Domestic Insurance

Types of domestic insurance to consider

Domestic Insurance

Home & Contents Insurance: For many people, their home is the biggest and most important investment they will ever make. Not only does the home represent a huge financial investment, it also carries great emotional value. It makes sense to insure properly to prevent unexpected and unavoidable financial disasters caused by events like fire, storm or burglary. In Australia an estimated 31% of homes are uninsured. Of those who are insured, 43% are severely underinsured.

If you work from home, you may need separate or special cover for your business, because risks related to some businesses are not usually covered by home policies.

Building Insurance: Building policies are designed for the main dwelling, garage and other outbuildings and gates, fences, drives, in-ground swimming pools and landlord’s fittings and fixtures. This should nearly always be based on reinstatement and replacement, meaning “new for old”. Policies can be arranged on an Accidental Damage contract or on a Defined Events basis. Accidental damage cover is usually more expensive because it provides a broader cover.

Contents Insurance: Contents insurance can be included with Building insurance or purchased separately, depending on who owns the building and the contents. The same options for type of cover as for building insurance need to be considered.  Most policies provide replacement cost as new for all contents. The cost of replacing furniture, carpets, personal possessions, etc. can be substantial and care should be taken when deciding on what to insure and for how much. Items like jewellery, electronics equipment, artworks, antiques, collections have policy limits on how much can be claimed unless otherwise stated. There is usually an option to cover valuables and list expensive personal items such as jewellery etc. If you’re travelling overseas you should always consider purchasing travel insurance to cover baggage, clothing, etc., and other issues like medical expenses. 

Farm: We can assist you find the best farm insurance solutions for all rural properties including hobby farms, farm equipment and machinery, crop insurance, farm buildings, home and contents, farm vehicles, livestock insurance and more.

Landlords Domestic: A packaged policy offering cover for Property (including fixtures and fittings), Loss of Rent, Rent Default, Money, Glass, Machinery, Taxation Audit, legal Costs for OH&S Breaches and Liability. The policy can be designed for each type of owner and according to the occupation/s.

Leisure Travel: This policy is usually a trip by trip cover but can be arranged as an annual policy. It covers those named and their dependant children for the duration of their holiday and cancellation prior to departure. The policy includes Global Assistance, Loss of Baggage, Loss of Deposit, Medical Expenses and other benefits. (click on link)

Personal Liability: Most contents policies automatically provide this cover. A third party could sue you for committing a negligent act that causes personal injury or damage to property. The protection excludes immediate family members and extends to anywhere in Australia. An example is an injury to a swimmer who is struck by your child on a boogie board.

Property Owners Liability: Most building insurance automatically includes property owner’s liability insurance. This protects you should you be sued by another person who has been injured or has their property damaged whilst on your property in circumstances for which you are responsible. For example, a person (not a family member) falls down the stairs and injures themselves because the handrail gave way. The policy does not usually cover people who work in your home, such as cleaners or contractors.

Prestige Home and Contents: High net worth individuals have different needs and these policies are similar to domestic home but have higher limits and some additional benefits to cater for large homes with expensive contents and valuables.

Private Motor: Insurance for damage to your car, and other people’s cars and property. As there are so many insurance companies and types of policy available, it is important you understand the basics before you make any buying decision. Price and detail of coverage varies from one company to another, so using a broker can be a great benefit. There are four basic covers:

  1. Comprehensive: Insures your own car no matter who causes the damage and also covers damage caused to third party vehicles or property.  If your car is under finance, this cover will usually be insisted on by the finance company so that their interests in your car are protected.
  2. Third Party Property Damage: This insures your liability for damage to another person’s vehicle or to the property of others (a fence, for example) if you caused the accident. It covers both the damage and if necessary, your legal defence. It does not cover any damage to your own car. If you decide you don’t want or can’t afford comprehensive insurance, undoubtedly TPPD is a vital insurance to have, because a big claim for which you are liable could easily bankrupt you, or a smaller one put unexpected financial pressure on you.
  3. Third Party, Fire and Theft This insures the events as in third Party Property above, as well as fire and theft to your own car. It also insures damage caused if the car is stolen.
  4. Compulsory Third Party (CTP) This compulsory cover must be taken out when you register a car. It protects you against claims made by third parties for personal injuries and attendant legal costs, arising out of the use of your car when the person in charge of your car was at fault. Commonly referred to CTP, you must take out this insurance otherwise you cannot register any road vehicle. For more information go to the Roads and Traffic Authority website in your state.

Boats and Caravan: Similar to Motor insurance these policies are specialist covers for the items in this category. There are many different types of Boats and Caravans and they need to include different aspects of cover based on the individual item.

Strata: Similar to a domestic landlord but a packaged policy specifically for Domestic Strata Properties, offering cover for Property (including fixtures and fittings), Loss of Rent, Voluntary Workers, Fidelity Guarantee, Glass, Machinery, Office Bearers Legal Liability, legal Government Audit Costs and Legal Expenses, Lot Owners Improvement and Liability. The policy can be designed for each type of owner whether owner occupied or tenanted.