Whether you’re a renter or an owner, it’s worth considering some form of home and contents insurance to make sure you’re protected from unexpected damage.
But what is home and contents insurance? It can be daunting reviewing different policies and comparing, but we’ve put together some key points to help you make a confident decision on the right cover for you.
What’s Home Insurance and what does it cover?
Did you just purchase a property and are ready to move in?
As an owner, Home Insurance is something to consider. Sometimes things completely out of your control can happen and it’s better to be safe than sorry. Taking out a home insurance policy can give you peace of mind.
What you’re covered for can depend on your level of cover. So what does home insurance cover?
Typically home insurance covers things like:
- Residential building.
- Protection for domestic outbuildings such as garage and sheds.
- Infrastructure for services.
- Built-in swimming pools and spas.
You’ll typically be covered for incidents such as fire, theft, storm damage and more. Always read your policy in depth before agreeing to the policy so you know if your level of cover meets your expectations.
Our policy, through CGU, gives you the option of 3 different levels of cover depending on your needs.
Some policies can also cover total replacement of the value of your home. So if you experience complete damage to your home, you can look to get it rebuilt and repaired to current standards at today’s prices.
Most policies cover you for ‘sum insured’, which is where they only pay out up to the amount you nominated when taking out the insurance.
Remember, it’s important to keep your insured amount updated, as house and building costs can rise each year.
What if I’m a landlord?
If you’re a landlord, don’t worry, there are specific insurance policies that apply to you.
As a landlord, you can take out Landlord Insurance. This type of insurance typically covers general building type insurance and may take into account the added risks associated with damage caused by tenants.
What is Contents Insurance and what does it cover?
Contents Insurance is really a must as a renter if you want to have peace of mind that your personal belongings are covered.
You can also take out contents insurance alongside your Building Insurance policy as an owner to have both the building and its contents covered.
Contents insurance can cover things like:
- Mobile devices.
Most insurance companies will allow you to add on extras as well such as personal computers that travel outside of the home. This will, however, increase your premium.
Overall, there are two types of policies you can take out.
New for Old policy
This policy includes full replacement of anything that is stolen or damaged, at today’s prices.
Overall, you’ll pay more for a ‘new for old’ policy, but it could seem like good value if you ever need to claim.
Replacement value policy
A ‘replacement value’ policy only covers you for the depreciated value of your possessions.
So, if the TV you purchased in 2012 was stolen, you’d only get back what it’s worth today.
How Do I Claim?
If you’re looking to make a claim, make sure you have full details of the events that caused the damage or loss you’re looking to claim for. To help your case, make sure you have photos of the damage as well.
If you have an insurance policy with us, your insurance will be with CGU and with their excellent service, you’ve got 24/7 access to claims services. This means if you’re woken up to damage at 1am and can’t sleep until you’ve sorted it out, don’t stress, you can lodge a claim online straight away.
How do I apply for home and contents insurance?
We can help you with this! We’ve partnered with CGU, one of Australia’s leading insurers, to offer you market-leading insurance. You can check out our policies here in detail.
To get a quote, visit our Home Insurance page and select the type of insurance quote you’re looking for. Don’t worry, the quote is obligation-free!
If you’d like to speak to someone in more detail about your individual circumstances, you can also chat to one of our friendly Insurance Consultants today on 1300 654 166.
Standard underwriting criteria and policy terms and conditions apply. Insurance issued by Insurance Australia Limited ABN 11 000 016 722, AFSL 227681 trading as CGU Insurance (CGU). In arranging this insurance, Victoria Teachers Limited ABN 44 087 651 769 AFSL 240960 trading as Bank First (Bank First), acts under its own AFSL and under an agreement with CGU, not as your agent. Bank First receives commission when selling CGU insurance products. Please refer to Bank First’s Financial Services Guide (FSG) for details of these commissions. Any advice is general only. This information does not take into consideration your objectives, financial situation or needs. Therefore, you should firstly consider the appropriateness of this information and refer to the relevant Product Disclosure Statement (PDS).
For full terms and conditions, please download the relevant PDS below:
Home First Choice PDS
Home Fundamentals PDS