I am looking at insuring the home and content, mostly content as I'm renting. But is there anything I should know about these insurance policies? Mostly the little catches, do you need alarms fitted etc etc and obviously the best choice? I have had a look around, it varies depending on location, valuables and the security of your house but does anyone have a outright cheapest suggestion and better quality customer service?
Thanks guys :)
Standard policies normally do not cover accidental damage (eg you drop a camera and break it), fusion (motor burnout) and items when taken out of home (eg laptops). Some insurers include them, others make you pay extra. Think about whether you need these.
Also, there is an issue of underinsurance to consider. If you are underinsured (i.e, you insure for $30K, when your items are worth $40K), your claim will be proportionately reduced. Some insurers will set a minimum (e.g. $20K) for contents.
When I did my research about 2 weeks ago, Coles Insurance came out to be the cheapest by a mile.
If you're renting, the 'home' side should be covered by the landlord. You're only responsible for contents. For what it's worth, what the various companies count as contents can vary, so it's best to ask, to make sure that you're covered.
The need for alarms etc is possibly likely to vary depending on the crime rate in your area, but in ours, security screens, back to base alarms and deadlocks (or a lack thereof) meant a massive $9 difference to our annual premium.
If you have a pet, many companies these days offer optional pet insurance for very little more, usually $1 to $2 per month. The coverage offered, again varies.