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YOU MAY PREFER INSURING INDIVIDUAL ITEMS INSTEAD OF YOUR HOME CONTENTS Advances in technology have enabled insurers to move beyond the traditional one-size-fits-all blanket approach IN THE past, young people in rented dwellings owning just a few things would probably not have considered taking out home contents insurance. It would only have appeared on their radar when they bought their first home and started to fill it with shiny new appliances and furniture. That’s changing fast, with younger people now starting to think about contents insurance sooner than they previously would have. There are two reasons for this, says Ernest North, co-founder at AI-driven car, home and contents insurance provider, Naked. The first is the fact that many young
people own expensive items they cannot live without: for example, a mountain bike they use for leisure and exercise, a smartphone, or a MacBook they may use to earn a freelance income. The second is the arrival of affordable and easy-to-buy insurance products designed for standalone items. “It used to be impossible or extremely costly to insure most personal items on a standalone basis. Now anyone can get a quote and buy cover for a single item online within seconds. This has made insurance accessible to a wider market,” says North. It would still be wise to get
quotes for full home cover and for standalone insurance for your possessions to see what suits your needs best. YOU NEED TO BEAR THE FOLLOWING IN MIND ● The cost of insuring multiple items in a home contents policy will generally be lower than buying separate standalone cover for each item. It makes sense to get full home cover if you’re looking to insure more than one or two items, and then to add your portable possessions to the policy. ● A home contents policy can cover the cost of items that are often overlooked, such
