10 Tips for Choosing the Right Home Insurance Cover

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Getting your home insurance right is an important step towards financial security and protection when things don’t quite go to plan.

Every home insurance policy is unique with different inclusions and coverage, so paying attention to the details is critical when deciding on your home insurance policy.

Price matters, but coverage is key. Prioritise your needs over price and understand what each policy does and doesn’t cover.

In this article, we’ll be sharing 10 tips for choosing the best home insurance coverage, with the intent of balancing price with value.

Types of Home Insurance

When it comes to protecting your property, home insurance, along with contents insurance, is a crucial consideration for homeowners and prospective buyers.

These insurance policies can provide significant financial relief if your home or belongings are damaged or lost.

Learn more about how you can get the best value for your home insurance policy.

Breakdown of the Types of Home Insurance Coverage:

• Building Insurance: Building insurance protects your home against loss or damage from events like flood, storm, fire and theft. It covers the costs of repairing the physical structure of your home if it’s damaged.
• Contents Insurance: This policy covers the personal possessions within your home. This includes items like furniture, electronics, clothing, and other personal possessions, and can protect them against risks such as theft, fire, flood, and accidental damage.
• Home and Contents Insurance: A comprehensive option, this combines both building and contents coverage under a single premium, protecting both your home’s structure and your personal items.
• Landlord Insurance: For those who own rental properties, landlord insurance covers the property itself and any items provided for tenant use, such as appliances.
• Contents Insurance for Renters: If you’re renting, this coverage protects your belongings within the rented property.

10 Tips for Choosing the Best Home Insurance Cover for You

Here are some actions you can take to make sure your home insurance coverage is suited to your needs.

1. Value Your Possessions

You need to know what you’re working with in terms of assets before making any decisions about home insurance coverage.

Valuing your possessions before buying home insurance ensures you get adequate coverage. Knowing the value of your belongings helps you choose the right policy limits and receive fair compensation in case of loss or damage.

2. Calculate the Cost of Rebuilding Your House

Calculate an accurate sum-insured amount to avoid underinsurance. Use online calculators provided by insurers, especially those that use ‘elemental estimating’. This method asks detailed questions about your home, such as slope and build date, providing a more accurate estimate than just ‘cost per square metre’.

Also, check if supplementary costs, like temporary accommodation and debris removal, are covered.

3. Consider the Disaster Risk of Your Area

Depending on weather and geological factors, some regions are more at risk of natural disasters like earthquakes, hurricanes, floods and fires.

If your home is in a high-risk area, then invest in a more comprehensive insurance policy, so you can have peace of mind knowing you’re properly covered in case of events out of your control.

4. Check and Update Alarms

Not only does having working fire and security alarms improve the overall safety of your home, but it can also lead to lower insurance premiums.

Insurers often offer discounts for homes equipped with quality security systems, because of the reduced risk of burglary and fire. Meeting the alarm requirements set by your policy is also essential for maintaining full coverage.

5. Be Aware of Inclusions and Exclusions

When comparing home insurance policies, it’s crucial to scrutinise the inclusions and exclusions. Home insurance typically covers loss and damage from events like fire, flood, storm, theft, and vandalism. However, certain events that are generally rare may not be covered, such as damage caused by the ocean or landslides.

For example, even if fire coverage is included, damage to specific parts of your home might still be excluded. Understanding these details before buying will help you choose a policy that provides the comprehensive protection you need depending on the risks in your area.

6. Combine Your Building and Contents Cover

If you own your home and live in it, combining home and contents insurance is a good idea because it simplifies your coverage under one policy and often saves money through bundled discounts. It’s the simplest insurance providing comprehensive coverage while reducing the hassle of managing multiple policies.

For renters, contents insurance on its own is appropriate and for land-lords, building insurance will suffice.

7. Be Strategic With Your Excess

Being strategic about your insurance excess is important because it directly impacts both your out-of-pocket costs during a claim and your insurance premium.

A higher excess typically means a lower premium, but you must make sure that the excess amount is affordable for you if you need to file a claim. You should only choose an excess amount that you would be prepared to pay tomorrow if something went wrong.

8. Retain Proof of Purchase for Possessions

Insurance companies have the legal right to check you’re not making fraudulent claims by requesting more than you had. They will compensate you for lost or damaged items but will require proof.

Be sure to keep records for verification.

9. Consult an Expert

Insurance brokers are important resources for choosing the right home insurance policy. Don’t brush them off as a waste of money and think you can make the best decision on your own, especially if you have expensive assets.

A broker will save you in the long run and provide you with expert advice taking your personal situation into consideration – something that online guides cannot do.

10. Compare Quotes From Multiple Insurers

Don’t jump on the first deal you find, though it may be tempting to get the chore of buying home insurance out of the way. When comparing quotes don’t forget that the best coverage is very rarely the cheapest and you’ll often get what you pay for.

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