AB Insurance Solutions have provided you with useful tools to help determine the approximate amount of cover you would need for your home and its contents:
The handy home building calculator can help you work out the replacement value of your home.
The handy home contents calculator can help you work out the value of your assets.
Listed events insurance
A basic home and contents insurance policy is one that pays for damage to, or loss of, your home and personal possessions while they are within that home. This type of policy is also known as a “listed events” or “defined events” insurance policy, as it covers the listed event in the policy only. An example of events covered include:
- Malicious acts
- Breakage of glass
- Water damage.
Accidental damage insurance
Accidental damage insurance provides full accidental loss or damage to your home and contents, wherever you are in the world, unless excluded in the wording of the policy. This may give you insurance coverage should your possessions be outside your home when they are lost or damaged.
Examples of items and events you would be covered for include:
- Spillages on floors
- Lost or accidentally broken phone or other mobile device
- Dropped camera
- Stolen handbag whilst shopping
- Lost watch
- Mobile phone dropped into toilet (it happens more than you’d think!).
Insurance companies often put limits on valuable items, usually between $5000 and $10,000, depending on the type of policy you choose. To have items valued over the limit covered for their full value, you must specify the item and often a valuation certificate is required.
Examples of valuable items commonly insured over the limit covered include:
- Items containing gold and silver
- Collections of coins or stamps
- Works of art and paintings.
It is important to consider the items you currently have and need for your own personal circumstances, and ensure you read the product disclosure statement (PDS) prior to making a decision about your home insurance.