Insurance
To qualify for the student possessions insurance, you must be a full or part-time student of a college or a university.
How Much Does The Student Personal Possessions Insurance Cost?
The cost of home personal belongings insurance varies from one insurance company to the other but in the UK. However, you can get student possessions insurance for as low as £57 per year.
How Do I Apply For The Student Personal Possessions Insurance?
Most students live on a budget so knowing so you do not want to worry about a missing item or paying for repairs. To buy student this insurance, understand your budget need and follow the following steps;
#1. Write Down Items You Want To Insure
List the items you will like to insure. This will help you to select the policy that best meets your need. Also, there are limits to some insurance claims. Highlighting the things you want to
#2. Get quote
You will have to get quotes from different firms that offer student belonging insurance. Moreso, you can do this from the comfort of your house. You do not have to move from one insurance company to the other. All you have to do is to search for them online, fill out the necessary form, submit and get quotes. Call it insurance hunting. Call or send the company messages for clarity. If you need to be clear on something, do not hesitate to call or send them a mail.
#3. Compare quotes
Compare the quotes you collected from different insurance firms. when comparing, look out for the add-ons that each firm provides for their student personal possessions insurance.
#4. Compare Exclusions
Exclusions are what an insurance policy does not cover. While comparing quotes, also compare exclusions. So you will know whether the company offers what you want.
#5. Check Your Excess
An excess is a specific amount you will have to pay your insurance company in the event of a claim. In reality, you do not have to pay the money to the insurance company. For instance, you want to claim a laptop of £800 and agreed to a 10% excess. Your insurance company will only pay £720 while you pay the rest. However excess is always in inverse proportion to premium. This means when excess is high, the premium is low and vice versa.
#6. Buy An Offer
Buy the one that best meets your student needs and get cover.
What’s More?
Basically personal belongings are gr
Conclusion
You will like a cover away from home for your personal stuff, right? Who wouldn’t want that? Browse through the various firms that offer coverages and protect your personable belongings from damages away from home at all times.
FAQs On Personal Possessions Insurance
What is the difference between contents insurance and personal possessions?
The main difference between contents insurance and personal possessions cover is that: Personal possessions insurance covers items that you take outside the home. Contents insurance is for items that get damaged, lost or stolen from inside the house itself.
Is flooring covered by contents insurance?
This means that the floor, roof, windows and walls of your property are covered by buildings insurance, while the furniture, appliances and decorative items are covered by contents insurance. … Laminate flooring is likely to be considered part of the building, but it’s worth checking your policy to make sure.
What is out of home cover?
Cover for your personal possessions outside your home – also called away from home cover – is normally either included as part of your home contents insurance or available as an add-on to your policy.
Is washing machine covered in contents insurance?
Washing machine cover fills the gap between appliance warranty and contents insurance; providing cover if your appliance breaks down as a result of wear and tear, rather than accidental damage
