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Why do I need home and contents insurance?

November 20, 2015

This blog is designed to give you an overview of what home and contents insurance is, and why you really do need it. Yes, we’re being bold here, because we believe home and contents insurance is indeed a must in Australia. (ASIC thinks so too!)

But before we go into why, let’s start with the basics.

What is home and contents insurance?

Home and contents insurance are 2 separate kinds of insurance, which are usually packaged together.

According to ASIC’s MoneySmart website:

• Home insurance covers costs associated with loss or damage to the building you own.

• Contents insurance covers costs associated with loss or damage to your possessions.

Why do I need home and contents insurance?

• Home insurance covers you for incidents that are beyond your control, like storms, bushfires and other natural disasters.
• Most home loan contracts require you to have home insurance.
• You can choose what level of cover you require, based on what you’re at risk of experiencing (e.g. some areas are more prone to floods than others.)
• Policies can be expanded to include ‘Accidental Damage’ or other benefits for specific requirements.

What home and contents insurance is right for me?

Most insurance companies bundle home and contents insurance into one package. We highly recommend choosing your policy based on your own unique needs, rather than going for a ‘one-size-fits-all’ solution.

A good insurance broker helps you select the insurance benefits that are right for you. And they’ll make sure you’re not paying for anything unnecessary. Their goal is to give you the right level of cover, at the most competitive price.

How do I get started?

Contact a Trident Insurance Broker to discuss what level of home and contents insurance is right for you. We can also check your existing policy, as there may be more competitive and suitable options available for you. This initial consultation is free of charge and comes with no obligations.

 

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Should I buy insurance online?

November 6, 2015

Over the past 12 months we’ve seen a marked rise in online insurance in Australia. It makes sense – buying insurance online is generally fast, and cover can be secured for many types of home and business requirements.

But this potential benefit can also be a major pitfall, especially if you ever need to make a claim at some point in the future.

Know what you’re getting

When the Queensland floods occurred in late 2010 and early 2011, many insured business owners and individuals assumed they were covered for flood damage in their insurance policy. In many cases, they weren’t, and unfortunately only discovered this upon making a claim.

Luckily, many insurance companies came to the table and insured them for flood damage anyway. (We’re certainly glad they did!)

Is there a solution?

Every now and then we hear of this happening – someone goes to claim on their insurance policy and discovers they are not covered. This is one good reason why we recommend speaking with an insurance broking professional in person, before taking out an insurance policy.

A good insurance broker will compare different policies and then pinpoint one or a few that align with your business or personal requirements. They’ll also ensure you have all of the information you need to understand what your policy covers.

This is not always possible online.

Here are some other points to consider, if you’re not sure about whether to get insurance online or in person:

• Getting insurance online is convenient and generally quick. But this fast process also increases the possibility of making uninformed decisions, which may impact you in the future.
• Yes, you can compare insurance online quickly, but an insurance broker can do this for you too. Plus, a broker generally has a wider variety of insurance policies to compare – so you are likely to achieve good value for money.
• An online broker cannot answer questions immediately. In most cases, you will need to email your questions to an online broker, which can be a slow process.
• While online services work well for many industries, insurance policies tend to be complex, and require careful consideration.
• A good broker has your best interests at heart. They offer a personal touch that you simply cannot achieve from an online service.

Contact our insurance brokers about securing a competitive policy for your home, business or vehicle.

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