HOME, STRATA and CONTENTS INSURANCES
HOME INSURANCE OPTIONS EXPLAINED
DEFINED EVENTS vs ACCIDENTAL DAMAGE COVER
Defined events or listed events policies define the events that the policy will respond to; such as a fire or storm as examples. Accidental Damage policies have a much broader level of cover and don't rely on a specific described event.
All insurers have specific sub-limits that they pay for certain items. These items are usually costly and valuable items such as jewelry, art works, 'collections'... think wine or LP records; some electronics and high end photographic and sporting equipment. This is not by any means an exhaustive list and each insurer has different limits, but basically let's say cover for jewelry items might be limited to $1,000 per set or item on a particular policy. Regardless of the overall sum insured and the value of your 1.5Ct diamond wedder and engagement ring set, the most the insurer will pay in this example if the ring is stolen or damaged is limited to $1,000.... Ouch!
To avoid being seriously out of pocket and very disappointed...it is best to specify precious or expensive items where a sub-limit applies. In addition...If you work from home and use specialised equipment it can often be far more cost effective for insure this equipment on a business pack rather than specifying these items on a home policy. In some cases your business equipment will have limited or no cover under your home policy. Talk to us about your options...what have you got to lose?
CONTENTS - REPLACEMENT vs NEW FOR OLD
Replacement value relates to the value of an item - depreciated for age and condition. Where as 'new for old' means that the items is replaced at todays value.
Most insurers offer 'new for old' cover but it is important to insure for the actual replacement value at todays cost to avoid being underinsured and out of pocket..
RENTERS CONTENTS and LIABILITY
Many tenants don't bother with insurance believing that they can absorb the cost if something happens to their possessions. Many are also not aware that their possessions are not actually cover by the landlords insurance.
Renters Contents Insurances covers your belongings as well provides cover for your Legal Liability. Even if your possessions aren't worth much, if someone injures themselves in your rental property they may be able to sue you for damages.
Get a Renters Insurance quote here.