Are home insurance & Home contents insurance the same? They are usually not the same!

Homeowners and renters’ insurance typically covers the structure of your home (like walls, roof, etc.). However, what about your valuable possessions inside? That is where home contents insurance comes in.

This specialized insurance protects your personal belongings within your home. It is often available as a separate policy or an add-on to your home insurance.

Here's a breakdown of what's generally covered:

• Furniture: Sofas, chairs, tables, beds, dressers, entertainment centers, etc.
• Electronics: Televisions, computers, laptops, tablets, smartphones, gaming consoles, home theater systems.
• Appliances: Refrigerators, stoves, ovens, microwaves, washing machines, dryers, dishwashers.
• Clothing: Clothes, shoes, accessories.
• Jewelry: Rings, necklaces, bracelets, watches (may have separate limits).
• Artwork: Paintings, sculptures, photographs, collectibles.
• Kitchenware: Pots, pans, dishes, silverware.
• Linens: Bedding, towels, curtains.
• Passports & important documents
• Sports equipment: Bikes, golf clubs, skis, etc.

What Typically Isn't Covered (or has limited coverage):

• Cash: Limits may apply.
• Business equipment: If you operate a business from home, you'll likely need separate business insurance.
• Pets

Important Considerations Before Buying:

• Coverage Limits: Check the policy limits for each category of items.
• Deductibles: Understand your deductible and how it affects your out-of-pocket costs.
• Replacement Cost vs. Actual Cash Value:
  • Replacement Cost: Covers the cost to replace damaged or stolen items with new, similar items.
  • Actual Cash Value: Pays the depreciated value of the item, which is the original cost minus depreciation.

Tips for Maximizing Your Coverage:

• Review your policy regularly: Make sure your policy still meets your needs as your life and possessions change.
• Store valuables securely: Keep jewelry, important documents, and other valuables in a safe or safety deposit box.
• Consider a rider for high-value items: If you have valuable jewelry, art, or collectibles, purchase a rider to ensure adequate coverage.
• Create an inventory: Photograph or videotape all your belongings for proof of ownership and value.

Disclaimer: This information is for general guidance only and may not apply to all situations. Always review your specific policy documents or get a free consultation from our financial advisors’ team.

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