If you have a mortgage, your lender will insist you have buildings insurance in place. While contents insurance on the other hand is not compulsory, it's wise to have it anyway. Contents insurance covers any item that is not part of your home, such as goods, furniture and other valuables. Some contents insurance policies even cover the contents of your fridge and freezer, while others may cover items outside your home for an additional charge.
Contents insurance policies don't just cover the everyday items in your home. Imagine if you had a fire or your home was flooded - you could end up having to refit a new kitchen, washing machine or boiler and be hit with a bill for thousands of pounds. This kind of insurance will ensure you're covered for those kinds of bills.
It protects your possessions from:
It may also cover:
It does not cover:
Common contents insurance exclusions may have limits on the amount you can claim for. Beware that some policies will not pay out if:
Disclaimer: This information is intended solely to provide guidance and is not financial advice. Moneyfacts will not be liable for any loss arising from your use or reliance on this information. If you are in any doubt, Moneyfacts recommends you obtain independent financial advice.
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