A Guide to iSelect House and Contents Insurance

As a homeowner or renter, you want to be sure that you have protection for where you lay your head at night. While a renter may not necessarily need home insurance coverage, they will at least need content insurance, protecting their personal possessions inside their landlord’s property. If you’re in the market for a house and contents insurance policy, you’ll want to look into what insurance companies have to offer when it comes to this form of coverage.

What’s covered by home and contents insurance?

One of the easiest ways to understand what is protected by these insurance products is through an iSelect house and contents insurance search. Home and contents insurance combines home insurance and contents insurance under one premium. Home insurance generally covers the cost to rebuild a home or make any necessary repairs to bricks and mortar or structures on the property like garages and sheds. This coverage may also protect your home from damage outside of your control, including natural disasters.

In addition to protection for the house and property itself, contents insurance is focused on your personal belongings. This can include items like clothing, jewelry, furniture, and appliances. Your items may be eligible for an insurance claim under a contents insurance policy. Depending on the coverage, it may also be protected from accidental damage with repairs made based on replacement cost or actual cash value of those possessions. Some insurance coverage extends to protection from accidental damage, theft, and electrical surges.

What’s not covered?

While all insurance policies for homeowners coverage or contents protection vary by the insurance company, it’s important to be vigilant of any exclusions so you are not caught in a sticky situation when you need to file a claim. Among the more major issues that may not be covered by these policies are termites. Termites can cause significant damage but may be excluded from a policy and the homeowner held accountable. However, there are exceptions. If the infestation led to a structural collapse, you could be covered. An insurer may also pay damages if the infestation was caused by a covered problem like a tree falling on your roof.

Different insurers offer a varying policy rate based on what’s included within their terms and conditions. For some insurance companies, coverage for mold is left out for a home and content insurance policy. A mold issue may not be covered by an insurer if the outbreak stems from long-term leaks or poor home maintenance. If the issue stems from a sudden leak in the plumbing, then an insurance provider will likely accept the claim if you seek to fix the problem immediately.

Where can I save on this insurance coverage?

Having a home and content insurance policy is intended to provide a homeowner or renter with peace of mind in the event of unexpected incidents taking place on their property. Oftentimes, homeowners often link up their home insurance and their contents insurance under one set monthly premium that may be offered by an insurer at a discount. Bundling with other insurance policies, including car insurance and health insurance, may be an option through some companies, which could save you additional money.

Some home insurance and content insurance providers may also offer savings based on long-term membership, along with rebates for minimal insurance claims being filed under that coverage. A policy rate can be impacted by things like credit history, location-based potential weather events, or history with that particular insurance company. It’s important to make sure that you understand that a policy rate might be adjusted over time depending on your living situation. After all, all that you want is the ability to know you are financially protected in circumstances beyond your control.