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Your home insurance premium is what you pay your insurance provider for covering your home under their home insurance policy. It is calculated based on the type of coverage you choose for your home as well as any additional coverage you buy for either your possessions or specific incidents. Your premium can either be paid annually or in smaller instalments. 

Your home insurance policy may cover the total replacement cost, which is the actual expense of rebuilding your home from scratch. Alternatively, it can cover an insured sum, which is a predetermined estimate of what it might cost to rebuild your home. You’re more likely to pay a higher premium for total replacement cover than for insured sum coverage.

Apart from selecting your coverage, you’ll have to figure out your excess, which is the amount you pay out of your own pocket for each insurance claim. If you are okay with paying a higher excess, your insurance premium may be lower. Conversely, if you choose a lower excess, you may pay a higher premium. 

Your insurance premium can also be higher if you live in an area prone to incidents like floods, bushfires, or theft, as insurers are more likely to receive a higher number of claims in such neighbourhoods. 

If you also want to buy insurance for your belongings, a combined home and contents insurance policy may have a lower premium than paying premiums on separate policies for your home and your belongings. 

When you compare the home insurance quotes offered by various Australian insurers, consider looking at the type of coverage they offer as well as coverage limits and exclusions. You can choose an insurance policy which covers either the total replacement cost, which is the actual cost of rebuilding your home from scratch, or a fixed insured sum, which is an estimate of the cost to rebuild. The home insurance policy is likely to cost you more if you go for the total replacement cost coverage.

Your insurance policy’s exclusions and coverage limits usually depend on how exposed your home is to adverse events like floods and bushfires. It also tells you the maximum compensation that your insurer is likely to pay for damage caused to your home. If you live in an area with a greater incidence of crime or disasters, your insurance policy will likely cost you more.

The amount you actually pay for home insurance can be adjusted by agreeing to a higher excess, which is what you will pay over and above the insured amount from your own pocket. You should consider using the online calculators provided by various insurers to check how different coverage limits affect your insurance premium.

If storms are among the incidents covered by your home insurance policy, hail damage protection is more than likely assured. While all policies differ based on your needs and what a home insurance provider will offer, some things are close to a certainty. 

Extreme weather events tend to be unpredictable in their severity, but dangerous all the same. You'll never be able to fully prepare for any damage caused, be it lightning, strong winds, rain leading to flooding, or hailstorms, but home insurance can at least provide you with a way to deal with life's unpredictable nature. 

If your home suffers from hail damage, you can file a claim with your insurer. In the event that this happens, remember to take pictures of any hail damage as an insurance adjuster will need to evaluate the impact on your home. Any additional wind damage to your roof will also need to be documented similarly.

You may want to check if your home insurance also covers hail damage to the cars parked on your property, and then file the claim for the total damage caused by the hailstorm. Once your claim is approved, your insurer should offer you either a cash settlement or refer you to a network vendor for the necessary repairs.

Ordinarily, home insurance only covers damage to your house, which can include additional buildings such as garages, sheds, and fences, as well as permanent fixtures. 

However, to protect the items located in your home or in any of these other buildings, you will likely need to purchase home and contents insurance. Even so, your bike would only be covered if it does not require separate vehicle registration, as is the case for bicycles and 50cc minibikes, but not motorcycles, and only when located on your property, parked or otherwise. 

Depending on the cost of your bicycle or minibike, you can have it listed in your home and contents insurance as a high-value item. You'll want to check your insurer’s Product Disclosure Statement (PDS) to know the normal coverage limit for a bike included as part of your home and contents insurance, as well as the incidents which are covered. 

Insuring your bicycle can be distinct to insuring any personal effects on your bike at the time, or even using the bike when you're out and about. If you want to cover those, such as something in a basket or a camera equipped to the bicycle, or the bike itself as you travel, you will likely need to purchase additional personal effects insurance. You can also read about any additional coverage available under the personal effects policy, though for full coverage, an ideal option will likely be a separate bike insurance policy.

Making a home and contents insurance claim for the very first time can surely be a daunting task, especially in the event of a major loss incurred by a catastrophic event such as storms or floods. Moreover, your claims history can impact your premium rate, so it’s important to carry out the process as efficiently as you can. Fortunately, the process of raising an ANZ home and contents insurance claim is fairly simple.  

The very first step you should undertake is contacting your insurance provider online or over the phone as soon as you can. The ANZ home insurance claim contact number is 13 16 14 and is available weekdays from 8 am to 8 pm AEST. Be sure to have your policy number ready when you make the call, though. If you don’t remember your policy number, you’ll need to confirm a few of your personal details, following which the insurer will be able to locate your policy and proceed with lodging the claim. 

Your insurer will then ask you a series of questions regarding the event and the loss you incurred. As a note, it’s a good practice to submit photos of the damages while lodging your ANZ home insurance claim. Contact the police in the event of theft and provide the report number to your insurer when lodging the claim. 

ANZ may send an assessor or representative to inspect the damages onsite, and may even arrange for qualified or experienced replacement specialists to inspect the losses and provide quotes for repairs. As such, it’s ideal to conduct repairs or replacements to your home and contents only after your insurer has agreed to them. 

Dealing with a disaster is never a pleasant experience, but it can be worse if your home is extensively damaged. At some point, you’ll have to estimate the damage to your home and file the necessary insurance claim. 

If you’ve bought a Youi home insurance policy, you can contact them regarding an insurance claim either by calling 13 9684 or through the Youi website. If you don’t remember your policy number, you can identify yourself and provide your address when speaking to a Youi member to grant yourself access to your policy details, handy if you’ve had to leave home in a rush and may not have had the time to collect any of your belongings, let alone insurance policy documents. 

You may not need to fill out any claim forms right away, but you’ll need to describe the incident and the damage caused to your home. Once you’ve contacted Youi, an inspector will visit your home and verify the damage before your claim is accepted and processed. Insurers usually expect you to contact them at your earliest possible convenience after a damaging incident, or within 30 days at the latest, as is the case with Youi

Seeing your home damaged by a natural disaster such as a bushfire or a hail storm can be traumatic. Unfortunately, sometimes your house may become uninhabitable after such an incident and require major renovation or even rebuilding. In such circumstances, your home insurance policy should cover the cost of temporary or emergency accommodation. 

It's worth checking with your insurer on the coverage limit, as different insurance providers may cover the cost of renting another home for a number of months, though this will vary between coverage cost and insurance provider. However, the maximum coverage will probably run for 12 months. Upon filing a claim, most insurers will likely first ask an inspector to confirm that your home is too damaged to live in, and subsequently cover the cost of temporary accommodation after that. 

You could also need temporary accommodation because the local council or other governing authority may order an evacuation in anticipation of a problem or disaster. In that instance, you should check if your insurance provider will cover the cost of accommodation at such a time and, if so, how you can file a claim in such cases. If you are a pet owner, check if your home insurance policy covers the cost of temporarily housing your pets elsewhere.

There are two types of house insurance policies, namely total replacement cover and sum insured cover. The former covers the total cost of rebuilding the house to the same standard before it was damaged. The latter home insurance type covers the cost of damages up to a predetermined limit, which is called the sum insured.

Different types of homeowners’ insurance may offer extra cover at an additional premium, including accidental damage, fire insurance, storm insurance, flood insurance, motor burnout insurance, home and contents insurance, and contents insurance. These extras are not classified as homeowners’ insurance types; include one or more based on your situation. 

Home insurance offers cover for any damage to your house and most policies cover the main building, garage, permanent attachments, and other external buildings that can be locked. 

Every insurance policy lists the defined events that will be covered, such as fires, floods, lightning strikes, theft, or falling trees. A few may also offer the option of accidental damage home insurance cover for other possible mishaps and unintentional damage around the home, such as when the dog knocks over the TV, or when red wine is spilled on the carpet.

The home insurance accidental damage cover is available only for the address provided at the time of buying the policy. 

In most instances, you cannot claim home insurance as an expense on your taxes, because homes are used for personal purposes. However, according to the Australian Taxation Office (ATO), you may claim some portion of the home insurance expense if you use your residence to run your business. For example,  if you have a home office, you can deduct the percentage of expenses that were allocated to the home office. 

Remember that not every room that has a desk is considered as an office. Any office, garage, or other free-standing structure devoted to your business is eligible for the deduction as long as it is your primary place from where you operate your business. 

For homeowners, home insurance can provide some financial protection to your property when things don’t go as planned. If you have home insurance and your property is damaged (or even the permanent fixtures inside), you could make a claim to your insurer to cover the costs of getting it fixed, replaced or rebuilt.

The idea behind property insurance is that you pay insurance providers to take on the risk of loss or damage to your property that you would otherwise be carrying. 

What home insurance specifically covers and the extent of the coverage depends on the insurance provider and the individual policy. However, home insurance typically covers the property and other permanent structures found on or in the property, such as fences, in-ground swimming pools, garages, and dishwashers, to name a few.

There are usually two types of homeowner's insurance you can choose from, with "total replacement cover" or "sum-insured cover". 

If you’re not sure which option to take, it may be worthwhile to speak to a professional valuer to understand how much it might cost to rebuild your home and replace what's inside.

While homeowners' insurance is not legally required, it’s an option for those who want financial protection for their property. Some mortgage lenders may even require borrowers to take out home insurance.

How much your home insurance could cost and the amount of premiums you pay will depend on many factors, including the amount you need to cover, the excess you're willing to pay, and what type of cover you want to take. 

It's important not to base your insurance policy decision solely on the premiums being charged, reviewing what the policy covers, its features, claim exclusions, and caps when deciding which home insurance policy is the right one for you.

While home insurance isn’t necessarily a requirement for a home purchase per se, it’s likely that if you’re purchasing a home with the help of a home loan, you’ll need to take out home insurance on the property. Home insurance can be one of the factors required in the pre-settlement documentation for a home purchase, and you may be advised by either the bank or a broker (or both) ahead of settlement.  

Most insurers consider fences a permanent fixture on your property. They are ranked alongside your home, garages or sheds, swimming pools, and solar panels when it comes to your home insurance policy. Your policy, therefore, covers your fences for the same incidents that cover your home or other parts of your property. For example, if there’s a major storm in your area and fences get blown down, you can get your insurer to pay for the cost of repairing the fence. You can check your insurer’s Product Disclosure Statement (PDS) to confirm that your policy covers the incident before filing a claim. Also, if the fence that has been damaged or blown down divides your property from your neighbour’s, you both may file a shared fence damage claim with your respective insurers. 

You should remember that there may be situations when your home insurance policy doesn’t cover damage to the fences on your property. Suppose you were working on or near the fence and cause some sort of damage to it you may not be able to claim compensation in this case.  Wear and tear on a wooden fence from water-logging near the fence, can be considered negligence on your part and your insurer may deny your claim.

If your home is damaged, say due to a fire or a storm, your first thought may be to file a claim for the repair costs. 

You may later realise that the claim is too small and not worth the effort of filling in the paperwork and losing any no-claim bonus. Instead, you may think ‘I’d like to withdraw the claim’. 

In this scenario, you can simply tell your insurer that you wish to cancel your claim. Keep in mind when you withdraw the claim, it often continues to remain on the insurer’s records, but with no payout recorded.

You may wish to withdraw your home insurance claim for several reasons. You may realise the damage is minor and the repair cost is close to or less than the excess. The excess is the amount you agreed to pay on top of your insurance payout.

Before making a claim, it’s important to understand it may increase future premiums and also affect your ability to get insurance later. 

So in summary, when asking “can I withdraw my home insurance claim?”, the answer is yes. However, before making a claim, it may be worth looking at if it is worth it.

Besides protecting your home and your possessions from damage and theft, many home insurance policies also cover unfortunate accidents that sometimes result in legal action. This is called home insurance legal cover.

What does it cover?

This type of insurance cover protects you and your family members from liability if someone gets injured on your property. You can also get coverage for scenarios such as you or a family member accidentally injuring someone else outside your home or accidentally damaging someone else’s property. 

Typical liability claims include slips and falls in your home and the ensuing medical expenses, or falling trees or branches that cause  damage to your neighbour’s home or parked car.

Dog bites are another claim often covered. If your dog bites someone and you’re found liable, you’ll be covered for the vet and medical bills. Similarly, if your dog damages someone else’s property, home insurance legal cover will often take care of your liability.

Every member of your family is usually automatically included in home insurance legal cover provided they live with you.

The most common causes of structural damage to a property include foundation issues such as settling or ground shifting, hidden structural damage, such as caused by termites, or weather-related damage, like by a tornado or hurricane.

If you’re wondering if structural damage is covered by homeowners insurance, you’re probably not going to like the answer. Most insurance providers don’t include structural damage in home insurance policies because they build the polices to offer protection from loss due to sudden, accidental events, such as fire, burglary or weather-related damage. It can take months or even years for you to discover most foundational or structural damage to your property, and by that time, they become rather costly to repair.

Since it takes a long time to detect, most structural damage is considered a maintenance issue and therefore, your home insurance policy won’t cover it. However, all is not lost. Once you locate the damage and take the necessary steps to not only repair it but also prevent further harm, your insurance policy might cover any subsequent loss. For example, if the foundation has cracks, and it lets water into your home, the water damage could be covered by insurance, but the cracks themselves would not be.

When you sell your home, you cannot transfer the home insurance policy to the new owner. The buyers need to purchase a new home insurance policy where the insurer will calculate the premium based on several factors.

The risk of any damage to the home is transferred to the new owners when you sell the property. You can speak to an experienced conveyancer or solicitor to find out more about when the risk gets passed to the buyers in your state or territory.

If you move to a new home

Can you transfer home insurance to a new property if you move to a new home?

Some insurers may allow you to transfer your policy to a new property as long as you meet certain conditions. These include informing the insurance company as soon as you enter into a contract to buy the new home. You may need to pay an additional premium when transferring your existing home insurance policy to the new property.