Home sweet home.
When taking a house and turning it into a home there’s a lot to think about. What sort of curtains will you have? How will you paint the walls? What memories will you make in this new home? Is this where you’ll raise your children? Meet the love of your life? Settle down in your retirement?
What do you want from your home? A place to party? A garden? An entertainers kitchen? A pool? Enough space to have a dog? Multiple dogs even – you do you!
We all want different things from our homes but, most of all, what we want is to feel safe. We lock the doors. We set an alarm. We only invite in people who make us feel good. We do everything within our power to create a space that is safe for us and for our families. One thing that can help keep us safe is home insurance.
However, just saying you should get some home insurance is barely scratching the surface. There are many different types of home insurance on the market and in this case price isn’t as important as making sure you’ve got a policy that covers everything you need it to. When choosing home insurance there are many things to consider before you decide on a policy.
To help you decide which policy is for you, we’ll take you through some of the most common types of home insurance policies, although, it’s important to remember that we’re talking generally and every policy from every different insurance provider will vary slightly and it’s important that you check specifics.
Home Insurance (also known as building insurance)
Home insurance covers damage done to a home you own. Sometimes referred to as building insurance, it covers both the main structure as well as any other structures such as garages, sheds, granny flats and the like. Some home insurance policies also cover permanent fixtures such as kitchen benches, cabinets, plumbing, built-in wardrobes. These policies cover your home from events such as fire, storm damage and floods. Some policies also cover your legal liabilities if someone is injured when visiting your property. Some policies, such as NRMA Home Buildings & Contents Insurance provide cover in a massive range of situations including fire damage, theft, vandalism, flood damage, emergency repairs, rebuilding your home, broken glass… even getting struck by lightning!
Home Contents Insurance
Home contents insurance policies cover your household items and personal belongings if they’re damaged, lost or stolen. Heirloom jewellery, electronics, appliances, art – anything of value in your home can be insured.
Home Buildings & Contents Insurance
These policies combine both the above policies covering physical damage to a building and the cost of replacing stolen belongings or reimbursing you their equivalent values in the case that they can’t be repaired or replaced.
Single Item Insurance
As the name suggests, this policy allows you to just insure the important things in your home. The expensive and irreplaceable things that you’d want to be kept safe. If you’ve only got a few precious belongings that you wouldn’t be able to replace then you can cover those items specifically and get a cheaper policy.
Specific Insurance (Renter’s / Landlord’s Insurance)
If you’re not living in a home that you own you may need a different sort of policy that reflects your specific situation. Landlord and renter’s insurance deals with the specific relationship landlords and tenants have with a property. If you’re renting, or you own a building that is rented out, then head here to learn more about that specific type of insurance.