Are you well prepared for property damages in case of natural or human-made disasters in your home? Use this guide to master a few tips in accessing the best home and content insurance policies.
More than often, natural and human-made disasters find people unaware. Though forecast may have the ability to predict some, there are those such as fires and theft that come with no prior warnings. This is why if you are a homeowner or you own property in a rental home, you need to consider home contents insurance.
Content insurance covers anyone with property in a home in Australia, whether the house is personally owned, a rental or owned by the bank. On the other hand, home insurance only applies to people who own homes or their banks do, courtesy of having a mortgage. If your property is for commercial use then commercial property insurance should be your go to service.
Some policies allow you to separate the cover you buy for your building and one for your belongings. Others advise that you buy a policy that covers both. Your preferred option depends on whether or not you own the building. However, though the combined policy might cover both, you still assign different amounts for different specifications.
Some of the most common risks covered in a home and contents insurance include fires, floods, theft or any attempt thereof, impact damage, broken pipes, lightning and earthquakes, among others. All these have to be proven as accidental damages before a claim is paid off.
To consider the best claim, you need to look at the costs and type and strike a balance between the two. If you are under-insured, a safety net might also be a reasonable consideration. A safety net is a partial payment; in many cases, up to 30% of the total damages. Else, you should consider the sum insured which pays for all costs as agreed per signing of the policy.