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  • Amanda Bird

Protecting Your Belongings and Properties with Insurance

Material items and possessions make up as much of you as any property. That’s one reason to think about how you would feel if you lost any of these precious items—for example, in a flood or fire; if they were stolen; or even if they were damaged, like your favourite chair that was accidentally scuffed.


Insurance will help you in these situations, guarding against the cost of repairing or replacing those precious items. In this guide, we'll show you everything you need to know about getting insurance for your possessions.


For Homeowners


Home insurance is a form of property insurance that helps protect your most important material possession: your home. Home insurance helps protect your home and its contents against loss from unexpected disasters, such as fires, windstorms and hail.


Although homeowners insurance isn’t specifically required by law, you may find that it is a requirement if you have a mortgage.


Home and property insurance are different types of insurance that are often confused. Home insurance typically covers the house itself and the things you keep inside your houses, such as your furniture and electronics.


This type of insurance is usually required by banks and other mortgage lenders. Property insurance tends to cover your belongings outside of the house, including your car and other vehicles and property you own.


For Those Living in Strata-Title Buildings


If you live in an apartment or other type of strata-title building (meaning it’s owned by a corporation or other body), there are unique rules and requirements that you need to follow.


For instance, strata-titled buildings are subject to higher fire or water-resistant standards because it’s assumed that the building is not your personal property. Strata-titled buildings are also typically owned by a board of directors that are tasked with making decisions about the building and who, exactly, lives there.


For Renters


When you rent your home, you are still responsible for the insurance on any belongings that you have. If you have any questions regarding what type of insurance coverage you should purchase, be sure to ask your landlord, who might be willing to help you out.


If you live in a house or flat that is rented out, the same guidelines apply: You are responsible for the insurance on any belongings that you have.


If you have any questions regarding what type of insurance coverage you should purchase, be sure to ask your landlord, who might be willing to help you out.


What Can Insurance Cover?


Home insurance (and other forms of property insurance) will cover almost any type of loss related to your home. This can include both natural disasters and unexpected incidents that might occur in a home setting.


For example, home insurance will cover your building against fire or water damage, and it will also cover your belongings against theft, vandalism and even damage from a burglary. It might also cover other losses due to accidents or catastrophes.


Conclusion


Insurance can help protect you and your possessions in the unfortunate event that something goes wrong. It can help keep your finances afloat if you have to replace your belongings or pay to have your home repaired.


Talk to a Gold Coast insurance specialist to learn more about how you can protect your precious items and properties. At New Wave Insurance, we aim to help you find the right insurance for your needs. Get in touch with us today to learn more.


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