House  House Insurance

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Who needs it ?
Any person who owns a house which is mortgaged (the terms of all mortgages state that you must keep the property fully insured), or if not mortgaged, could not afford to replace the building in the event of loss or damage by fire; earthquake; storm and tempest; impact by vehicles or any other defined events covered in the standard Building insurance policy.

Overview

 The Building is generally defined as:
The domestic dwelling, verandah, carport and garages, fences and gates, sheds, granny flats, in-ground swimming pools, spas, sauna, tennis courts, sealed driveways, sealed paths, retaining walls, fixed glass and ceramic sanitary items, built-in stoves, cupboards and dishwashers, hot water service, and ducted and built in air-conditioners.

Generally speaking, the Building is covered for fire; earthquake; storm and tempest; malicious damage; explosion; and impact by or arising out of the use of a motor vehicle, aircraft or waterborne device, space debris or debris from an aircraft, rocket or satellite, falling trees or branches. In the event of damage or total loss you are also covered for removal of debris, architects' fees and temporary rental accommodation during repairs or rebuilding.


Not sure how much it would cost to replace your home? Click here to access an easy to use calculator.

 Frequently asked questions

 Q. Are fences covered if they are blown down or damaged in a storm?
A. Generally speaking, they are covered as long as they are free standing erected to manufacture's instructions are not timber and are not over 15 years old. They are covered, if for example, they are hit by a falling tree in a storm.

Q. Is the condition of my property likely to affect a claim?
A. Yes. You must maintain your property in good condition. If lack of maintenance leads to a claim, the insurance company may reject all, or part of your claim.

Q. Am I covered for wear and tear on the property?
A. No.

Q. If I sell my property should I cancel the insurance immediately?
A. No. It is good practice to keep the property insured until settlement has taken place.

Q. If I cancel my insurance part-way through its term do I get a refund?
A. Yes a full refund for every day unused.

 Q. Is there an excess on my policy?
A. Generally speaking, yes. This excess varies from company to company.

Q. When valuing my property, what should I take into account?
A. Your valuation should take into account the following costs which could be incurred in the event of a claim:

1. the rebuild costs for a property of your type and style
2. the cost of removal of debris and architects' fees
3. the replacement cost of all outbuildings, carports, verandahs, pergolas, fences and in-ground pools etc
4. the cost of temporary accommodation, for you and your family, while your property is being rebuilt or repaired

Disclaimer: The above advice is of a general nature. For more specific information please read your policy document or contact our office for advice.