Home and Contents Insurance primarily provides protection for your buildings, the contents within, and your personal liability. You have the option to choose whether to have a buildings policy, a contents policy or a combined buildings and contents policy.
The home component covers your residential buildings, and their fixtures and fittings, including any structural improvements. The contents Insurance covers household goods or any personal items you own that are not fixed to your buildings.
You may also include a Home and Contents Insurance Policy to have protection for your personal valuables when away from your home, this cover includes anywhere in Australia, or the World.
Valuables include items such as jewellery and watches, items that contain gold, silver, precious stones, furs, stamp collections and battery powered items such as electrical devices, laptops, and camera gear.
There are commonly two levels of cover available:
- Defined Events
- Accidental Damage
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Broadly speaking, defined events are a list of situations and events (which cause damage to your home and/or contents) that you’re insured for. All other ‘events’ are typically excluded from cover.
Defined events may vary between policies. Some of the listed events covered may include burglary, burning out of an electric motor, earthquake or tsunami, fire or explosion, impact damage, landslide or subsidence, lightning, storm, flood, rainwater or wind, theft, vandalism and water damage.
Accidental Damage cover provides a greater level of cover for your buildings and contents. In addition to the listed events covered in a Defined Events policy, it also covers you for any accidental loss or damage to your buildings and contents.
An example of this may be if your 98’ tv fell off the wall, or your carpets were ruined when you dragged the furniture across them.
A lesser-known section of your home and contents policy is the personal liability section. This section will cover the policy holder for claims against personal injury or property damage that the insured may become liable for. It’s very similar to the way a Public Liability policy may respond for a company, but in this case, the insured is the individual.
R&M has extensive knowledge and experience with placing client’s home and contents policies and will source the right product to suit your needs.