Home and contents insurance are available as individual policies, with homeowners and landlords having the option to combine these into one policy. This type of insurance is designed to safeguard both your home building and your belongings. It can provide homeowners and landlords with financial protection should they need to claim for scenarios like certain natural disasters, theft and accidental damage.
When taking out a combined home and contents insurance policy, you may have the choice between:
- Total replacement cover. Should your home be severely damaged or destroyed by an insurable event (e.g. fire or storm), total replacement cover usually reimburses the full cost of rebuilding your home to the condition it was in before the event.
- Sum insured cover. This is a more common option for home and contents insurance policies, covering you up to a predetermined amount towards the repair or rebuild of your home. This amount is usually referred to as the sum insured.
There is also a range of optional extras your insurer might offer that you may add to your home and contents policy. These extras commonly include:
Keep in mind that any extra coverage you add to your policy will increase your premium, along with a number of other factors. Be sure to read the Product Disclosure Statement (PDS) of any policy before you buy, as this will outline the inclusions and exclusions of your specific cover.
Why should I get home and contents insurance?
Household insurance should be a priority for Australian homeowners, particularly given the risk of natural disasters and unpredictable weather in this country. A home and contents policy provides you with financial protection if an accident or other unforeseen event damages your property. Besides, having peace of mind knowing that you can repair or rebuild your home and repair or replace your possessions may be worth an additional expense.
A home is usually your biggest asset. For that reason, we cannot stress enough the importance of having a policy in place to ensure that you have a financial safety net for your property against potential damage or destruction from insured events.
Bear in mind that standard home and contents insurance policies might not cover you in all circumstances. However, you can choose from a range of extras to combine with your policy, and we can point you in the right direction for those.
How we can help you
We can help you save time, money and stress by helping you compare home and contents insurance policies from a range of trusted Australian providers, all in one convenient place. So, why not compare today?