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There are many ways you can get a Home & Contents Insurance quote:
For most people their home and contents are their most important assets, so insuring them correctly is very important. The following information has been designed to assist you in making an informed decision when purchasing insurance cover. As a general guide, we get what we pay for. We all appreciate and understand that a $10,000 car will not have the same features and extras as that of a $100,000 car; and to a certain degree the same can be said of insurance policies.
When we insure our home and contents we tend to nominate a sum insured for the building and another for the contents. However, it is important to remember that those sums insured are subject to sub-limits as defined in each policy.
Example:
You have furniture valued at $10,000, various jewellery valued at $10,000, a diamond ring valued at $10,000 and a collection of CD’s valued at $5000 making a total of $35,000. Even though you insure these contents for $35,000, the fact, is, that the sub-limits of some policies may restrict a claim payout to just $1000 per item of jewellery or $1000 in total for your CD collection. So although you have insured your items to their full value, the policy limits certain items, unless you specifically list those items on the policy.
When considering buying insurance cover you have to weigh up the risks versus the cost. Consider what aspects of your home and contents are important to you and the risks they face. Accidental damage or loss cover protects you against those unforeseen incidents, like knocking over a paint pot onto the carpet, throwing the games controller through the television screen, putting your foot through the ceiling or dropping and breaking your camera at the beach. A defined events policy would not cover you for these types of accidents.
The advantage of an Accidental Damage policy is that it automatically provides cover for contents that are taken away from the home for Accidental Damage and Theft. Defined Events policies do not and as such you have to purchase Personal Property cover to protect those items taken away from the home.
Example:
Under an Accidental Damage policy contents, including jewellery taken away from the home, can be automatically covered up to $10,000 per item up to a maximum of 25% of the contents sum insured.
Will cover you for Accidental Damage or Loss and all of the Defined or Listed Events, which are stated below
Only covers you for Fire or Explosion, Lightning of Thunderbolt, Earthquake or Tsunami, Burglary, Theft, Malicious damage, Escape of Liquids from burst pipe, fixed tank, gutter or drain, Fusion, Impact by vehicle, animal, aircraft or antenna, tree, Storm, Rainwater or Wind, Glass breakage and Flood
Please ensure that you have insured both your home and contents for their full replacement value. You must also allow for things such as the cost of removing the debris, architects fees and the quality of the fixtures and fittings that you have.
The following is a comparison of different policies of some of the more common covers that are of concern to householders. Some of the most common types of claim are from fire, storm, flood and burglary, as these events often result in only a partial loss affecting only a few items, it is therefore important to consider the sub-limits of cover.
Example:
If you have a lot of jewellery do you wish to be automatically covered for $20,000 or just $1,000. It is important that you check the sub-limit of cover that applies to your particular policy.
Cover | Insurer A | Insurer B | Insurer C | Insurer D | Insurer E |
Accidental Damage | Yes | Yes | Yes | Yes | No |
Electric Burnout | Up to 15 years | Up to 15 years | Included | Up to 12 years | Up to 15 years |
Additional cost of temporary accommodation | 20% of sum insured, maximum 12 months, includes pets | 10% of sum insured, maximum 12 months, includes pets | 20% of sum insured, maximum 12 months | 10% of sum insured, maximum 12 months, pets $500 | Lesser of 10% building or contents sum insured or 12 months rental cost |
Office equipment | $25,000 in total | $10,000 per item no limit | Lesser of $10,000 or 25% of contents sum insured | $10,000 in total | Included |
Flood | Yes | Yes | Yes | Yes | Yes |
Moving address | 45 days either side | 14 days either side | 14 days either side | 14 days either side | 14 days either side |
Exploratory costs | Yes | Yes | Yes | Yes | Yes subject to approval |
Pet Vet Care | $500 in total | $750 in total | $500 in total | $500 in total | No Cover |
Temporary removal of contents from home | 25% of contents sum insured, for 90 days, worldwide | Unlimited for 90 days Australia wide & Worldwide | 10% of contents sum insured, maximum $1000 anyone item for 90 days Australia wide | 20% of contents sum insured whilst in a building or maximum $7500 anyone item for 90 days Australia wide | 20% of general contents sum insured, but significant exclusions |
Contents at home in open air | 20% contents sum insured, limit $10,000 any one | Included | $2000 per item | $5000 per item, $1000 for bikes | Limit $2000 for storm flood & theft, or 20% of contents SI for all other events |
CDs, DVDs, Videos, Digital Media, Electronic Games | Included – No sub-limit | Included – No sub-limit | Included – No sub-limit | Included – No sub-limit | No sub-limit |
Collections of contents or valuables | 25% contents sum insured, limit $10,000 any one item, pair, set or collection | $10,000 anyone item, pair, set or collection up to $20,000 or 25% of contents sum insured | $2000 per item | $5000 anyone item, pair, set of collection up to 20% sum insured | $2500 in total |
Jewellery | 25% contents sum insured, limit $10,000 any one item, pair, set or collection | $10,000 anyone item up to $20,000 or 25% of contents sum insured | $2000 anyone item up to $20% contents sum insured | $2000 anyone item up to $20% contents sum insured | $1000 in total |
Paintings, Pictures, Art Works | $25,000 | $20,000 | Included – No sub-limit | $5000 per item up to $20,000 | $2500 in total |
Rugs | $25,000 | $20,000 | Included – No sub-limit | $5000 per item up to $20,000 | Included – No sub-limit |
Liability Limit | $20 million | $20m | $20 million | $20 million | $20 million |
Un-occupancy Period | 90 days | 90 days | 60 days | 60 days | 60 days |
Catastrophe Cover | N/A | 30% increase on top of Building Sum Insured | N/A | N/A | N/A |
Tools of Trade | $5000 | $7500 | $5000 or 10% of sum insured | $2500 | $2000 theft from home only |
DEFINED EVENTS POLICY COMPARISON
Cover | Insurer A | Insurer B | Insurer C | Insurer D | Insurer E |
Accidental Damage | No | No | No | No | No |
Electric Burnout | Up to 15 years | Up to 15 years | Included | Up to 12 years | Up to 15 years |
Additional cost of temporary accommodation | 20% of sum insured, maximum 12 months, includes pets | 10% of sum insured, maximum 12 months, includes pets | 20% of sum insured, maximum 12 months | 10% of sum insured, maximum 12 months, pets $500 | Maximum 12 months, includes Pets |
Office equipment | $25,000 in total | Unlimited, $5,000 per item | Lesser of $10,000 or 25% of contents sum insured | $10,000 in total | Included |
Flood | Yes | Yes | Yes | Yes | Yes |
Moving address | 45 days either side | 14 days either side | 14 days either side | 14 days either side | 14 days either side |
Exploratory costs | Yes | Yes | Yes | Yes | Yes in Home only |
Pet Vet Care | $500 in total | $750 in total | $500 in total | $500 in total | No Cover |
Temporary removal of contents from home | 25% of contents sum insured, for 180 days, no cover in open air, theft restrictions and no AD cover | Unlimited for 90 days Australia wide, no cover in open air, no theft cover, no AD cover | 10% of contents sum insured, maximum $1000 anyone item for 90 days, no cover in open air, theft restrictions, no AD cover | 20% of contents sum insured whilst in a building for 90 days Australia wide, no cover in open air, theft restrictions, no AD cover | 20% of general contents sum insured, significant exclusions |
Contents at home in open air | 20% contents sum insured, limit $5,000 any one item | $2000 limit | $2000 loss or damage by theft or storm only | $2000 per item, $1000 for bikes | 20% of general contents sum insured, but significant exclusions |
CDs, DVDs, Videos, Digital Media, Electronic Games | Included – No sub-limit | $20,000 limit | Included – No sub-limit | Included – No sub-limit | $2500 in total |
Collections of contents or valuables | 25% contents sum insured, limit $5,000 any one item, pair, set or collection | The lesser of 25% contents sum insured or $20,000, limit $5,000 any one item, pair, set or collection | $2000 per item | $5000 anyone item, pair, set of collection up to 20% sum insured | $2500 in total |
Jewellery | 25% contents sum insured, limit $5,000 any one item, pair, set or collection | $5,000 anyone item up to $20,000 or 25% of contents sum insured | $2000 anyone item up to $20% contents sum insured | $2000 anyone item up to $20% contents sum insured | $1000 in total |
Paintings, Pictures, Works of Art | $25,000 | $20,000 | Included – No sub-limit | $5000 per item up to $20,000 | $2500 in total |
Rugs | $25,000 | $20,000 | Included – No sub-limit | $5000 per item up to $20,000 | Included – No sub-limit |
Liability Limit | $20 million | $20m | $20 million | $20 million | $20 million |
Un-occupancy Period | 90 days | 90 days | 60 days | 60 days | 60 days |
Catastrophe Cover | N/A | N/A | N/A | N/A | N/A |
Tools of Trade | $5000 | $7500 | $5000 or 10% of sum insured | $1500 | $1000 theft from home only |
These policy comparisons have been compiled as a guide only, for general reference, to highlight some of the more common features. All information is subject to change without warning and may not reflect your actual policy. You should refer to the actual policy wordings for clarification. Full policy comparisons can be provided upon request.
If you would like us to review your current policy and to compare the market for an alternative quote, please complete the questionnaire below.
WHITE Insurance Brokers 2023| All Rights Reserved | Privacy Policy | FSG | Disclaimer | Terms & Conditions | Complaints & Disputes
Made with love by Alphesda Interactive