Home Insurance easily explained.
For most Territorians your home and its contents is your most significant investment and it makes sense to protect your major asset. There are 2 main types of Home and or Contents cover available with all insurers:
This cover offers you a basic range of protection for your building and / or contents against loss or damage. It gives you the reassurance that your building and / or contents are adequately protected against events such as fire or explosion, flood and or cyclone, storm surge and or lightning, earthquake, theft or attempted theft, rainwater or wind damage and impact.
Listed events cover is the cheaper of the two main covers and provides you with the peace of mind that in case of a severe event your assets will be covered.
Accidental Damage cover offers you a broad range of protection for your building and / or contents against accidental loss or damage. It gives you the reassurance that your building and / or contents are adequately protected not only against events such as cyclones, floods, fires, burglary and storm surge but also against accidental loss or damage. Accidental damage often offers protection for your contents away from the home, Australia wide or elsewhere in the world, some limits apply.
Additional, specified and valuable items.
Many insurers will have sub limits for particular valuable items such as jewellery, bicycles sporting and musical equipment. It is important to ensure you are covered for these items for the full value and as such there is two options to ensure they are adequately covered;
This option provides increased cover for particular items of higher value while inside the specified home insured. This option can often be taken with no extra premium applied and ensures you will receive the full value for your items.
If you plan on taking these items away from your specified home insured then valuable items cover is the ideal way of insuring the full value of your valuables against a wider range of events, including accidental loss or damage at or away from your home and even overseas. This option generally incurs a slight increased premium but provides peace of mind that your items are fully covered.