Aussies are no strangers to danger and living life on the edge. However, even risk-takers have to exercise wisdom with their most important assets and prepare for life’s worst possibilities.
Hot and dry conditions make some parts of Australia great kindling for wildfires, and wildfires have no respect for residential areas. It’s a good idea to have an insurance policy that will help with the rebuilding and replacement cost of your home and personal belongings. This short article will explain what’s covered by home and contents insurance and how to proceed with the claims process following a catastrophic event.
What is house and contents coverage?
House and contents insurance is pretty self-explanatory. It protects your home and the contents of your home in the case of events like storms, fires, earthquakes, and even malicious events.
Some of the personal items that the contents insurance portion of your insurance should cover include furniture, clothing, appliances, and other valuable items. Depending on the type of policy you have, you might be eligible for the actual cash value of lost personal items.
There are plenty of different insurance companies and levels of coverage, so do your due diligence. You should be able to find an insurance company with coverage that fits your budget and coverage needs. iSelect is a great tool for finding the best homeowners insurance companies and coverages in Australia. Their website offers a comparison tool that you can use to compare the premiums, deductibles, and other features of different insurance policies and programs.
What is the claims process after a fire?
The first step to recovery after a devastating fire is contacting your insurance company and filing a claim. Calling them as soon as possible will allow you to recount the details of the event while they’re fresh in your memory. It also speeds up the claims process and gets you your money quicker.
If you have receipts from any damaged or lost belongings, you need to secure them and have them ready to provide for the insurance adjuster when they arrive. The insurance agent will assess the damage and begin formulating your compensation based on the damage to your home and personal property.
Your insurance company might be willing to give you an advance on your insurance claim. If your home and belongings are a total loss, you still have to have temporary housing while your home is being rebuilt, meaning you’ll have rent and additional living expenses to manage. Furthermore, you still have a mortgage to pay. Getting an advance will serve as a bridge over troubled water while you wait to get your full settlement and begin the rebuilding process.
Are there are other policies that offer more coverage?
Of course, it’s vital to know the features of any insurance policy you purchase. It’s also good to think of all the liability possibilities when shopping for home insurance. There are some great and affordable house and contents policies, but what would you do if someone was seriously injured on your property? Did you know that you could be liable?
HO-3 policies are truly comprehensive. They cover the same things as home and contents policies, but they also protect you from financial liability if someone gets hurt on your property. The last thing you want is someone else’s negligence to result in them hurting themselves on your property and sue you for it. HO-3 insurance is all-around coverage for you, your home, and your belongings.
If a fire damages or destroys your home, you’ll be glad for home insurance and home contents insurance. Homeowners need an insurance policy that will protect their home and their personal property from natural disasters and other catastrophes. It’s a good idea to get home and contents insurance to help you and your family members bounce back if the worst should occur.