It is forever a good measure to protect your home and contents with quality insurance.
After all, your home is your safe haven, so protect it from incidents such as flood, fire, natural disasters such as earthquakes and storms, accidents and home invasions.
There are often exclusions, deductibles, limits and optional covers which apply, so contact an Avoca Insurance Broker to discuss your specific insurance needs.
It is important that your building sum insured reflects the replacement (rebuilding costs at today’s prices) cost for your building. Choosing the right sum-insured for your property and contents is important. Should the worst happen and you have undervalued your assets, you may not have enough financial capacity to rebuild or replace all of your belongings. Please note some insurers may apply an under insurance clause for partial losses if you are under insured. If you are unsure, below are links to easy-to-use calculators which can estimate the value of your home and its contents quickly and accurately.
Home and contents insurance policies in Australia are often divided into two groups: “defined” (or “listed”) events policies, and “accidental damage” policies.
Broadly speaking, a defined events policy lists the events (that cause damage to your home or contents) that you are insured for, and everything else is excluded.
The things you are insured for are called the “defined” or “listed” events.
Policies differ, but commonly listed events include:
On the other hand, accidental damage insurance generally covers you for any “accidental loss or damage”, and will list the things that you are not insured for.
These policies generally cover everything that ‘defined events’ policies cover, as well as any loss or damage that arises from an accident (unless that accident is specifically excluded).
It is more than likely that accidental damage cover will let you claim in every circumstance. You will need to consider any exclusions listed in your policy. For example, you may not be covered if defective workmanship results in damage to your house.
