Home, contents and landlords insurance are three types of insurance to consider if you’re purchasing an investment property or your own home.
Home Insurance
This type of insurance is very important, as it protects you from things that you can’t control, such as natural disasters and unpredictable weather events. In the instance where your home suffers damage due to flooding, fires, and cyclones (for example) that’s where home insurance covers the costs of repairing your home. However, every policy is different, so it’s important to always check exactly what the policy covers. At times, it may be necessary to purchase extras on top of the standard policy to cover all types of damage.
Contents Insurance
Where home insurance covers any damage to your building, contents insurance covers damage to, or loss of your personal belongings. It is important to also check what exactly is covered in the contents policy you choose, as not all personal belongings may be covered, and some may only be covered up to a certain monetary value. Some items over a certain value may have to be listed separately and additional premiums paid for this cover.
Landlords Insurance
If you’re aiming to purchase an investment property, you’ll most likely want to look into landlords insurance. Unlike home insurance, landlords insurance works a little differently as it covers a range of damages. Generally, tenant damage, building damage due to natural disasters or weather events, and contents for the landlord’s belongings are covered under landlords insurance. There are also options to cover loss of rent, legal liabilities and costs associated with taking legal action against a tenant. As with any policy, some features will automatically be covered in the standard policy, while others may be purchased as an add-on at an additional cost. Make sure you read through the entire policy to check you are fully covered for your requirements.
Now you are aware of the different types of insurance you may need, have a look at our home and contents and landlords insurance policies and drop into any Queensland Country branch or call our contact centre on 1800 075 078 to discuss your insurance requirements.
Queensland Country Bank Limited ABN 77 087 651 027 AFS Licence No. 244533 acts under its own Australian Financial Services Licence and under an agreement with the insurer, Insurance Australia Limited ABN 11 000 016 722 AFS Licence no. 227681 trading as CGU Insurance. CGU Home and Contents Insurance, Landlords Residential Property Insurance, Car Insurance and Travel Insurance are issued by CGU. You can get a Product Disclosure Statement (PDS) for any of these products from any office of Queensland Country Bank. You should consider the PDS in deciding whether to buy or hold the relevant products.
Information contained in this article is general advice only and does not take into account your individual objectives, financial situation or needs ('your personal circumstances'). Before using this advice to decide whether to purchase these insurance policies, you should consider the appropriateness of it having regard to your personal circumstances, plus obtain and consider the current Product Disclosure Statement and Target Market Determinations for the relevant insurance policy.