Home and Contents

It is important to consider Home and Contents Insurance, this is in fact two separate insurances usually taken out together. Some banks/lenders make Home Insurance a compulsory requirement if the home is mortgaged.

Home Insurance (the Building) – Ideally this should cover the replacement value of the home, e.g. If you bought the property for $ 700,000, then the insurance should be for $ 350,000 approx. (you do not need to insure the land

Contents Insurance (Furniture etc.) – This insurance covers the items in the home against theft and damage.

A loss where there is no insurance, or under insurance at best, can cause significant financial hardship. Funds that were earmarked for other purposes may have to be redirected to replace or repair property.

When buying or renewing insurance policies, take the time to ensure that the policy you are getting provides adequate cover for your needs. Also make sure to re-calculate your level of insurance at the time of policy renewal to avoid being under or over insured when the time comes to make a claim.