How To Contents Insurance

This article will briefly explain all the important questions about your contents insurance and what you should look out for

Article

5 minute read

2019-05-06

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Why do you need contents insurance? What is covered, and what’s not? We’re here to help and give you a better understanding of everything you need to know.

The ultimate guide to contents insurance

Getting insurance is something we recommend, but isn’t something most people would get excited about. If you’re worried about insurance being too complicated or difficult to understand, we’ve put together all there is to know about contents insurance so that you can see how easy it actually is.

Read on to learn about the following points:

What is contents insurance?

Every item in your home has both a personal and financial value. If you find yourself in a scenario where your possessions have been damaged or destroyed, it can cost serious money to replace these items, many of which could be essential. Having a contents insurance policy gives you peace of mind in case the unexpected happens. It protects your belongings against damage and losses caused by fire, water, theft, storm and hail.

Do I really need contents insurance?

If something happens to your belongings, replacing them can be very expensive. The more valuable items you have, the more important it is to think about contents insurance. However, not every insurance policy fits everyone. When you think about contents insurance, you should carefully check what is and isn’t covered and whether the policy really suits your needs.

To begin, simply list your belongings and estimate their approximate value. You will probably be surprised by how much you own and what it is worth.

What’s considered to be ‘contents’ under contents insurance?

Your household contents includes all items that are used privately in your household, such as electronics, furniture and clothing. This even includes things that you’ve borrowed from friends and family members, which may be impacted by an event of fire, water, theft, storm or hail that takes place in your home. Excluded from the definition of ‘contents’, however, are items that you don’t own, but that do belong to your household, such as a built-in kitchen owned by your landlord.

What is covered by Getsafe’s contents insurance?

Your contents insurance policy protects you from certain insured risks. These include fire, escape of water, theft, storm and hail. This is important to understand, as household items that are damaged only by these specific risks will be covered by the insurance, allowing you to get the items replaced. As an example: If a broken water pipe from your washing machine leaks and causes water damage in your apartment, then you are covered by your contents insurance policy and will receive compensation for the damage. Theft is another scenario that your Getsafe contents insurance will pay for. With Getsafe, you can file claims like these via app in only three minutes and the sum will be paid out within two weeks.

How much money will the contents insurance pay me in each individual case? What is the insured sum?

Getsafe home contents insurance has an insured sum of 250,000 euros. This is the maximum amount that can be paid to you in the event of a full loss. Of course, not every household item is worth that much. The individual insured value of your belongings should be high enough that you could buy them all new and is calculated by the size of your home. That’s why we ask you the size of your living space when you purchase home contents insurance. It’s important to always accurately state the size of your entire living space in square metres. If something is stolen or broken, your household contents insurance usually compensates you for the new replacement value. If your household contents are worth more than the insured sum of 250,000, you are underinsured and your insurance would not cover you sufficiently.

How do I correctly determine the living space?

Living space is the floor area of all rooms in your apartment or house. Contents insurance is always calculated for an entire apartment or household. In order to estimate the sum insured correctly, you should indicate the number of square metres of the entire household, even if you are only renting one room in a shared flat. Living space does not include, for example, all areas of stairs, terraces, balconies, storage rooms or cellars unless they are used for residential or leisure purposes. Scenarios where these areas would count towards your total living space would include having your own personal gym or workshop in your basement. The best way to find out what is or isn’t considered living space is to check your rental or purchase contract or your construction documents.

How much does contents insurance cost?

The cost of contents insurance is relatively low compared to the possible financial damage to your valuable belongings. What you pay for is calculated based on the size of your home, your place of residence, and your age. It also becomes cheaper for you if you are willing to pay a deductible. Living in a smaller living space also means paying less for insurance. Since Getsafe doesn’t use brokers and is 100% digital, we are able to pass along these savings to you. Try it out for yourself and see how much you could be paying towards a contents insurance policy today.

What do I have to consider with my contents insurance?

There is a special insured sum for valuables, which applies to jewellery, securities and the like. This is the maximum amount that can be paid out if your valuables are damaged or stolen. The insured sum for valuables varies depending on the size of the living area. For a larger apartment it is higher.

If you have a safe to store your valuables in, you have a clear advantage in case of a claim. Outside of a safe, cash is insured up to 5 percent of the insured sum for valuables and jewellery or precious stones up to 15 percent. But if you store your cash and jewellery in a safe, you can be reimbursed for up to 40 percent of the insured sum of your valuables in case of a claim.

If you move house after buying your contents insurance, please let us know about your new address as soon as possible. Please note: Your address details for your contents insurance policy will NOT be automatically adjusted when you update your profile in the app. In this case, please let us know where you have recently moved to and inform us regarding the size of your new living space (in square metres). To do so, send your message to our chatbot Carla in the app or email our customer service team: [email protected]. As soon as we have entered the changes, you will receive a confirmation email from us with your updated contents insurance policy.

Is my family covered under my contents insurance?

Yes, your family is covered under your Getsafe contents insurance. The policy includes your partner and any of your relatives, provided that they permanently live with you in your home. They do not have to be mentioned separately as part of registration. The same applies to any children who may be in school or doing recognised voluntary work or military service. Your spouse, life partner and other flatmates are also covered under the policy. The primary condition is that all of you must be registered at the same address and live in the same household. We recommend that you add your roommates as co-insured individuals in the app. This will give them access to their insurance coverage so they can enjoy all of the benefits of the Getsafe app.

Does my insurance also apply outside my home?

Yes, your insurance cover also applies to outbuildings and garages on the insured property with an insured sum of 50,000 euros. Washing machines in common rooms are covered up to 500 euros. Valuables stored in a safe deposit box at a bank are insured up to 40,000 euros. Your contents insurance even covers your hotel room if you're temporarily away from home – which is good to know if you’re a frequent traveller. In this case, temporarily means being away from home for up to one year.

Should I get a Glass extension?

Getsafe contents insurance covers almost all of your household items, but does not include building and furniture glazing. Now you might be wondering, what does building and furniture glazing include? Examples include wall mirrors, the ceramic hob on your oven, glass tables, or your beloved aquarium. You can cover all of this for a small additional price when you purchase our glass extension.

What do I have to do when I have a claim?

With Getsafe, you are well covered. You can file your claims instantly via our app and we’ll send you the money as soon as possible. Simply go to the Getsafe app and click on the “Service” button in the bottom navigation bar and then select "File a claim". If you would like to speak to our claims team personally, you can call them during our working hours (Monday - Friday, 8AM - 8PM at +49 6221-3579991). Check out our blog post “How To File a Claim” to learn about what you need to consider when filing a claim with us, and also how you can help us process your claim as quickly as possible.

Author: Lu