Does Home Contents Insurance Cover Mobile Phones?

content insurance

Mobile phone insurance might seem silly to most people. We live in a throwaway culture where any item under $1000 is replaced without giving a single thought. But someone who has lost their phone just within a few days of purchasing will know why it is so important to have your home contents insurance cover mobile phones too.

Losing your new phone hurts a lot. Especially, when you still have to pay EMIs for the next six months or a year. Imagine paying for something that you don’t even own anymore. No one wants to be in such an infuriating situation. This is why most people want their home contents insurance to also cover stuff like mobile phones.

What is home contents insurance and what does it usually cover?

Home contents insurance provides cover for the items that are inside your home. Damage to the household items due to a natural calamity, theft, or vandalism is usually a good reason to claim your insurance from your home content insurance company.

For people staying in a rented home, the renter’s insurance policy includes home content coverage under it. Renter’s insurance can either be purchased by the landlord or the tenant. This depends on the terms and conditions the two parties agree upon before signing the home agreement documents.

Now the most important question. What does a home contents insurance cover? A home content insurance covers the valuable items in your house like furniture, electronic(including your mobile phone), jewelry, pets, livestock, ammunitions, etc. So basically every item in your home that is subjected to damage during an untimely event.

What if a guest/roommate/family member loses or damages their mobile phone in my property? Will the home contents insurance cover them too?

A home contents insurance only covers people who live the house and are listed in the policy. For instance, if you are a married person, it is obvious that you will list your spouse and children’s names in the policy but a guest or a roommate living temporarily in your home won’t be able to reap the benefits of your home contents insurance.

If a friend or a distant relative wants to stay in your home for a long term and also desires to get their mobile phone insured, you will have to contact your home insurance/renter’s insurance company and get them on the policies list. Your monthly premiums will get affected, as there is one more member the insurance company has to take care of, now.

Summary

Home contents insurance cover is usually up to a certain fixed amount. For basic household items like TV, air conditioner, furniture, etc a fixed amount is set by the insurance company and losses beyond that amount won’t be covered.

For a mobile phone, the fixed coverage is more than enough unless you are planning to buy iPhone Princess Plus which costs roughly $176,400. In this case, you will have to purchase insurance for the actual contents of your home by submitting a list of the expensive items you posses.

3 Ways to Invest in your Financial Future

money

There comes a time when all of us start to think about the future, and a big part of that involves our finances. While most of us will be enrolled in a company pension scheme of some sort, it’s always a good idea to consider ways to generate an additional income on top of this fund to help with retirement. There are a number of ways you can do this, and some of which take more dedication than others. If you’re keen to start planning towards a strong financial future, here are three different methods to help put your mind at rest.

With property

Property investment is one of the most popular ways to invest. Unlike stocks and shares, buy to let is often considered more effective due to offering multiple types of returns through both rental income and capital appreciation. Those who invest in a buy to let property can build an attractive pension fund to help them in the future, thanks to the extra income they generate. Then, when they’re ready to sell the property later in life, they can benefit from having a large sum of money added to their retirement fund.

If you do think property investment is the best solution for you, it’s important to take all the right steps. This includes researching the best locations, looking for properties with the highest yields, and being as knowledgable as possible about the property market. Seek out a trusted property company to work with to make sure you’re in good hands. RW Invest, based in Liverpool and London, is one of the UK’s most popular property investment companies, offering a range of lucrative opportunities. 

With micro-investing

So you want to invest, but you’re not quite at the stage in your life where significant commitments like property are an option? Micro-investing is a trend that’s been growing in popularity over recent years and involves using a smartphone app to make investing easier. Examples of this include the Moneybox app, in which users are able to ‘invest spare change’ every time they make a purchase. For instance, if you bought a coffee which was priced at £2.50, the app would round up your purchase to the nearest pound and then save the extra. This extra money you accumulate is then invested into tracker funds, determined by the level of risk the user chooses to work with.  While this method may take a little longer to make a substantial amount, it’s a good way to get started with investing and generate some extra cash to help you in the future. 

With an ISA

An ISA is a savings account that allows users to generate interest on the money they save. The government adds tax-free interest onto the funds added to an ISA, which is why they make a good option for anyone thinking about ways to save for their financial future. One of the most popular ISA’s for this purpose is a Lifetime ISA, in which you can save away a maximum of £4,000 a year until you’re fifty, and receive interest returns of up to £1,000 a year.