Homes are often your most important and valuable asset. In the event of a disaster, without insurance coverage you might need to find the money to pay for major repairs on your own.
Home and Contents insurance is an essential form of protection for homeowners, and is just as crucial if you’re renting. It’s a package of covers that includes buildings as well as what they house, providing cover against various damage types including fire, storm, lightning, and burglary for your home as well as its contents (personal valuables, appliances, etc).
On top of regular home and contents insurance, many policies allow you to pay an additional premium cover for greater peace of mind, ranging from accidental building damage, burnout of motors, high-value jewellery or artwork, valuables, and sports gear used away from your home.
If you have a mortgage, you’ll also be required by the bank or lender to provide a copy of your insurance policy, listing them as the financier.
Before you purchase insurance, we recommend considering:
- Insurance cover type – is it a standard cover policy (listed events) or accidental damage cover?
- Cost calculator – use a free online calculator to find out your home replacement value, as well as your contents, to ensure there is no under-insurance.
- Usage type – will the home be your primary residence or a holiday home?
- Contents cover – is there enough for your jewellery, art, or sports gear?
- Additional cover – do you need cover for bikes, kayaks, or other sporting equipment?
- The homes condition – most insurers don’t pay for water leaks, cracked tiles, or rusted gutters.
- Location of the home – is it in a flood or bushfire-prone area? Some insurers may not cover certain streets or suburbs.
Home and Contents insurance also covers your legal liability for personal injury or property damage you may cause, and includes legal defence costs and damages if you’re found responsible. Without this insurance coverage, you could be faced with having to find the money to pay for lawyers and any court-awarded damages.
Having the right insurance cover can really help if the worst occurs. The insurer can arrange repairs and alternative accommodation for you or pay legal and court costs. Having the incorrect type of cover could mean you find yourself out of pocket and out of home.
Don't leave it until it's time to claim to review your policy – it may be too late. Contact us today for a review to ensure you have the appropriate level of Home and Contents insurance in place.
