Name: Business Insurance Specialists Pty Ltd
Price range: $

Home Insurance Review - Policy Comparison

This review addresses the main issues with selecting a home insurance policy.

In this review, we have considered the main types of claims that occur, and then reviewed the major clauses of the same types of policies issues by each insurer.

The following reviews have been consolidated into this formal insurance policy comparison.

Youi Home Insurance Review
Budget Direct Home Insurance Review
Allianz Home Insurance Review
Steadfast Home Insurance Review

The actual policies compared are respectively their most recent base Defined Events policies.

Youi Home Insurance Policy – Version 0419 12/04/2019
Steadfast IAL Home Building and Contents – Listed Events Base HCLEB003_0319 18/03/2019
Budget Direct Home and Contents Insurance – Defined Events _0919 12/09/2019
Allianz Home Insurance – Insured Events POL1085DIR_0717 1/03/2019

All policies compared are basic Defined Events, and the least expensive type from each insurer. Comparison considers policy wording covers, conditions, limits and exclusions.

Most importantly, the items chosen to be reviewed relate to how and what the insurers will pay in the event of a claim. We have adopted a point method of rating for each policy for simplicity. If the coverage is not provided automatically, but only optionally, within the policy that is deemed as negative.

Summary of Cover

All policies compared provide coverage for Defined Events. These Defined or Listed events include Fire, Wind, Water, Storm, Malicious Damage. On the basis the type of damage is listed or defined, then coverage is provided unless excluded or limited.

Related Benefits

Burglary, Theft or Housebreaking
- Youi excludes Theft if from garage or not the main home dwelling unless locked, secured and with visible signs of entry
- Steadfast less onerous conditions
- Budget Direct less onerous conditions
- Allianz less onerous conditions
  - Ratings
    - Youi - 0.5 points
    - Steadfast - 1 point
    - Budget - 1 point
    - Allianz - 1 point

Electrical Motor Burnout
- Youi limit coverage to $1,000, and motors less than 10 years
- Steadfast do not limit amount, and motors must be less than 7 years
- Budget Direct no automatic coverage
- Allianz no automatic coverage
  - Ratings
    - Youi - 0.5 points
    - Steadfast - 0.5 points
    - Budget Direct - 0 points
    - Allianz - 0 points

Flood
- Youi and Steadfast both offer automatic Flood coverage
- Budget Direct and Allianz only offer optional Flood coverage
  - Ratings
    - Youi - 1 points
    - Steadfast - 1 points
    - Budget Direct -0 points
    - Allianz - 0 points

Temporary Accommodation
- Youi provide up to 1% of Sum Insured per month
- Steadfast provide up to 10% of Sum Insured
- Budget Direct provide up to 10% of Sum Insured up to 12 months
- Allianz provide up to 10% of Sum Insured up to 12 months
  - Ratings
    - Youi - 1 point
    - Steadfast - 1 point
    - Budget Direct - 1 point
    - Allianz - 1 point

Business Equipment – Office/Surgery
- Youi do not provide cover. Optional $1,000 per item/$5,000 per claim
- Steadfast do provide cover at situation only
- Budget Direct up to $12,000 at situation only
- Allianz up to $ 10,000, and $1,500 per item at situation
  - Ratings
    - Youi - 0.5 point
    - Steadfast - 1 point
    - Budget Direct - 1 point
    - Allianz - 1 point

Business Equipment – Tools of Trade
- Youi do not provide cover. Optional $1,000 per item/$5,000 per claim
- Steadfast provide cover automatically at situation up to $5,000.
- Budget Direct up to $2,000 at situation
- Allianz up to $ 10,000, and $1,500 per item at situation
  - Ratings
    - Youi - 0.5 point
    - Steadfast - 1 point
    - Budget Direct - 0.5 point
    - Allianz - 1 point

Credit Card – Unauthorised Use
- Youi do not provide cover
- Steadfast provide cover up to $5,000.
- Budget Direct no cover
- Allianz no cover
  - Ratings
    - Youi - 0 point
    - Steadfast - 1 point
    - Budget Direct - 0 point
    - Allianz - 0 point

Identity Fraud/Theft
- Youi do not provide cover
- Steadfast do not provide cover
- Budget Direct do not provide cover
- Allianz do not provide cover
  - Ratings
    - Youi - 0 point
    - Steadfast - 0 point
    - Budget Direct - 0 point
    - Allianz - 0 point

Taxation Audit
- Youi do not provide cover
- Steadfast do provide cover up to $5,000
- Budget Direct do not provide cover
- Allianz do not provide cover
  - Ratings
    - Youi - 0 point
    - Steadfast - 1 point
    - Budget Direct - 0 point
    - Allianz - 0 point

Accidental Damage
- Youi do not provide cover
- Steadfast do provide cover subject to $5,000 excess
- Budget Direct do not provide cover automatically, optional only
- Allianz do not provide cover automatically, optional only
  - Ratings
    - Youi - 0 point
    - Steadfast - 1 point
    - Budget Direct - 0 point
    - Allianz - 0 point

Limits of Cover at situation risk address

Bicycles
- Youi provide cover up to $15,000
- Steadfast provide cover no dollar limit, excluding competitive racing
- Budget Direct provide cover no dollar limit
- Allianz provide cover no dollar limit
  - Ratings
    - Youi - 1 point
    - Steadfast - 1 point
    - Budget Direct - 1 point
    - Allianz - 1 point

Money
- Youi do not provide cover
- Steadfast provide cover up to $1,200
- Budget Direct up to $800
- Allianz up to $2,000
  - Ratings
    - Youi - 0 point
    - Steadfast - 1 point
    - Budget Direct - 1 point
    - Allianz - 1 point

Documents – Title Deed, Passport, Bond
- Youi do not provide cover
- Steadfast provide cover up to $2,000.
- Budget Direct no sublimit
- Allianz provide no cover
  - Ratings
    - Youi - 0 point
    - Steadfast - 1 point
    - Budget Direct - 1 point
    - Allianz - 0 point

Oriental Rugs or similar
- Youi provide cover up to $15,000
- Steadfast provide cover no dollar limit
- Budget Direct up to $2,500
- Allianz up to $2,500 per item
  - Ratings
    - Youi - 0.75 point
    - Steadfast - 1 point
    - Budget Direct - 0.25 point
    - Allianz - 0.25 point

Exclusions and Conditions - Damage caused by

Actions of Sea
- Youi do not provide cover
- Steadfast do not provide cover
- Budget Direct do not provide cover
- Allianz do not provide cover
  - Ratings
    - Youi - 0 point
    - Steadfast - 0 point
    - Budget Direct - 0 point
    - Allianz - 0 point

Erosion, Subsidence, Landslide, Earth movement
- Youi provide cover subject to Earthquake or Explosion
- Steadfast provide cover subject to storm, flood, rain, earthquake, explosion within 72 hours
- Budget Direct provide cover subject to storm, rain, earthquake, explosion within 72 hours
- Allianz provide cover subject to storm, earthquake, explosion within 72 hours
  - Ratings
    - Youi - 0.5 point
    - Steadfast - 1 point
    - Budget Direct - 1 point
    - Allianz - 1 point

Basis of Settlement – How the claims are paid

Escape of Liquid from Shower Base/Wall
- Youi excludes cover for damage arising from shower base/wall
- Steadfast provide cover for resultant damage, but not the defective item that caused liquid escape.
- Budget Direct does not provide cover for resultant damage from leaking shower recess. No cover for defective item that caused liquid escape also.
- Allianz provide cover for resultant damage but not if gradual or leaking over a period, and no cover for defective part that caused liquid escape
  - Ratings
    - Youi - 0 point
    - Steadfast - 1 point
    - Budget Direct - 0.25 point
    - Allianz - 0.25 point

Matching Materials for Undamaged Floor, Wall and Ceiling Coverings following an Insured Event
- Youi pays for the Damaged area only, not undamaged
- Steadfast provides cover for Damaged area, and Undamaged in the room. Hall or passage where occurred
- Budget Direct provides cover for Damaged area, and Undamaged in the room. Hall or passage where occurred
- Allianz provides cover for Damaged area, and Undamaged in the room. Hall or passage where occurred
  - Ratings
    - Youi - 0 point
    - Steadfast - 1 point
    - Budget Direct - 1 point
    - Allianz - 1 point

Storm, Rain, Wind to Gates, Fences, Freestanding Walls
- Youi pays for the Indemnity (old item) amount
- Steadfast provides cover for Replacement (new item) amount
- Budget Direct provides cover for Replacement (new item) amount
- Allianz provides cover for Replacement (new item) amount
  - Ratings
    - Youi – 0.5 point
    - Steadfast – 1 point
    - Budget Direct – 1 point
    - Allianz – 1 point

Other

Awards
- Youi have received insurance awards from Canstar and Mozo.
- Steadfast has not win (enter) awards
- Budget Direct wins Money Magazine Award regularly
- Allianz wins awards
  - Ratings
    - Youi – 1 point
    - Steadfast – 0 point
    - Budget Direct – 1 point
    - Allianz - 1 point

Based on 20 potential points being provided

Youi Home insurance obtained 8.0 points
Steadfast Home and Contents obtained 16.5 points.
Budget Direct Home and Contents obtained 11 points.
Allianz Home and Contents obtained 10.5 points

Home and Contents Insurance Review Summary

Based on the policy coverage for Youi, Budget, Allianz and Steadfast IAL Base policy wordings, we have provided

Youi Home Insurance a rating of 2 Stars
Steadfast Base Defined Events a 4.5 Star rating
Budget 2.8 Star rating
Allianz 2.5 Star rating

To obtain a quote for your home insurance quote, please contact us.