Which home contents insurance
A home insurance policy offers peace of mind. It comprises of building insurance which protects you if, for example, your house is damaged by fire or destroyed by an earthquake. It also provides for contents insurance which replaces your personal effects should an event such as burglary occur.
As a homeowner, it is important to carry insurance not only against damage to the house itself, but also to the contents of the home. Policyholders can get both covers combined or separately and home insurance also includes liability cover to defend against accidents in the home or on the property.
When arranging your own insurance, determining the type and level of cover that you need from a home insurance policy can be challenging. In addition to understanding the difference between Accidental Damage and Defined Events cover, policyholders also have to estimate the cost of rebuilding, account for upgrades in household items
and the gradual accumulation of possessions when setting coverage amounts. Should sums insured be incorrectly estimated it can lead to a situation known as underinsurance.
Whilst it is difficult to estimate with accuracy, in 2013 the Australian Securities and Investments Commission (ASIC) suggested up to 81 per cent of Australian homes were underinsured by 10% or more. This could mean you are out of pocket by tens of thousands of dollars or more should your house burn down and you need to rebuild.
Make sure your home is fully covered against theft, vandalism, burst pipes, fires, acts of nature, and more. Austbrokers SPT can help you find home insurance quotes to meet your needs and in the event of a claim we are here to handle all the details for you. To contact us click here or you can submit a quote request form .
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