One of the biggest purchases you may ever make in life is buying a house. No matter how big or small, it helps us feel secure while providing a place to retreat from the hustle and bustle of everyday life.
Such an important investment deserves the best possible protection against accidents, burglaries or other unexpected events. No matter what happens or doesn’t happen, the right home insurance policy can give you peace of mind that you'll be looked after if anything does happen to your home.
So when it comes time to buy home insurance or to renew it, consider these three things to ensure you’re taking out the best policy.
Consider what you need for buildings insurance
You know you need home insurance, but do you know what you need it for? In addition to basic building coverage against theft, fire, storms and intentional damage, you may also need:
- Tenants liability
- Pet injury
- Contents in storage
- Mobile phones
- Tools of trade
- Fixtures and fittings upgrade
All of the above can often be purchased as optional extras with your building insurance, so consider ahead of time whether you’ll need them or not.
Consider what you need for contents insurance
Your buildings insurance will protect your actual house, but what about all the things inside that make it a home? Contents coverage provides protection against a range of things such as:
- Contents outside
- Food spoilage
- Locks and keys
- Contents in transit
- Cover while you move
- Tenant’s liability
Assess your situation and determine what you need coverage for. If you find your needs are quite extensive, speak with your insurer about a total buildings and contents policy.
Read the PDS
Nothing’s worse than assuming you’re covered in a certain way and then finding out otherwise. Policy disclosure statements (PDS) are critical for understanding the ins and outs of your home insurance policy, and yet a report from the Insurance Council of Australia reveals that just over half of Aussie homeowners actually read it. Visit your insurer’s website to download a copy so you’re aware of things like exclusions, the cooling off period and responsibilities for cancelling or renewing your policy.
Ready to start shopping around for home insurance? Start a quote to see how much you could save.