ARRANGE HOME INSURANCE
There are a few different types of home insurance that you can arrange and it is important to understand the differences between them.
Buildings insurance is a type of insurance that covers the physical structure of the property, including the roof and exterior. Buildings insurance also includes policy extras like personal belongings cover (also known as contents insurance) and legal expenses cover.
LEGAL EXPENSES INSURANCE
Legal expenses insurance is another type of home insurance policy that covers you for any legal costs arising from a dispute relating to your home. For example, if you needed to take legal action against a neighbour over a boundary dispute, your legal expenses insurance policy would cover the costs of hiring a solicitor.
Contents insurance is a type of policy that covers your personal belongings in the event that they are damaged, lost or stolen. Most contents policies will also provide additional cover for accidental damage, such as if your washing machine sprung a leak and flooded the kitchen.
Having adequate building insurance is usually a requirement of any mortgage lender, but even if you don't have a mortgage it is still important to have buildings insurance in place. This is because, if something were to happen to your home, such as a fire or a flood, having buildings insurance would help to pay for the cost of repairing or rebuilding your property.
Contents insurance is also important to have in place, as it can help to cover the cost of replacing your belongings if they are damaged or lost. Most contents policies will also provide cover for accidental damage, which can be helpful if you are accident prone!
Landlords insurance is a type of policy that is designed specifically for landlords. It covers the property and its contents against damage, loss and theft, and it also provides liability insurance for the landlord in the event that a tenant is injured on the property.
Landlords insurance is important for landlords to have as it can help to protect their rental income in the event of an accident or disaster. It can also help to cover the cost of repairing or replacing the property if it is damaged or destroyed.
To arrange home insurance contact your local insurance broker, or visit the website of your current insurer. You can compare different options and find out more about each policy type by reading through the product disclosure statement (PDS) online before purchasing a policy.
You should also read the terms and conditions of an individual policy carefully to make sure that it meets your needs and covers everything that you need it to. Home insurance is an important safeguard for your property and belongings, so it is important to make sure that you have the right policy in place.