Home and Contents Insurance New South Wales

Being prepared isn’t just good advice for boy scouts; it could also help soften the blow if the worst happens to your home and contents. NSW, after all, has had its fair share of bad luck in the past few years.

Take, for example, the 2019–2020 bushfire season that destroyed almost 2,500 homes in NSW alone.¹Parliament of Australia – 2019-20 Australian bushfires—frequently asked questions: a quick guide Or the flooding that happened the next year, damaging more than 4,000 homes and leaving over a 1,000 uninhabitable.²Australian Institute for Disaster Resilience – 18 March – 1 June 2021 New South Wales Floods And while they may be a little scarcer than fires and floods, the 1989 Newcastle earthquake is proof that NSW homes and residents aren’t immune from other types of natural disasters.

Of course, risks to your property can also be people powered, like vandalism, theft and malicious damage. Any of these occurrences could mean spending a fair chunk of change to get things back to normal.

While Home and Contents Insurance isn’t a magic wand that stops these events from happening, it could make them hurt your hip pocket a little less. 

As much as we’d all like it to be, Home and Contents Insurance may not be entirely comprehensive of absolutely everything that could happen to your home and belongings. How likely is it that your BBQ gets flattened by a meteorite? So, your policy will probably focus on more common events, like: 

• Fire (including bushfires) 
• Theft or attempted theft 
• Malicious damage 
• Storm and lightning 
• Explosions 
• Earthquakes or tsunamis 
• Falling trees 
• Leaking or burst pipes 

You may also be able to extend out your coverage for events like:

• Floods 
• Accidental damage 
• Motor burnout

What your coverage and your premium are could change between your insurer or even policy, so it might be worthwhile having a look around first before signing on the dotted line.

Your premium — or how much your Home and Contents Insurance costs — is less to do about the state you live in and more about factors like:

• The extent of your coverage, like if it’s for just your home or both your home and contents 
• Your claims history 
• Where you live, such as in a high-risk area for bushfires 
• How secure your home is, including if you have security alarms or deadbolts

So, while your premium might be more than what your QLD cousins pay, it might not necessarily mean it’s time to pull up stumps and head to the Sunshine State.