What does home insurance cover?
Plain-English guides to what’s included, what’s optional, and what’s excluded on Australian home and contents insurance.
Does home insurance cover flood?
Flood is one of the most important — and most misunderstood — parts of an Australian home insurance policy. Since 2012 insurers have used a standard definition of "flood" (the inundation of normally dry land by water escaping a watercourse, lake or reservoir), which made cover clearer but also let insurers price flood risk precisely by address.
What is accidental damage cover on home insurance?
Accidental damage cover pays for sudden, one-off, unintentional damage to your home or belongings — the kind of everyday mishap a standard policy won’t cover. Think a foot through the ceiling, a dropped TV, or spilled paint on the carpet.
Does home insurance cover water damage?
Water damage is one of the most common home insurance claims in Australia, but whether you’re covered depends on how the water got there. The key distinction is sudden vs gradual.
Does home insurance cover storm damage?
Storm damage is one of the most frequent home insurance claims in Australia, and good news: it’s a standard inclusion on virtually every building and contents policy.
Does home insurance cover fire and bushfire?
Fire — including bushfire — is a core, standard inclusion on Australian home and contents insurance. Given the country’s bushfire exposure, it’s one of the most significant risks insurers price for.
Does home insurance cover theft and burglary?
Theft and burglary cover is a standard part of contents insurance, and damage caused by break-ins is usually covered on the building side too.
What does contents insurance cover?
Contents insurance covers your belongings — the things you’d take with you if you moved — against insured events like theft, fire, storm and water damage. It’s the natural companion to building insurance, and the only cover renters really need.
What does building insurance cover?
Building insurance covers the physical structure of your home and its permanent fixtures against insured events like fire, storm and impact. If you have a mortgage, your lender will almost always require it.