What Is Home And Contents Insurance?

If you own a property and have contents of value, home and contents insurance can help cover you in some unfortunate and unforeseen circumstances which could result in your home and/or your possessions being a little worse for wear.
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Home and contents insurance explained

Home and contents insurance are two separate insurance policies that come together to provide cover for unexpected damage to your property or your belongings within it.

Similar to other types of insurance, every home and contents policy is different so it’s important to understand exactly what type of cover you are planning to purchase.

What is home insurance and what does it cover?

Home insurance provides cover for costs associated with re-building or repairing damage to your property as a result of certain events such as fire and theft. The extent of cover you receive is based on the type of policy you purchase.

A policy generally provides cover for property damage that occurs only as a result of those circumstances listed in your policy.

In general, circumstances listed in a policy could include:

  • Theft
  • Fire damage
  • Water damage
  • Explosion
  • Lightning
  • Earthquake
  • Malicious damage.

In some circumstances you may need to pay extra to include coverage for ‘accidental damage’ to your property.

It’s important you review the Product Disclosure Statement for information about policy inclusions, limitations and exclusions prior to making any purchase decision.

What is contents insurance and what does it cover?

There are many things that make your house a home, and the contents insurance part of your policy, depending on your level of cover, can help provide cover to replace some of your possessions should they be lost, stolen or damaged. Contents insurance could cover things like blinds or your whipper snipper.

Contents insurance policies typically offer ‘replacement value’ or ‘new for old’ cover. New for old cover means your insurer will replace your old possessions with new items.

Contents insurance can have many variations that provide extra cover for specific, precious items (jewellery for example) or portable valuables such as computers and cameras.

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Last updated: 4/12/2019