What Is Home And Contents Insurance?

Home and contents insurance provides financial protection for your property and its contents against unforeseen events such as fire, storms, or theft. It combines building-only insurance, which covers structural components like walls, roofs, and fixtures, with contents insurance that protects personal possessions like electronics, furniture, and jewellery.

This type of policy helps with repair or replacement costs, reducing financial strain after damage or loss. Coverage extends to temporary accommodation if your home becomes uninhabitable following an insured event.

Optional extras are often available for additional security. These could include accidental damage cover, protection for high-value items like engagement rings, and safeguards for items temporarily removed from your home. This flexibility ensures your policy aligns with your specific needs.

What Does Home And Contents Insurance Cover?

Home and contents insurance safeguards your property and belongings against a range of events like fire, storms, and theft. It provides financial protection by covering repair or replacement costs depending on your policy.

Building Insurance

Building insurance covers repair or replacement costs for structural elements of your home, such as walls, roofs, and permanently attached fixtures, after insured events like fire, storms, or vandalism. It may also include coverage for external structures like garages, fences, or garden sheds. Emergency repairs to secure your property following damage are often included, ensuring your home remains safe.

Contents Insurance

Contents insurance protects personal possessions inside your home, such as jewellery, electronics, and furniture. It covers losses from events like theft, fire, or water damage. Optional extras can extend this coverage to accidental damage or high-value items like engagement rings. Certain policies also provide temporary accommodation if your home becomes uninhabitable.

Combined Building And Contents Insurance

Combined policies include both building and contents insurance, offering comprehensive cover for your property and belongings. These policies address repair costs for structural damage and replacement of destroyed or stolen items. They may also include liability cover for accidents involving visitors on your property and optional features like flood protection or accidental damage for added security.

Common Insured Events

Home and contents insurance provides protection against a wide range of unexpected incidents. Below are common insured events that ensure financial support when your property or possessions suffer loss or damage.

Storms and Floods

Your policy covers damage caused by storms and heavy rainwater but doesn’t automatically include flood protection. A flood refers to water escaping from its natural surroundings, such as rivers, dams, or creeks, causing land to be submerged. You can add optional flood cover, subject to specific underwriting criteria, if you need protection from such incidents.

Fire and Theft

This covers loss or damage caused by fires, including bushfires and grassfires, as well as theft or attempted theft. Whether it’s a fire spreading through your property or a burglary that results in stolen valuables, your policy offers financial relief for repair or replacement costs.

Accidental Loss or Damage

In cases where unexpected mishaps occur, such as spilling red wine on your carpet or accidentally drilling into a wall, accidental damage cover provides protection. This option also covers scenarios like dropping fragile items, ensuring you’re covered for sudden, unintentional damages that wouldn’t normally fall under standard coverage.

Optional Add-Ons To Consider

Enhance your home and contents insurance with optional add-ons that provide greater protection tailored to your needs. These extras offer cover for specific scenarios, ensuring you’re better prepared for unexpected situations.

Accidental Damage Cover

Safeguard your home and its contents against unexpected mishaps caused by sudden, unintentional events. This includes scenarios such as spilling wine on a carpet, dropping and breaking a fragile item, or damaging walls while moving furniture. If added to building insurance, it covers structural damage like wall dents, while adding it to contents insurance protects against incidents like furniture or appliance damage. This option offers extra peace of mind, filling gaps in standard policies.

Contents In Storage

Secure your belongings while they’re in commercial storage facilities. Contents insurance may include protection for fire, theft, and accidental damage to property stored temporarily away from your home. Coverage often includes up to $20,000 per incident, helping you recover from unpredictable damage or losses. Since limits and exclusions apply, checking the policy document ensures you understand what’s covered.

Tips To Save On Your Home Insurance Premium

Cutting costs on your home insurance premium doesn’t mean compromising on coverage. Simple adjustments to your policy and proactive measures can help you find significant savings, feel free to discuss how with your Bluewell insurance broker.

Combine Policies For Discounts

Bundling multiple insurance policies with the same provider always leads to discounts and Bluewell is no different. If you combine your home and contents insurance into a single policy. Holding additional eligible policies, such as car or landlord insurance, or you may have a small business, this may qualify you for multipolicy discounts of up to 10%. Ensure you check the specific requirements and discounts with your Bluewell insurance broker.

Increase Your Excess

Raising your voluntary excess reduces your overall premium. You can generally select an excess between $800 and $5,000. The higher the excess, the lower the premium, but you’ll face increased out  of pocket expenses if you claim. Always balance your excess choice with your financial capacity to pay it.

Secure Your Home

Improving your home security can lower your insurance premium. Install quality locks, deadbolts, and a burglar alarm. Advanced home security systems, including CCTV or monitored alarms, may result in additional discounts. Verify that these upgrades meet your insurer’s accepted standard to maximise savings.

Choose Only Needed Coverage

Opting only for necessary coverage avoids paying for features you don’t require. For example, exclude flood coverage if you’re not in a flood prone area. Ensure all aspects of your property details, such as structure materials, are accurate in your policy. Updates for recent home improvements or corrections might adjust your premium to better reflect your actual risk.

How To Make A Claim

If you ever need to make a claim on your home and contents insurance, the process is designed to be straightforward. Start by contacting your Bluewell as soon as possible and provide all necessary details about the incident. Be prepared to share evidence such as photos, receipts, or police reports if applicable.

Your Bluewell insurance broker will guide you through the steps, which may include arranging assessments or repairs. It’s important to understand your policy’s terms, including any excess you’ll need to pay. Keeping accurate records of your possessions and any improvements to your home can help speed up the process. With the right policy in place, you can rest assured that your home and belongings are protected. Whether it’s repairing structural damage or replacing stolen items, your insurance is there to provide financial relief and peace of mind when you need it most.