Home and Contents Insurance

Home and contents insurance covers the cost of repair or replacement to your building and contents when loss or damage is caused by events such as break-ins, fires (including bushfire⁹ and grassfire⁹), flood,⁹ storms,⁹ impact damage such as a fallen tree, as well as accidental breakage of glass and more.

Plus, it provides legal liability cover which can cover you if you’re found liable to pay compensation to someone because you’ve accidently injured them or damaged their property during the period of insurance.

The cost of your insurance is called a ‘premium’. Your premium will depend on a number of factors, and can change each year when you renew your policy. Your premium for each period of insurance will be shown on your policy schedule.

There are a number of factors that determine how your Allianz Home and Contents Insurance premium is calculated, including:

• Your risk profile. Allianz will work this out using a number of factors, such as:
  
  • Where you live
  • The type of property you’re insuring
  • The amount and type of cover you require
  • Any other people also insured under the policy
  • The relevant claims history of the people being insured
  • The likelihood of a claim being made on your policy

• Any discounts that may apply
• Any compulsory government charges such as Stamp Duty and GST
• Emergency Services Levies if they apply to the State or Territory where your home is located
• Any other charges Allianz tells you about
• The excess you choose¹⁰

To find out the cost of insuring your home building and/or contents through Allianz, get a quick Home and Contents insurance quote in minutes.

With Allianz, there are a number of ways that you may save on your Home and/or Contents Insurance premium:

• Combine your Building and Contents cover on the one Home Insurance policy and save up to 10%.^2,3 (Compared to buying each cover as a standalone cover)
• Increase your basic excess: Allianz policies come with flexible excess levels, giving you the option to increase your basic excess, within a given range, which could reduce your premium¹⁰

You should tell Allianz as soon as reasonably possible if during the period of insurance your building is in the course of construction or there are any alterations, additions, demolition, repairs to, or decorations of the building costing more than $75,000. If you don’t, Allianz may refuse or reduce a claim under the policy to the extent it's prejudiced by the delay or the non-disclosure.

When Allianz receives this information, it may:

• Propose changes to the terms and conditions of your policy
• Propose to charge you a higher premium
• Cancel your policy (if there’s a change and it can’t reach an agreement with you on the altered terms and conditions or premium; or it's no longer prepared to insure you because there has been a material change to the risk)
• Decide not to offer to renew your policy

Note: it’s also important that you increase your sum insured to take into account any extensions or renovations to make sure you’re adequately covered in the event of a Home Insurance claim.

Home insurance covers you against financial losses associated with the damage or loss of the property you own. Home insurance isn't a legal requirement; however, if you have a mortgage on your property, most banks and mortgage lenders require you to purchase home buildings insurance as security to safeguard themselves against financial risk caused by unexpected damage or loss to your property.

Lenders may require you to list them as an interested party when buying insurance and may also ask you for proof of insurance (a Certificate of Currency) before the loan is finalised or for each year your mortgage is held with them.

This cover option allows you to insure items which you wear or carry with you outside your home, such as a handbag, wallet, sunglasses, jewellery or a musical instrument. You can choose from two types of Portable Contents cover – unlisted or listed – or you can choose both.

Unlisted Portable Contents

This option allows you to select a per item limit and per claim limit, e.g. up to $2,000 per item and $7,500 per claim. This means you don't have to specifically list your portable items. However, this option doesn't cover items such as laptops, tablets, mobile phones and other wearable technology which need to be covered under Listed Portable Contents.

Listed Portable Contents

This option allows you to cover specifically listed portable items for their full replacement value (less any contributable excess). Laptops, tablets, mobile phones, and other wearable technology can be listed under your policy and covered as listed portable items.

This option covers you in the event of accidental unexpected mishaps that are caused unintentionally, for example if you’re moving furniture around the house and damage your wall (if you have Buildings cover) or if you've spilt a drink which causes damage to your carpet (if you have Contents cover).

Here are some examples of the sort of mishaps you’ll be covered for if you take out optional Accidental Damage cover:

If you have Building cover and:

• You accidentally smash a hole in the wall when you move some furniture
• Your kids draw all over your walls

If you have Contents cover and:

• You spill red wine on the new white carpet or lounge

Allianz will extend cover for your contents anywhere in Australia for up to 90 continuous days in one period of insurance.

The Accidental Damage cover option automatically includes Motor Burnout cover. For details of what’s covered, see the relevant PDS.

If you take both Allianz Building and Contents Insurance, here’s how these covers can work together if you suffer an insured loss:

• Your house burns down. You lose your building, and everything in it. With adequate sums insured under Allianz Building and Contents covers, you could rebuild and replace your insured belongings.
• A fire damages your kitchen. You could repair or rebuild built-in damaged parts of your kitchen, such as benchtops, with Home Building Insurance. Then you could replace damaged items like blinds and kitchenware under your Contents Insurance policy.
• A thief smashes your window, breaks the locks and steals your belongings. You can fix the window and locks through your Building Insurance and replace the items that were stolen under your Contents Insurance.

Plus, you’ll only have to pay one excess if your building and contents are damaged by the same insured event and you’ve combined them on one policy.

Curtains and carpets are covered by Contents Insurance. Contents items aren't permanently attached to the building. Curtains and carpets are classified as contents as they can be removed. If you have Buildings Insurance you need to also take out Contents cover to make sure these items are covered.

Allianz Home Insurance covers cyclones and bushfires, except during the 72-hour exclusion period that may apply for any loss of or damage to your property caused by these events, during the first 72 hours after you first take out or increase the cover under the policy. For full details of conditions and exclusions, see the relevant PDS.