Are all Home Insurance policies the same?

No there are (2) two very different forms of cover available within the home insurance market. There is the standard Listed Events cover available from most Insurers as well as the more comprehensive Accidental Damage cover.

Why place your insurance needs in the hands of an Insurance Broker?

An Insurance Broker by legislation must act in the best interests of his or her client at all times. They are also in a position to advise on a wide range of insurance products from various Insurers that best meet the needs of their client. 

Can an Insurance Broker assist with my claim?  

Insurance Brokers are able to assist clients with the lodgement of their claim which for some people can be quiet daunting. They are also able to offer assistance to their client’s if they have a claims dispute with an Insurer. Within the insurance industry there are a number of dispute mechanism’s available to the Insuring public which an Insurance Broker is certainly able to offer assistance.  

Are all Insurers the same?  

It is important that you deal with Insurers that are registered with APRA. As is the case with business in general some Insurers handle claims more fairly and efficiently than others. Your broker who has had dealings with many Insurers is best able to advise you in this area. Unauthorised Foreign Insurers do operate in Australia and in many cases provide a service to clients that can not be met by APRA approved Insurers. You should however check the financial security of these Insurers who may not be able to meet your claim in the event of a loss.  

Should I insure my motor vehicle for Market value or Agreed Value?  

In most cases an agreed value policy will provide for better cover in the event of a total loss of your vehicle. The value is set by your Insurer at policy inception and renewal time. This will provide you with certainty of policy settlement in the event of a total loss. Market value may well be the same amount at policy and renewal inception however over the 12 month period of cover the value of your car may well reduce significantly.  

Can I expect to receive the same claims settlement from all home contents Insurers?  

Certainly not. Take the case of a household burglary where the following items are stolen. Cash $700, diamond ring $5,000, gold bracelet $3,000 DVD’s and CD’s $3,000. In this case one of Australia ’s best known Insurers they will pay a total of $3,000 compare this to another Insurer who will meet the full cost of the items stolen.  

What information is required following a burglary of home or business contents items.  

Insurers will require proof of ownership as well as valuation in the event of a claim. This is best provided by submitting a valuation for items such as jewellery or in the case of say electrical goods a receipt for purchase or a manufacturer’s product booklet. Photographs of these items may also be of assistance in proving your loss. Storing of this information with computer programs such as Ezisafe can also be of assistance. See website www.ezisafe.com.au.  

How much should I insure my home for?  

To get a completely accurate replacement value you should consult a builder or property valuer experienced in building homes similar to your own. You should also allow for the costs in removal of debris following a loss as well as provide for increased costs that may occur during the currency of cover. It is also wise to allow for the increased costs that may occur in a catastrophe situation where builders are hard to obtain. 

Do all home and contents Insurers offer flood cover in their policies?  

No they don’t as was seen in the 2011 Queensland flooding. All Insurers do however offer cover for water damage when the damage is caused by storms damaging roofing or water damage caused by leaking or overflowing of pipes or gutters. If your home is located near a river, creek, lake or other water course you should request that flood cover be included in your policy.