|Not a member? Sign up now!|
A recent survey released by Warehouse Money found many younger people who are renting do not have contents insurance. The survey found that among 18-29-year-old renters, 43 percent said they did not have contents insurance.
Contents insurance is insurance coverage that covers all personal possessions or items in an individual's household. Contents insurance coverage is usually found in a home insurance policy, and should cover most valued items. It can also cover things that are included in the policy but temporarily removed from the property. This type of coverage is a way to cover everything inside of a home or building. Contents coverage insures things like TV's, computers, stereo sound systems, audio equipment, musical instruments, etc.
For a landlord who is intending to or is already renting out their property, they should consider getting landlords contents insurance if they have not yet done so. In fact, such polices are fast gaining popularity nowadays because of the protection that landlords and their tenants can get with regards to personal belongings.
These kinds of insurance policies should be discussed in detail and taken up before signing the tenancy agreement. Despite its usefulness, in the past not many landlords are aware of its importance and instead, only made do with the basic insurance policies for landlords or homeowners. However, when a crisis such as a fire happens, the tenants suffered great losses when they lost their personal items.
As the Warehouse Money team explain, “Protect the things you love. Some things are better together – like insuring your Home and Contents together. You’ll get 20% off when you insure both your Home and Contents under the same policy.” The discount is applied to the base premium only. There is no discount on earthquake levies and fire service levies.
Applicants should choose the plan that suits them, Everyday or Comprehensive cover and ‘new for old’ replacement for most items, regardless of age. To find out more about Warehouse Money and their contents insurance, please visit the website at http://www.warehousemoney.co.nz .