How House and Contents Insurance Works


Homeowners and renters both have valuable items that could be damaged or stolen. Renters, homeowners, and condo insurance policies include coverage for the contents of your home, known as contents insurance or personal property coverage. Contents insurance helps cover the costs of repairs or replacements of your personal belongings in the event they are stolen or damaged by a covered peril.

What is contents insurance?

Contents coverage protects the belongings that can be taken with you if you move. Replacing all of your belongings after a fire or natural disaster would be very expensive. Contents coverage offers financial protection and peace of mind for contents such as furniture, electronics, kitchenware, soft furnishings, antiques, clothing, and jewelry.

Home insurance covers the cost to repair property damage following an insured event such as an earthquake, windstorm, or vandalism. Contents insurance covers the cost of repairing or replacing certain covered items. Homeowners insurance covers the structure and permanent fixtures of your home, such as the roof, walls, windows, floors, kitchen fixtures, and bathroom fittings.

There’s more than one type of coverage depending on the amount of insurance you need. At, you can compare house and contents insurance from a range of insurance companies and find the right type of policy for your needs.

Actual Cash Value vs Replacement Cost


Insurance companies typically give policyholders the choice between two types of personal property coverage when purchasing a homeowners, renters, or condo insurance policy. Replacement cost coverage reimburses you for the replacement cost of a damaged item with something of similar quality and style. Actual cash value coverage pays you the cash value of your insured contents minus the item’s depreciation.

Replacement cost coverage would give you enough coverage to buy a replacement item at the current market value regardless of the damaged item’s age. Actual cash value only reimburses you for a percentage of the total amount you paid for an item.

Your water heater is responsible for turning cold water into hot water and delivering a steady water pressure. If you notice a lack of continuous hot water when you take a shower or see your utility bills increasing, it could be a sign that your water heater needs an upgrade. Tankless water heaters can perform just as well if not better than conventional water heaters while providing homeowners more benefits.

Sometimes Daily explains the features of tankless water heaters and why they make a better hot water solution. Tankless heaters take up less space and their heating elements heat water as needed to deliver hot water on demand. Tankless units are safer because they hold fewer gallons of water and don’t run the risk of overheating. Tankless units offer far better energy efficiency and more consistent water temperature.

Who and what is covered under contents insurance?

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It’s important to understand who and what is covered by contents coverage. An insurance policy will include dependent family members in the definition of insured. The personal property belonging to guests under your care is covered in the event of a covered peril.

Depending on the type of insurance you have, your personal property insurance may protect your valuable items during a move. You need to check your policy for any exclusions or coverage limits in specific situations. Your personal belongings are typically covered by insurance when you are on vacation.

When traveling for work, it’s nice to come home to comfort at the end of the day. Temporary housing is a good idea when you have frequent travels that keep you away from home for weeks and months at a time.

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Home and contents insurance provides you with financial protection and peace of mind in the event a covered peril disrupts your life.



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