Home insurance policies provide insurance protection to individuals and families from events like Fire and Storm to Building or Contents and Liabilities to others.
When comparing the market, Home Insurance policies can be classified into four broad types.
Defined Events insurance policies cover certain events, such as fire, wind, water, storm, earthquake, cyclone, malicious and impact damage and burglary.
Accidental Damage Home Insurance is a broader coverage providing coverage for any damage unless excluded, and if it is not excluded, insurance cover is provided.
All home insurance policies are subject to dollar limitations on certain types of items and will have exclusions such as damage from wear and tear. Differing policies have different coverage, different exclusion, conditions, and basis of settlement.
We have undertaken a Home Insurance Comparison of major policies in the market. Due to the large number of policies that are available, and in order to obtain a fair comparison, we have chosen the policy type that all Home insurance companies provide which is a Basic Defined Events cover.
A summary of these policies with a rating out of 5 Stars based on coverage benefits, conditions and exclusions is provided below:
Even with the basic Defined Events insurance policy chosen for the review, there is substantial difference between the insurers.
Our overall recommendation to clients, is to ensure that the policy you take provides you with the coverage that meets your needs and is as broad as possible. Unlike any other normal purchase, you make, it is only when something bad happens, that payment is made. The better the coverage, the easier to get paid from the insurer.
To obtain a no-obligation quotation on your home and contents insurance, please contact us.