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What is Home Contents insurance (1) (2)

Home contents insurance covers household items owned by you and family members living with you.

OmarMomani
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What is Home Contents insurance (1) (2)

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  1. WHAT IS HOME CONTENTS INSURANCE?

  2. Home Contents insurance pays for the cost of repairing or replacing your personal belongings and furnishings in your homes, such as curtains, furniture, white goods, stereo, TV, computers and other electrical appliances, clothing, jewelry, sporting equipment, and even toys. Home contents insurance covers household items owned by you and family members living with you. OVERVIEW 2

  3. TYPES OF HOME CONTENTS INSURANCE Replacement Value New For Old Most policies provide customers with new-for-old coverage. This means you are covered for the full cost of replacing lost or damaged possessions with newer, higher-valued possessions. You should expect to pay a higher premium for new-for-old coverage. A replacement value insurance coverage only covers the value of your belongings, and most items degrade in value each year. This is why it's important to evaluate your policy on a regular basis and make sure your coverage is current. 3

  4. WHAT ARE YOU PROTECTED AGAINST? Home content insurance in Dubaiallows you to select different levels of coverage. A defined events policy, which typically only covers your belongings if they are lost due to defined events such as fire or burglary, is the least expensive option that provides the bare minimum of coverage. Policies that include accidental damage will protect you against the cost of incidents such as accidental breakage or even a stain on a lounge or carpet for a much broader level of coverage. 4

  5. HOW ARE PREMIUMS CALCULATED? The premium for contents insurance is determined by the likelihood of a future claim being made on your policy. When calculating your premium, your insurer may consider a variety of factors, including: • The basic excess amount that you select • The age of the person purchasing the policy, as well as the other people covered by the policy • The sum insured for your contents (your sum insured) • The level of protection you've chosen • How your house is occupied • Your home's location and how you use it (for example, whether you are operating a home-based business) 5

  6. CONCLUSION If you are underinsured and suffer a partial loss, your insurer may use averaging techniques when processing your claim. This means that the insurer will examine the contents of the property, calculate the level of underinsurance, and reduce the settlement amount proportionally. Contents insurance is appropriate for both homeowners and renters. It can be purchased as a standalone product or in conjunction with home insurance as a home contents policy. 6

  7. THANK U FOR LISTENING For More information visit our website https://www.omaninsurance.ae/

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