Your Guide to Home & Contents Insurance
We’re always quick to take out insurance when it comes to our health, our cars and even our lives, so why aren’t more people insuring their important assets like their homes?
When disaster strikes, such as a bushfire, flood or smaller accidents like broken doors or windows, it’s important to have a cover that safeguards your assets so that you aren’t left out of pocket. Getting home and contents insurance won’t just save you money in an emergency but provide the peace of mind you need to feel secure in your home.
To help you understand what cover matches your needs, we’ve compiled a brief guide to home and contents insurance.
Which Assets Are Covered?
As the name suggests, home and contents insurance covers… your home and contents. These can be covered under separate policies or bundled. While your building is clearly covered from any unexpected damage, the list of belongings that can be claimed under contents is extensive including laptops, TVs, jewellery, art, and household appliances.
If you have a specific asset that holds great value to you that you would like to have insured, this can also be negotiated with your insurance agent or provider as well. You can also place contents under this policy that are with you outside your home, such as a work laptop which is considered portable content and covered across Australia.
What Situations Are Covered?
Depending on the level of cover you select, your policy can protect your home and belongings from damage sustained during any of the following events:
- Flooding
- Fires
- Explosions
- Earthquakes
- Storms
- Burst plumbing and pipes
- Theft, burglary & home invasion
- Vandalism
- Impact damage
- Lightning damage
- Accidental damage to your home
It is important to read your policy thoroughly or talk to your broker, as it may contain clauses regarding specific events and situations that are not covered.
The difference in HOME & CONTENTS cover:
- DEFINED EVENTS – Broadly speaking, defined events are a list of situations and events (which cause damage to your home and/or contents) that you’re insured for. A Defined Events policy will typically allow you to make a claim for loss or damage caused by perils including, but not limited to, fire, storm, malicious acts, theft, and escape of liquid.
- ACCIDENTAL DAMAGE – Accidental Damage Home Insurance covers your buildings or contents for any accidental loss or damage caused by sudden, unforeseen, and unintended events, as well as specified insured events listed above.
For example – If you were to drop your mobile phone onto a tiled floor smashing the phone and break a tile, an Accidental Damage policy will cover both damaged items, a Defined Events policy will not provide cover for either item.*
To understand what policy is right for you or if you have any enquiries regarding home and contents insurance, get in contact with our team at Provide Insurance today.
* This advice has been prepared without taking into account your personal objectives, financial situation or needs. You should therefore consider the appropriateness of the advice, in light of your objectives, financial situation or needs before following the advice. Please obtain a copy of and consider the Product Disclosure Statement (PDS) applicable to the general insurance product before making any decision.
