Protecting your property with a competent policy ought to be part of your long term plans. Whether you are purchasing home insurance for the first time or your existing plan requires to be renewed, having some pointers and understanding them makes your life easier and cheaper.
Being a homeowner in Australia requires more than just selecting a great house or building one. You may need to insure it and secure a long term safety plan for it to ease your future. Knowing that there are several insurance policy providers, there are some crucial things you need to know before buying home insurance.
When it comes to getting insurance, your home is divided into two, the building and its contents. Content insurance caters for your belongings, such as furniture, clothes, and electrical equipment. It covers you against damages caused by fire, earthquake, flood, or theft and vandalism. On the other hand, building insurance covers the fabric of the structure and any other permanent fixtures or built-in appliances.
When getting the content policy, you may need to get ‘new for old’ cover for your items. It means they will be replaced with a like-for-like new product instead of the amount of money which the old piece was worth.
Also, you may need to get additional covers away from your home. For instance, if you have a costly or valuable item that you use while you are out of your home like your laptop or motorbike, having motorbike insurance covers it from theft or damage when it is being used elsewhere other than around or in your house.
Also, while you are away for work or on a, your home insurance may not offer specific policies like travel insurance. These are some of the separate covers you may need to purchase. You would feel safer having your home, and yourself protected at the same time