Building Insurance

Building insurance should be simple, after all, you just decide whether you want to insure your home and contents or just one or the other. Right? Well, not quite.

With so many options of building insurance, it can be hard to choose which one is most suitable for your situation. 

Home building insurance

This form of insurance covers damage to your actual house if you own it. It can be used to claim for major damage (ie. your house burning down), or minor damage (ie. a broken window). 

Home contents insurance

Home contents insurance covers damage to or loss of the contents of your house. This includes damage due to fire or theft. Combined with home building insurance this is the normal, comprehensive form of building insurance and some places, including the Commonwealth Bank, offer this at an economy or premium level. 

Investment home insurance

Many companies offer specially designed investment home insurance, which can cover extra items as such as demolition cost cover and architect fees cover. Commonwealth Bank is one company that offers such cover. 

55 and over home and contents insurance

Some companies offer home and contents insurance that is specially tailored for those over 55 and this often includes a discount, helping you to get the best insurance price. GIO offers an over 55’s insurance. 

Renters insurance

Some companies offer fire and theft insurance to renters. This kind of insurance tends to cover a smaller value of contents, at a lower premium, and thus it is important to ensure that enough of your contents are covered. AAMI offers renters insurance. 

Tips on choosing the right insurance

In the end, despite the policy titles, it is hard to know which policy will be best for you. Often a little investigation into a few different policies will be well worth it at the end of the day.