Home and Contents Insurance: What You Need to Know

Written by Sarah Davis

June 21, 2022

Buying a home is an exciting, life-changing experience. It’s an investment in your future, your family, and your finances, and it can also be incredibly expensive. If you’re just beginning your search for your first home, you’re probably going to be looking into home and contents insurance. Home and contents insurance is designed to help protect you, your family, and your home against the unexpected, and it can save money in the long run. With the right policy, you can save money and stay protected.

1. What is home and contents insurance?

Home and contents insurance is one of the most important things to have to protect your personal belongings. It is a type of insurance that protects your home and all its contents against fire, theft, flooding, and other damage. It is essential to have this type of insurance, as it will save you a lot of money if you need to make a claim. It is important to compare the different rates and policies offered by different companies in order to make the best decision for your situation.

2. The different types of home and contents insurance

The policy is available for anyone to purchase, however, to get the right cover for your needs, we recommend you buy it from an insurance broker. The policy you need will depend on your specific requirements and the amount of coverage you are looking for. For example, did you know that not all policies cover a pontoon? If you are looking to insure your home and its contents and are unsure about which type of policy to choose, you should consider speaking to an experienced insurance broker at SB Protect.

3. How does insurance work?

The policy typically covers the structure of your home, including its roof, walls, windows, doors, and foundations. It covers the contents of your home, including personal possessions, furniture, appliances, and electronics. The insurance also covers the liability of injuries that you or your guests may suffer.
Accidents happen, items can be stolen and with the wild Australian climate you just never know what to expect. Imagine you move into your new home and a pipe burst, flooding the kitchen and damaging the floor and cabinets. It would be a huge cost for you to replace the damaged items. It would also be a huge loss to not have the ability to cover the cost of the repairs. By having home and contents insurance, you can be sure that you will be covered if something were to happen.

4. Calculating the cover required?

Home and contents insurance protects your property, and other personal possessions, but how much cover do you need?
If you own your own home your mortgage lender will typically insist on a suitable level of home insurance cover. It is usually cheaper to purchase the home and contents as a bundle.
Here are some helpful tips to making sure that you are fully covered.
• Calculate the cost to rebuild your home from the ground up. You don’t need to include the land value.
• Work out how much it would cost to replace your fixtures and fittings
• Take photos of your valuables and receipts to prove their value
• Take a video of your home (inside and out). This will help you, your broker and the insurance assessor should you need to make a claim.

Get the right policy for your home and contents through SB Protect Insurance Brokers. Visit sbprotect.com.au or call (07) 5572 0912.

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