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What is homeowners insurance and why is it important?
Homeowners insurance can cover you for both your home’s building and contents in the case that they need repair, rebuilding or replacement after an insured event. This includes protection from unpredictable weather and the impacts of cyclones, floods, storms and bushfires. Homeowners insurance also protects you against things like theft, damage and legal liability.
What am I covered for?
Homeowners insurance covers your home and/or contents against loss or damage as a result of an insured event. For a full list of the insured events we cover, please refer to our PDS.
How much should I insure my home for?
We aren’t able to provide you with advice on the replacement costs of your home or how much to insure it for. Instead, we use the information you give us and data sourced from third parties to suggest an amount of cover you should have. You should use this suggestion as a guide only.
When considering how much you should insure your home for – often referred to as the sum insured – you should include the full cost to rebuild your home, including the cost of structural improvements on the property. But don’t include land value. Our policies include an allowance for demolition and site clearance, as well as professional fees. You should also consider increased building costs to meet stringent local council building requirements. If you are unsure of the replacement cost, a builder or architect may be able to assist you.
We recommend that you use a home building calculator to determine independently an appropriate sum insured for your needs, which you can then compare to the guide provided by us during your quote.
How is my premium calculated?
Your premium is based on a number of things, including:
- What you choose to insure and how much you choose to insure it for
- Where your home is and risk information specific to your location (e.g. the likelihood of a flood, cyclone or bushfire, or crime rates in your suburb)
- Features specific to your home (e.g. building materials, the age of the building, and security features)
- The excess amount you have chosen
- Your age
In most cases, the higher the risk of loss or damage, the higher the insurance premium. The chance of loss or damage is different for everyone, so we calculate your premium based on your individual circumstances.
Can I get building insurance if my home is under strata title?
Normally, we can’t insure homes under strata title. They’re insured under a body corporate. There are a few instances where we can offer building insurance for strata title properties. We may also be able to offer contents insurance to cover any eligible fittings and fixtures that aren’t covered as part of the strata insurance. If you are unsure, give us a call on 132 888. Our team will be happy to chat things through with you.