Compare House Insurance policies
When you first look at insuring your home or contents, you might benefit from understanding and comparing the different types of policies offered by Australian Insurers.
Accidental damage – House Insurance
Accidental Damage policies usually cover any loss or damage that is not specifically excluded under the policy along with any Additional Benefits provided.
Some insurers do not offer Accidental Damage policies, so before arranging a policy you should check with the insurer to see what type of policy they have quoted you.
Defined Events – House Insurance
Defined Events policies cover those events defined (or listed) in the policy along with any Additional Benefits all subject to policy exclusions.
Some Insurers may offer Defined Events cover with an option to upgrade to Accidental Damage for an additional premium. These events may include Burglary, Theft or Housebreaking, Fire, Lightning and storm damage and Wind, however a defined event policy probably won’t cover costs like Statutory or Government Charges Rebuilding Costs, Documents in a Bank Vault, Storm Surge, Tsunami and Visitor’s Contents.
They generally also exclude Claims Preparation Fees.
Some Insurers package their defined events policies as Fire and Theft Contents Insurance
What about House Insurance Claims Ratings?
According to Stephen Sloan a broker from Insure 247, you should also consider an insurers claim rating prior to making a purchase, “It’s only when thing go wrong, that you appreciate the value insurance”, “Money saved at the time of purchase may seem insignificant if your claim is declined or the payout reduced”.
” In the event of a catastrophic loss, your insurers ability to pay out the claim in a quick and timely manner, becomes a priority”
If you are still unsure speak to a broker on 1300 046 787
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