Whether you own your house or are renting it, protecting your home and its contents against unexpected events such as fire, theft or flooding can definitely save you some big bucks. But as you start your search for the right home contents insurance policy, it’s important to differentiate facts from the various myths circulating around.
Here are the five most common myths about home contents insurance:
Myth: Home insurance is the landlord’s responsibility…
False. Your landlord’s insurance covers the building or the physical premises and this is only a legal requirement where the property is mortgaged. This means that your landlord’s cover will not extend to your belongings which are present inside the house. It is your responsibility as a tenant to safeguard your belongings with home contents insurance.
Myth: Home contents insurance coverage extends to all my belongings…
False. While you may think that damages to everything present in your house can be claimed for, this is not the case. In reality all insurance policies have certain exclusions with respect to coverage. This means it’s wrong to assume that everything present in your house is protected in case of a calamity. It’s important to know what’s covered and what’s not.
For valuable items such as jewelry, expensive art, gadgets, etc. you will need to have the personal belongings cover in your home contents insurance policy. These will be covered up to a maximum limit as specified in the policy.
Myth: Your in-home injuries are covered…
False. You may be surprised to know that your home contents insurance policy does not cover injuries to you or other permanent family members. These should be claimed for under your health insurance. However, should there be an accident at your premises leading to an injury to guests or third parties, your home insurance policy will cover the costs involved.
Myth: Your home is protected even if you go on a long holiday…
False. It’s wise to check the terms of your home contents insurance contract before you fly out on a long holiday. Most policies very clearly mention the time period you can leave your house unoccupied for, in most cases the maximum being 60 consecutive days.
Myth: Wear and tear is covered…
False. Whether it’s the roof that needs repairing or the tiles that need polishing, wear and tear is not covered under home contents insurance. Costs incurred on property maintenance cannot be claimed. Home insurance functions to bring back property to its former condition in the event of catastrophes such as fire, flood or theft.
Myth: You are covered if a pet damages your property…
False. Pet owners are often used to ruined couches, stained walls or carpets, but such damage by your little friend is not covered under your home insurance policy. Even if your policy includes accidental damage cover damage by pets cannot be claimed for.
Myth: It’s ok to exaggerate your losses…
False. Overstating your claims in order to receive higher amounts, is definitely not a good idea. Not only does that put you at risk of losing your claim but also damages the trust in your relationship with your insurer, who will now be more suspicious of all your claims.