This type of insurance is designed to provide cover for all the contents inside the home. It typically covers damage incurred to all included items and the theft of such items if the home should be burgled.
There is no legal requirement to have contents insurance. However, the cost of replacing lost, damaged, or stolen items can be significant. There are lots of affordable policies on the market today, so shopping around is a good idea if you want to get cover.
Many home contents policies provide cover for items if you take them outside the home too. Typical examples would be covering smartphones when you carry them with you during the day. You may also be covered for taking items such as cameras and iPads on holiday.
Outbuildings such as sheds and garages can also be covered by this type of insurance. The best bet is to check the terms of any insurance policy you are considering taking out. You can often get quotes online and adjust the amount of cover required. Doing so will alter the amount you pay for the policy, but you should make sure you are getting the amount of cover you need. You might need to specify other items separately, such as bicycles kept in the garden shed, for example. Some policies include these anyway.
Another point to consider is whether you have any valuables in the home. Items such as expensive jewellery, collectables, or other hard to replace objects may require additional cover or even a separate specialist contents insurance policy. Remember too that you may only get the current replacement value for anything lost, damaged, or stolen. If you want a new-for-old policy, this could cost more, yet it provides greater peace of mind should you ever need to claim.
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