What are home contents?
If you choose contents insurance, your home insurance can cover the contents of your home, but what does “home contents” actually mean?
Household items – your home contents – are items intended for domestic use, such as:
• furniture, clothes, cookware and tableware
• interior textiles
• consumer electronics
• hobby and sports gear
• jewellery, paintings and other valuables in the home.
When you choose to cover your home contents, you can specify a maximum amount of compensation for your home contents insurance. We recommend that you choose a maximum amount of compensation for your home contents as based on your valuation of your home contents when you take out the insurance. Determine the approximate present value of your effects to ensure that you have enough insurance cover for your home contents. If your home contents are more valuable than average or you have a few individual items that are very valuable, you may need to choose a larger maximum amount of compensation for your home contents insurance.
Five forms of cover for your home contents
You can tailor MyHome Insurance from Pohjola Insurance to your needs. At its most extensive, it can include the following forms of cover for your home contents:
• Fire and natural phenomena cover
• Crime cover
• Equipment breakage cover
• Pipeline leakage cover
• Breakage and loss cover
At its most extensive, home contents insurance provides cover against eventualities such as television breakage, damage to home contents due to water or fire, or the shattering of a valuable set of tableware or to a single highly valuable item in your home, such as a vase.
Did you know that items such as mobile phones, tablets and laptops are counted as home contents? For example, if your phone or laptop is broken, it is covered by your home contents insurance. See some examples of home insurance claims below.
Home contents insurance is also valid outside the home
Home insurance also covers your home contents outside your home.
If you suffer a property loss as the result of a theft, for example – affecting items you were keeping in a rented or housing-company attic, cellar or other storage space or in a shared storage space for sports and recreational equipment – your home insurance will cover up to 10% of the maximum compensation you specify for your home contents.
Your home insurance will also provide total cover of up to EUR 5,000 if a loss affects property that you are taking with you outside your home, holiday home or the above-mentioned storage spaces within the Nordic region. For example, you are covered if your camera gets broken while you are hiking in Lapland.
Please note that your insurance covers you for up to EUR 1,000 if your property is stolen from a place such as a car, trailer, boat or tent in the yard of your home, workplace, place of study or holiday home; or less than 50 km from these places in general distance terms.
Home contents insurance, age reduction and deductible
When we pay compensation for household effects, we always take the age reduction for certain items into account for certain items. These age reduction items include domestic appliances, computer equipment, glasses, sunglasses and sports equipment and accessories.
The age reduction rate is calculated by multiplying the age reduction percentage (for example, 10% for domestic appliances) by the number of full calendar years following the year when the item was first used. However, the age reduction for home contents under MyHome Insurance is never more than 70%.
When we pay compensation under home contents insurance, we also take your selected deductible into account. The deductible is the amount you pay when you receive compensation under the insurance policy. For home insurance, you can choose a deductible between EUR 150 and EUR 1,000.