Can I insure all my home furniture and fittings?
My brother's house was in shambles after the floods in Chennai last year. I have now bought a house in the same neighbourhood, can I insure all my furniture and fittings in this flat?
Selva Ganesh, Chennai
Yes, you can insure the entire contents of a house under a home insurance policy. In a home insurance policy, you need to specify the sum assured for the structure and contents separately. To ensure you get the right cover, detail all the furniture and fittings with their value when going in for insurance and make sure the insurer goes through the same diligently. This move will ensure that in the event of a claim, there will not be any ambiguity about the items actually insured. To avoid depreciation in value of the household goods, you could insist on a reinstatement value clause endorsement in the policy, which may cost an additional premium to later avoid feeling you are being paid a lot less for your possessions than what they are worth at the time of the claim.