Home & Contents

Most Victorian home and contents insurance policies aim to provide protection against a range of events, though the specifics can vary between insurers. Understanding what may be included helps you make informed decisions.

Standard Policies Often Include Cover For:

• Weather Events: Storm, hail, lightning, flood (now standard with many Victorian insurers), and bushfire damage.
• Theft and Crime: Burglary, attempted theft, and vandalism.
• Accidents: Fire, water damage from burst pipes, vehicle impact, and glass breakage.
• Additional Benefits: Temporary accommodation, legal liability (often up to $20-30 million), and emergency repairs.

Common Exclusions:

It’s important to be aware of what is typically not covered, such as gradual damage, wear and tear, poor maintenance, or intentional damage.

Victorian-Specific Considerations

Local Weather Risks

• Bushfire risks in rural and peri-urban areas.
• Storm and hail damage, particularly during summer months.
• Flood risks in specific Victorian regions.

Heritage Properties

Victorian character homes may require specialised consideration for period features, potentially higher rebuild costs, and heritage restoration requirements.

How Much Cover Do You Need?

Determining a suitable amount of cover is crucial. The key is understanding the difference between rebuild costs and market value, and accurately assessing the value of your contents.

Building Cover:

Your sum insured should reflect the estimated rebuild cost, not the market value. Consider:

• The size and complexity of your home.
• Building materials and finishes.
• Current Victorian construction costs.

Contents Cover:

To calculate an estimate for replacement costs, you can:

• Create a room-by-room inventory.
• Account for new-for-old replacement where applicable.
• Consider high-value items that may need to be specified on the policy.

For unique or heritage properties, obtaining a professional valuation can help ensure your sum insured is adequate.

Factors Affecting Your Premiums in Victoria

Several factors can influence your home and contents insurance premiums. Understanding these can help you make informed decisions about your policy.

Location Factors:

• Proximity to bushfire zones or flood-risk areas.
• Local crime rates and distance from emergency services.

Property Features:

• The age and construction type of the building.
• The presence of security systems or other safety features.

Ways to Manage Your Premium:

• Increase Your Excess: A higher excess can reduce premiums.
• Bundle Policies: Combining with car or other insurance may offer savings.
• Security Upgrades: Inform your insurer about quality locks and alarm systems.
• Annual Payments: Paying yearly can help you avoid monthly administration fees.

Choosing Your Insurance

Selecting suitable home and contents insurance requires careful consideration of your specific needs, risk profile, and budget.

Key Questions to Consider:

• What are my specific risks based on location and property type?
• Can I comfortably afford the excess in the event of a claim?
• Do I need to add optional extras, like accidental damage or cover for portable items away from home?

When comparing policies, it’s important to review the Product Disclosure Statement (PDS) carefully to understand cover limits, exclusions, and claim settlement methods.

Making a Claim: Essential Steps

Knowing how to handle a claim can make the process smoother. Taking the right steps immediately after an incident helps your claim to be processed efficiently.

Immediate Actions:

• Ensure everyone is safe and call emergency services if needed.
• Take photos or videos of the damage before any clean-up or temporary repairs.
• Contact your insurer as soon as reasonably possible.
• Keep all receipts for any temporary repairs or accommodation costs.

Why Professional Advice Matters

An insurance adviser who understands Victoria can be a valuable partner. They bring knowledge of:

• Local weather patterns and seasonal risks.
• Area-specific insurance considerations.
• The claims processes and potential disputes.

Working with a local expert can help you assess your property’s specific risk profile, find suitable cover, and navigate the claims process effectively.

Take on Tomorrow With Confidence

Your home and belongings represent significant investments that deserve careful planning. Suitable home and contents insurance provides the foundation you need to enjoy your property with the confidence that you have a plan in place for unexpected events.

Contact Adroit Insurance & Risk today. Our specialists can help you understand your options and create a protection plan that fits your needs.