Everyone is familiar with the idea of car insurance, life insurance and house insurance — but what about protecting the personal items you own?

If you think about it and tally up the total of all the material things you have in your house, gathered over the years, it can easily run into the tens of thousands of dollars.

That’s where content insurance comes in. It can usually be included as part of a package with house insurance, but it’s important to specify what the policy actually covers and with what stipulations.

Contents insurance covers everything from the major appliances like the fridge or washing machine, clothing, sports gear, jewellery, and artwork. Essentially, it covers all of your personal property.

Like all insurance policies, a lot of the cost comes from how much value is covered and the deductible that is set for a pay out.

Ideally, the policy should be “all-risk”, which means that the items are covered in all circumstances except for exceptions specified beforehand — so if a flood, fire, burglary, or anything else happens, the belongings are covered by insurance. Oftentimes, even items stolen out of a car would be covered by the policy.

The other option, the “named perils” policy is usually not as comprehensive but can be cheaper. Just make sure to think about all the situations where you might lose your possessions and make sure you’ve got all bases covered.

So who should get contents insurance? Essentially, everyone.

As homeowners, contents insurance is usually tied in with house insurance policies and, for an extra few hundred dollars a year, a huge amount of liability is lifted.

Renters can also get contents insurance, which is often sold as a stand-alone policy.

Keep in mind that contents insurance often only covers the person named on the policy and their immediate family they live with – so if you are renting out a room to a friend, for example, they might not be covered.

Guests, on the other hand, typically are covered as long as their stay is within a certain time limit.

So where can you buy contents insurance from? Any third-party insurance agency, like BCAA, or Westland, or Square One, offer different forms of it, and some banks like TD or RBC, also offer competitive deals.

Planning for a home renovation is like any big project — the idea is exciting, but getting it done can be stressful.

When it comes to improving parts of your home, from the kitchen to the bathroom, and everything in between, there are several steps you can take to ease the process, saving both time and money.

1. Figure out the scope of your project.
What exactly do you want to accomplish and what’s your budget? If it’s a huge undertaking and more money than you have on hand in cash, look into applying for a home equity loan or reverse mortgage.

When creating your budget, be mindful of the full set of costs: labour, materials and equipment. If you’re painting a room, for example, don’t forget to take stock of any brushes and buckets you’ll need to buy on top of the paint.

2. Decide whether it’s possible to live at home while you execute your renovation.
Renovations can be a dusty, noisy, and inconvenient business. If necessary, stay with family or friends — or, if someone else is doing the work, this might be a good time to go away on holiday.

If you do choose to stay at home while the renovations are underway, make sure to have a plan in place for children and pets. Both are curious by nature and it’s important to set up the necessary safety protections ahead of time to keep them safe. Also, keep in mind where you will sleep and cook while the work is being completed.

3. Hire the right people.
To avoid delays, make sure to be in close contact with the right people from the start and get a written record of all requests and expected deadlines. Be decisive in your decisions, and make sure to select whatever materials and products you need well enough in advance to avoid backlogs.

Also, be realistic about what parts of the project are do-it-yourself. This is where many people overestimate their abilities and end up taking on more than they can chew. Certain tasks like painting, cabinets, and other small fixtures are easily done but things like plumbing or electrical work should be left to professionals, unless you have a very strong background in it.

4. Prepare yourself mentally.
It’s okay to feel stressed during a home renovation but knowing that you’ve readied everything as much as possible will help ease some of the burden. Stick to your plan but try to be flexible if anything unexpected happens like delays.

At the end, you’ll have a beautifully remodelled home.