Looking at types of insurances that are common purchases - Home insurance is the fourth most important policy. Life and health are obviously the two most important insurances you must have, while car insurance is legally imperative.
Home insurance or home contents insurance too is imperative if you cannot afford to lose everything you have in your home. A property is the biggest investment you might make in your lifetime and if you add the value of all fixed and movable assets you have in your home, then the cumulative amount will turn out to be a fortune. As you consider home insurance policies, get accustomed with the common home insurance claims in Australia. That will help you while assessing the terms and conditions of the policies and the coverage. You don’t want these to be exempted from the policy.
- Storm damage is the most common cause for home insurance claim. Unexpected downpour, prolonged rain, storm or hail induced damage, overflowing rainwater from nearby reserves or a storm drain getting clogged, the runoff from roofs and elevated areas in a neighbourhood, burst pipes, clogged gutters and drains, landslide, subsidence, erosion and mudslide among many other factors can cause or contribute to storm damage. Even a leaky roof can cause water damage in a house.
- Theft is the second most common cause for home insurance claim. It is actually the most common reason why people opt for home contents insurance in the first place. Burglaries don’t occur with sufficient warning. Whether your entire house is robbed or you have some significant assets stolen, you must be protected against such losses.
- Leaking fluids can cause substantial damage to any home, including fixed and movable assets. Fluids can leak from more than half a dozen sources in a home. The toilet or sink may leak, the basin may overflow or it could be the bathtub. The cooling and heating systems may leak. Drainpipes or gutters may be overflowed. Everything from a dishwasher to a washing machine, a pipe to the main water line can leak.
- If you have any precious installation, then that must be insured against accidental breakage. Usually, accidentally broken pieces don’t get covered by home contents insurance but it is a common cause for claims in Australia. Every expensive piece you own must be protected.
- Just short of acts of gods are unpredictable damages that can be caused by a tree falling through your roof or crashing down on your pergola, a vehicle rampaging your lawn or slamming against your driveway, a flying device crashing at your patio or some other object damaging something pricey in your home. Such instances are quite common reasons for home insurance claims.
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