CONTENTS POLICY - COVER
typical home contents policy has the following cover:
contents for replacement value often with limits to the cover under
general contents including computer software, jewellery and watches.
There are also limits to collectables such stamps and medals.
However, you can extend the limits on jewellery, watches and
collectables inside your home by listing the individual items and
their replacement values. These items become specified jewellery,
specified watches and specified collectables.
items in a typical home contents policy.
your policy note “items that are not contents” eg animals.
generally allowed for contents belonging to you and your family if
the contents sustain loss or damage as a result of the incidents
described below. There are different levels of cover depending on
where the contents are.
typical home contents policy will cover the cost of
repairing or replacing certain glass items and the cost to reconnect
any electrical components where electricity is connected to the
damaged item. Note exclusions such as a TV set or where glass is
typical policy will not cover damage by animals including rodents.
typical policy will cover loss or damage caused by subsidence or
landslide that happens immediately as a result of the earthquake,
water (depending upon where it escapes from), explosion (there must
be physical evidence of the explosion), loss or damage caused by
subsidence or landslide that happens immediately as a result of the
explosion. But the company will not pay to repair or replace the item
of the above are subject to qualifications and restrictions which
should be stated in your insurance policy. Compensation for fire is
also subject to restrictions such as not covering bushfire until 48
hours after the start of the policy. Importantly a typical policy
will not cover scorching or melting where no fire would have
resulted. The company does not pay to repair or replace any heat or
fire resistant item if it ignites.
under a typical policy is available loss or damage caused by the
impact of certain items such as a branch or tree (but not for loss or
damage caused by felling or lopping a tree on the site), leaking from
a fixed heating system or sealed portable heater, lightning, certain
malicious acts, riots, civil commotion, or industrial or political
disturbances (within the first 72 hours), storm (subject to
conditions and time restraints), theft under certain conditions,
spoilage of food .
of the above are subject to exemptions and conditions such as time
restraints and location of the insured property. Therefore, you need
to check your policy to determine such exemptions and conditions.
most a typical policy will pay is 10% of the sum insured for general
contents. A typical policy will not cover jewellery (including
specified jewellery), watches (including specified watches),
collectables (including specified collectables), cash, tools of
trade, mobile phones and pagers, computers and their equipment and
the cover will subject to exemptions and conditions which are stated
in your policy. Note particularly exemptions and conditions when the
house is vacant and where you are in transit or moving houses.
For a Policy to
cover your contents at your new home:
- you must tell
the insurance company details of your new home within 14 days from the
day you start moving.
- the company
must agree to cover your contents at your new home; and
- you must pay
the insurance company any additional premium the company may ask for.
typical insurance policy will cover general contents in storage when
they are damaged as result of an incident above from damage to
animals to theft or attempted theft . However, you must tell the
insurance company beforehand:
- that you are
storing general contents.
- the items you
are storing and the sum insured.
- the storage
the company agrees, it will send you a current certificate of
insurance confirming your cover. The most a typical policy will
pay is the sum insured for general contents in storage shown on your
current certificate of insurance. The storage cover will
exclude a number of items such as cash and jewellery.
COVER FOR PROPERTY OWNERS UNDER A STRATA OR UNIT TITLE SCHEME
your home is a strata title or similar scheme property and is damaged
by one of the incidents described above from damage to animals
to theft or attempted theft , a typical policy will cover
built in furniture, kitchen cupboards, stoves, hot water services,
and shower screens.
the policy will not cover items if they are covered by other
insurance, part of common property, or outside the walls of your
home. The replacement value of the unit is covered by the owners
corporation insurance policy but not that under a typical policy it
will only cover improvements that has been notified by you to the
owners corporation. Therefore, to make sure you are fully covered for
replacement you should check the owners corporation policy.
typical policy will not cover loss or damage to the internal wall and
ceiling surfaces of your home if they are damaged by storm unless the
water entered by an opening made by the storm. A typical policy will
cover paint and wallpaper if they sustain loss or damage by any of
the incidents described above from damage to animals to theft
or attempted theft .
YOU ARE A TENANT OR PROPERTY OWNER UNDER A STRATA TITLE OR SIMILAR
SCHEME A TYPICAL POLICY WILL PROVIDE THE FOLLOWING COVER:
IF YOU CANNOT LIVE IN YOUR HOME
the insurance company agrees that you cannot live in your home as a
result of an incident described above from damage to animals
to theft or attempted theft , the company will pay for
temporary accommodation that the company decide is reasonable and
appropriate for you, your family and your pets, any additional living
expenses that the company decide are reasonable and appropriate and
removing and storing your contents and then returning them to your
cover is only available if you are an owner of a strata title or
similar scheme property and you live permanently in your home, or a
tenant. A typical policy will pay the costs for the shorter period of
up to 12 months from the time of the damage, or the reasonable time
it takes to rebuild or repair your home.
most a typical policy will pay is 10% of the total sum insured. It
will pay these costs even if it has paid you the total sum insured.
you, or a member of your family, die as a result of an incident
described above from damage to animals to theft or
attempted theft , and you have made a claim for that incident,
the company will pay up to $5 000 to assist you with funeral
expenses. The incident must have occurred at the insured address and
the death must have happened within 90 days of the incident. This is
subject to general exclusions and the cause of death.
a typical policy does not cover loss or damage as a result of
non compliance with the year 2000 computer and software
requirement, the cost of reinstalling or replacing electronically
stored files, the cost of business interruption, loss or damage
intentionally caused by you or your family or a person acting with
the consent of you or your family, loss or damage that occurs
outside Australia, items sent by post or courier, or on consignment,
fusion of electric motors unless you have paid the additional premium
for this cover and mechanical, structural or electrical failure of an
the itemised list and policy description above is for a typical
policy only. You should check your own policy to determine whether or
not such items are or are not covered and whether or not similar