Recent Buying Selling Lifestyle
Recent Buying Selling Lifestyle

Do you have home and contents insurance?

22-Aug-2017
Written by Ashley Blake
Are you financially prepared for a major disaster like a fire, flood or storm or even a minor mishap like a flooded laundry room or a broken window? Prepare for the worst by choosing the best home and contents insurance to protect your hard-earned assets.

Strictly speaking, home insurance and contents insurance are two different products. You can take out insurance for just your home, or for just your belongings, or you can combine them. If you get a combined policy, you assign both your house and your contents a separate sum insured amount – the total amount the insurer will pay to repair or replace your home or belongings.

BUILDING, CONTENTS OR BOTH?
Contents cover is for everyone: homeowners or tenants. Some insurers will even cover people living in share houses.

Building cover is essential if you own your house (or your bank does). If you're a tenant you don't need to worry about this; insurance for the building is your landlord's responsibility. If you're in a strata property then your building should be insured through the strata plan.

WHAT ARE THE COVER LEVELS?
Defined events: also called insured events, all policies will offer you cover if your property is damaged or lost due to one of a list of unfortunate events. Most policies will cover you for fire; explosions; flood; earthquake; tsunami; storms; lightning strike; theft; vandalism; and water or liquid damage from burst pipes, tanks, and similar.

Accidental damage: on top of the defined events, some policies will cover you if your house or contents are damaged in the course of everyday life. What's more likely where you live: a cyclone smashing all the glass in your house, or the kids hitting a cricket ball through the lounge room window and into your TV?

HOW TO GET THE BEST PREMIUM
- Get quotes from three insurers – some will match or beat competitors' premiums
- Vary your excess, as small increases in the excess can lead to big savings on premiums
- Many insurers offer cheaper premiums for new customers than they do for renewals. Simply checking your renewal price on your current insurer's online quote calculator could save you plenty
- Most insurers offer a discount for combining home, contents and more. If you can get the cover you need by combining insurance, it's a useful way to save.

SOURCE - Choice

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