Got Contents Insurance? Here are 10 Things You Might Have Forgotten

How much are your contents insured for? Chances are, it may not be enough. Here are ten things that you might just forget to include in your “how much do I need” contents insurance calculation.
 

1. Fusion

Fusion sounds exciting, but in terms of contents insurance it relates to the burning out of an electric motor or its wiring. When you add them up, it’s surprising how many contents items you own with a motor. A refrigerator is an obvious one, but washing machines, clothes dryers and deep freezers have motors, too. And don’t forget, if you’re lucky enough to have one, the pool pump’s motor.

2. Appliances

How many appliances do you own? Between mixers, processors, hair dryers, slow cookers and more, it’s probably more than you think!

3. Collections

Do you have a valuable stamp collection? How about a record collection? Perhaps your passion is model trains, or skateboards, or shoes. We tend to accumulate our collections over time, which means that we can easily underestimate its possible replacement cost.

4. Jewellery

Under many contents insurance policies, expensive items, such as jewellery, may need to be listed separately. And the other “bits and pieces” that you may have stashed away can add up to a surprising amount.

5. Musical instruments

Does your son learn the trumpet, or your daughter learn cello? Perhaps you have a nice Gibson Les Paul guitar in the cupboard. The cost of musical instrument replacement – even kiddy versions – can be steep.

6. Tools

A shed, workbench and shelves of tools is a dream for some – and it can be an expensive nightmare to replace.

7. Clothes and shoes

How much would it cost you to replace your wardrobe? $1000? $2000? The truth is, it would probably cost a lot more. Casual clothes, work clothes, gym clothes and dressy clothes. Then there are shoes, belt, coats, hats, bags … the list goes on and on.

8. Carpets and blinds

Do you realise that carpets and blinds are also part of your contents insurance policy (and not your building insurance policy).

9. Sporting equipment

Rollerblades, tennis racquets, scooters, weights, bikes, balls and bat. An active household can accumulate a large selection of sporting equipment over time, and it all costs money to replace.

10. Outdoor furniture

Whether it’s an outdoor setting or a barbeque, there will be conditions around what outdoor items you can claim.


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