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Bushfires, earthquakes, cyclones, storms and floods – it feels like we’ve already seen it
all. But unfortunately, natural disasters will always be a part of life down under, particularly over the warmer months. In the land where emus can win a war (seriously, look it up), knowing your house is covered for the unexpected is more important than ever before.
But every insurance company covers different things, so make sure you check your policy to see exactly what’s included in yours. Tailor your home and contents to suit your needs so those awkward tan lines or back up raincoat will be the only things you need to worry about.
What types of home insurance are there?
There are a few different types of home insurance products which cover different things:
- Home insurance
- Home and contents insurance
- Contents insurance
What can each of these cover?
Home insurance
Home insurance, also known as building insurance or sometimes even house insurance, can cover your home.
Home and contents insurance
Home and contents insurance, sometimes known as house and contents insurance, covers the building you live in, plus most of the stuff you’ve got in it. So, if anything ever happened to your home or your things, a lot of it could be covered.
Contents insurance
Contents insurance can cover your household and personal items that you own or are legally responsible for and which are used primarily for domestic purposes. Maybe you have some pretty valuable items at home? A prized signed sports jersey? Or maybe an obnoxiously big gold chain? Some contents items may have maximum limits under the standard cover, so it’s worth checking the Product Disclosure Statement. It may be possible to individually add these items to cover them for a higher amount than the standard policy limits.
Plus, if you want to take these sorts of valuables away with you when you leave home, you might need additional cover. Check your policy to be sure that obnoxious gold chain will be covered if you take it out on tour.
How do you know what’s covered in your home insurance policy?
There’s no better way than to do your research. Check the Product Disclosure Statement for all the juicy details on standard cover, optional covers, limits and exclusions. Some additional benefits which you feel are needed may come at an extra cost. For example, if you’re a landlord, you can check if you have landlord options and other benefits available to you with your home insurance. Then you can find out if you’re covered if your tenant has a wild party (fun) that destroys your place (not so fun).
But most importantly, with changes in seasons, you’ll want to see if your home and contents insurance will cover you for some of the things a season can bring:
- Fires
It’s not just the All Blacks that will be a constant threat to us down under. Sadly, bushfires (and even grassfires) may always be a thing– but not being covered with suitable home and/or contents insurance doesn’t have to be. - Storms
You can postpone that trip to Wet’n’Wild for a while because things have been pretty wet. And packing your brolly isn’t the only smart thing you can do to prepare. Make sure your home insurance covers some of the heavy rain or high wind action La Niña has been treating us to. - Floods
For extra peace of mind, you might want to consider flood cover. For some covers this is an optional extra which may come at an additional cost, and is worth looking into if you’re worried about the risk of floods where you live. Be sure to understand the definition of what a flood is if it is covered within your policy.
So what’s the best home insurance for you to choose?
When you compare home insurance products, remember that the cost of the policy doesn’t determine whether it’s the best option. Check out the policy cover, limits and exclusions for each product to help you find a policy suited to your individual needs.
ING Home and Contents Insurance is issued by Auto & General Insurance Company Ltd ABN 42 111 586 353 AFSL 285571 as insurer. It is distributed by Auto & General Services Pty Ltd ABN 61 003 617 909 AFSL 241411 (AGS) and by ING Bank (Australia) Ltd ABN 24 000 893 292 as Authorised Representative 1247634 of AGS. ING is a business name of ING Bank (Australia) Ltd (ING) .
ING will receive a commission from AGS for each policy purchased which is a percentage of the premium. For further details see the Financial Services Guide.
An ING Insurance policy issued does not represent a deposit with or liability of, and is not guaranteed or otherwise supported by, ING or its related bodies corporate.
ING Home & Contents Insurance is subject to AGS ‘ underwriting criteria and ING’s Customer Eligibility and Name-Screening Assessment. Home & Contents Insurance is not available in NT, North QLD or Northern WA.
Information in this article is general information only, and does not take into account your particular objectives, financial situation or needs and needs and you should consider whether it is appropriate for you having regard to these factors before acting on it. Conditions, limits/sub-limits, waiting periods, exclusions and excesses apply. Read the relevant Product Disclosure Statement, Target Market Determination, Key Fact Sheets, Financial Services Guide and the ING Customer Eligibility and Name-Screening document and consider if an ING Home & Contents Insurance product is right for you before deciding to purchase or continue to hold the product.
The price we quote is at the insurer’s sole and unrestricted discretion. It is based on the profile of the risk to be covered and any other factors the insurer may choose. These factors may change at any time without notice, as may the prices. If the policy renews, the price may exceed the price paid for the previous policy. Premiums are subject to change. You will be responsible for all applicable GST and other statutory charges.