Home and Contents Insurance
Home and contents insurance policies provide protection for your personal assets against fire, storm damage, theft, malicious damage and glass breakage. There are several different policy types available for your Home and Contents Insurance commonly referred to below:
Defined or Listed Events
Provides cover for listed events such as fire, theft, malicious damage, glass breakage, storm damage and earthquake (generally flood cover is not automatically included and may not be available from some insurers). Includes replacement cost as new coverage even though your property or contents may be many years old.
Legal liability for bodily injury or property damage and temporary accommodation costs while your residence is being repaired or rebuilt. This is what would be considered a standard basic policy.
Accidental Damage
Provides cover for accidental loss or damage to your home or contents and includes automatic cover for personal items of contents away from home such as jewellery, camera, sporting equipment and other contents (subject to policy limits which varies from insurer to insurer).
It also includes all the cover afforded under the Defined Events Policy for listed events such as fire, theft, malicious damage, glass breakage, storm damage and earthquake (generally flood cover is not automatically included and may not be available from some insurers).
Includes replacement cost as new coverage even though your property or contents may be many years old; legal liability for bodily injury or property damage; and temporary accommodation costs while your residence is being repaired or rebuilt.
It offers a much broader coverage than a Defined Events Policy.
FLOOD
Most domestic policies now include flood cover. The definition of flood is as follows:
“The covering of normally dry land by water that has escaped or been released from normal confines of any lake, river, creek or other natural watercourse, whether or not altered or modified, or any reservoir, canal or dam”.
How do I select the right policy?
It is important that you understand the extent of your policy coverage and your insurance requirements. Policy coverage is always subject to the terms, conditions and exclusions of the insurance contract and policy wording provided by the insurer.
Each insurance company has its own policy wording. This means that coverage can vary considerably from one insurer to another. It is vital that you compare each policy based on the appropriateness of cover for your individual or business needs.
As Insurance Brokers, it is our role to understand the terms and conditions