Garage Contents Insurance

January 18, 2022

Garage Contents Insurance

Many people underestimate the value of the contents of their homes. Studies indicate that the average family owns property worth thousands of dollars without even knowing it. The reason behind this fact, is that most items within the home are acquired over a long period and are not disposed of. One may therefore overlook the cost of their electrical appliances, mobile phones, paintings and so forth until when faced with the prospect of buying them all at once. Such an eventuality may occur in the form of disasters such as floods or fire or even theft. During such times, insurance policies that cover property and buildings come in handy.

Insurance companies have different types of insurance policies to cover the home. Some companies include contents of the building in the building insurance policy, while others only regard the building literally as the shell of the house. The roof, the windows, the doors and any other immovable parts of the house are included in such a policy. The risk of insuring your home with such a policy is quite high. You will not receive any compensation for any contents in the building for this are regarded as being 'movable'. The garage and shed are also included among the buildings of the home as they are immovable. A policy that covers buildings without contents puts all your property at risk including vehicles, motorcycles, bicycles, gardening tools and lawn mowers other valuables. How can one protect the contents of their buildings?

Taking a home insurance policy that includes the building as well as its contents is the best solution. It will definitely cost more. You must make an inventory of all items in your home. The only exception to this list is high value items such as expensive jewelry and paintings. Such items need a different policy cover.

Taking building and contents insurance may be sufficient for most people. However, those with high value items in their garages are better off taking up a garage contents insurance policy. This policy will cover many items such as cars, motorcycles, bikes and any other expensive item in the garage. You need to install an elaborate security system before taking up this policy. The garage should be fitted with surveillance cameras, security lights and alarm systems. This is important because the insurance company will factor these safeguards when computing your premiums. The presence of such gadgets implies lower risk thus leading to lower premiums. However, in the absence of such safeguards, insurance companies regard the property as a high-risk investment and therefore charge high premiums to cover potential risk.

Before purchasing the cover, be sure to go through the entire garage with a paper and pen and write down the contents thereof. Go round again and ensure you have all the items on your list. Prior to penning your signature on the dotted line, ensure that you understand all the provisions of the policy and agree with them. If you are satisfied, commit yourself as garage contents insurance will provide peace of mind and secure your assets against loss through fire, floods or theft.

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