Most building policies cover the main building, its garage and the other outbuildings, walls, gates, fences, driveways, verandas, patios, in-ground pools and landlord's fixtures and fittings.
Contents include all your personal belongings including carpets and curtains. Many policies have differing limits on jewellery and personal valuables which can limit the cover to your home and not provide cover whilst it is away from your home.
Austbrokers Coast to Coast will also provide guidance on whether you should pay a slightly higher premium and obtain an "Accidental Damage" policy that covers all types of accidental damage including flood.
Home and contents insurance is important cover and should be considered by all consumers. It seeks to cover the insured for damage to their home as well as the contents of the home.
Consumers should ensure they have appropriate level of cover for their home to ensure they are not underinsured. Insurance cover should always match the replacement cost of the property. Underinsurance could result in consumers paying the gap between their insurance pay-out and the building costs.
Contents insurance should be considered by all consumers, including tenants and renters, who often neglect to insure their household items. It has its limits and consumers should contact their insurer if they have any special items they would like insured separately, such as expensive jewellery or works of art. The Product Disclosure Statement (PDS) will outline the limits and exclusions of the policy.
Consumers should regularly review their contents and update their policy where appropriate. Maintaining an inventory of household items can assist if the policyholder does need to make a claim.
Underinsurance is a serious issue for any policyholder and could result in consumers paying the gap between their insurance payout and the cost of rebuilding. Consumers are responsible for the appropriate valuation of their property for their insurance policy and should contact their insurer if they have any questions.
Any renovations or alterations could affect the insurance value of a property, therefore property owners should review their policy each year and update it if appropriate, and ensure their property is well maintained.