Personal Possessions Insurance

WHEN YOU take out contents insurance you can safely assume your belongings will be covered while in your home, but can you be so sure they’ll be covered if you take them outside the property? Everyone owns something special that they don’t want to break or lose. This could be anything from family jewellery to a brand new laptop or an expensive camera. No matter what your treasured possession is, you may need Personal Possessions Insurance if you want it covered when you’re away from your home.

Most homeowner’s or renter’s insurance policies will provide some coverage for your personal belongings when you are away from home. However, this coverage is usually limited to a certain amount and may not cover all types of losses. For example, many policies will not cover loss or damage due to natural disasters such as floods or earthquakes.

FILL IN THE GAPS IN YOUR EXISTING COVERAGE
Personal Possessions Insurance can help fill in the gaps in your existing coverage and provide you with peace of mind when you travel. It typically covers your belongings for their full value, regardless of where they are lost or damaged. This means that if your laptop is stolen from your hotel room or your camera is lost on a hike, you can be reimbursed for the replacement cost. It can be a common misconception that personal possessions cover is already included as part of a standard home insurance policy. However, this is not always the case.

If your personal possessions are stolen, damaged or lost inside your home, this should be covered by your standard policy, but not when these things happen outside your home. This is how personal possessions insurance can help you, as you can keep your valuable items covered if something goes wrong when you are out and about.

WHAT DOES ‘PERSONAL POSSESSIONS’ MEAN AND WHAT CAN I CLAIM?
Personal possessions are items that you would normally wear, use or carry either in, or out of your home. There are many common personal possessions that you can have insured as part of your policy, such as:

• Mobile phones
• Tablets
• Laptops
• Still or video cameras and equipment
• Keys
• Jewellery
• Wallets, purses and handbags
• Sporting equipment
• Musical equipment

CHECK THE LIMITS AND EXCLUSIONS CAREFULLY
Personal Possessions Insurance can be purchased as an add-on to your homeowner’s or renter’s policy or as a standalone policy. If you choose to add it on to your existing coverage, be sure to check the limits and exclusions carefully so you know what is and is not covered.

If you travel frequently or have particularly valuable items, personal possessions insurance may be a wise investment. It can give you the peace of mind knowing that your belongings are protected no matter where you are.

***The information in this article is purely informative. Personal Possessions Insurance is available in the market, but we do not offer this service in-house at Charles Cameron & Associates. However, our professional, friendly advisers are still on hand to support you and can help you explore all of your mortgage and protection insurance options.