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Contents Insurance

These days there are normally two ways to insure your contents. These are:

Option 1

Full replacement on furniture, furnishings & home appliances, without any depreciation for age. In other words "New for old". Underwriters will offer this cover provided your sum insured is above $50,000 and the home is owner occupied. They will allow discounts for burglar alarms and also offer a discount for your age. This varies between companies but it is normally for over 50's. Some companies also offer a no claims discount.

Option 2

Known as Householders cover, this type of cover is for flatting situations, and lower sum insured owner occupied homes. Coverage is restricted to certain perils and excludes accidental loss or damage. This coverage is at the situation of risk only with no cover for any loss away from the premises. You can extend this policy to cover losses away from the situation but the cover is expensive and normally has a limit of about $3,000.

Additional comment

Be aware that high priced jewellery, stamp collections, etc will incur an extra premium if you want them covered for their replacement value. This applies to both types of contents coverage.