Renting a house in Australia means that you do not have to worry about protecting the house since it would be the work of your landlord. However, the insides of your home, specifically your belongings, may not be protected.
This is where contents insurance plays a role. In this article, we talk to you about what contents insurance is and why you should apply for it.
What Is Contents Insurance?
Contents insurance is the insurance made to cover the contents of your home or your belongings. This insures them in case of damage, loss, accidents and more. Even if the house you live in is not yours and not insured under your name, your belongings can still be kept safe.
While some people may think that they will never get to the point where their belongings are damaged, you may never know. Even if each individual item does not feel like it will cost a lot, the added cost may be more than you think.
This is why contents insurance is important. It helps you recover from any loss of items, especially expensive ones like appliances. If you have not considered getting contents insurance, you should for your own good.
What Are The Types of Contents Insurance?
There are two types of contents insurance. One is more for monetary compensation, while the other is to help with item replacement.
The first type will give you some money for the value of the item with the depreciation. The insurance company will assess the sum by placing a preferred value. While this insurance may be cheaper, it can also give you less money than you would expect.
The other type will cover the full replacement value of the item. With this, you may end up with an item that could even be higher in value than the one damaged or stolen. However, you will have to pay more for this kind of contents insurance.
Standard Contents Insurance Covers
Your insurers will usually have a list of incidents that would be covered by contents insurance. These usually involve transportation damage, damage during building repairs and other events. Aside from these, there may also be optional covers that you can add to the insurance.
Some examples of optional covers would be accidental damage, flood protection, motor burnout and more. Adding these optional coverages will cost more, but it will also add more protection for your items.
However, it is important to also take note that contents insurance will have its own exceptions. Some exceptions will include any fixtures of the home or the building itself, contents lawfully seized, items lost due to malicious intent and any other personal neglect of your items.
So, even if you do have contents insurance to cover your items, you must still be careful. Make sure to take a lot of security measures and precautions for your items. This way, even if a situation arises, it can still be covered by the insurance because there was no personal neglect.
Getting contents insurance will help you sleep at night peacefully, knowing your items are always protected. Keeping your items insured will save you a lot of trouble and money in case an incident happens. If you do not have contents insurance yet, this is your sign to get one.
If you are interested in getting a home & contents insurance, New Wave Insurance has the plans just for you! We can help you look for the best insurance to accommodate all your needs and your budget. Consult with us today and keep your belongings protected!