The policy covers household contents or personal effects you own or for which you are responsible while in dwelling against perils such as theft, fire, lightning, storm, flood. etc. 

If the property insured is lost or damaged by an insured event we will pay for or may choose to repair or replace it. The amount payable will be the current replacement cost. If the property insured at the time of loss or damage is of greater value than the sum insured you will be your own insurer for the difference and will bear a rateable proportion of the loss or damage.

This covers personal possessions and property (except those that can be moved around with eg cell phones, tablets, laptops etc.) in the house together with those of other people that stay in the house. The possessions might include tv’s, fridges etc.