Insure Against Bad Luck? Yes You Can!

We’re all human right.

We can be clumsy and drop things or forgetful and lose things. We all know ACCIDENTS HAPPEN, it’s not bad voodoo usually just bad luck! But what if you could actually insure your families belongings against life’s ‘oops’ and ‘uh oh’ moments?

Well you can when it comes to your home and personal belongings – it’s called Accidental Damage cover and it’s that extra level of insurance protection that you may be missing out on.

There are two main types of Home and Contents insurance policies in the market.

1. Defined Events

2. Accidental Damage

And, it’s important you understand how to identify which policy cover you have in place.

So how do you do that?

Defined Events Policy

The type of policy you’ve purchased should always be stated clearly on your insurance paperwork. A Defined Events insurance policy can also go by the name of Listed Events or a Listed Perils Policy. A Defined Events policy will typically limit you to only being able to make a claim for loss or damage caused by:

  • Fire or explosion
  • Lightning
  • Earthquake
  • Theft or attempted theft of contents from the home
  • Deliberate or malicious acts
  • Bursting, leaking, discharging or overflowing of fixed basins, shower bases or other fixed apparatus or fixed pipes used to hold or carry liquid of any kind
  • Fusion of an electric motors less than 15 years old
  • Power surge to domestic appliances less than 15 years old
  • Accidental breakage of fixed glass, hand basins, baths and toilet bowls or cisterns
  • Riot and civil commotion
  • Impact by a vehicle, aircraft, falling tree, animal, television or radio aerial or falling power or communication poles
  • Storm cyclone, hurricane and rainwater
  • Flood

There may be some limitations on the cover provided under a Defined Events policy. Unsure? Please call and ask for clarification.

So in plain English, a Defined Events policy is good (better than no insurance at all) but it’s not super duper. You know what is super duper? An Accidental Damage policy.

Accidental Damage Policy

In comparison to a Defined Events policy, an Accidental Damage policy will cover the same events but it goes above and beyond by covering you for damage to your building and contents that is caused by an accident! So:

  • If you are clumsy and drop spill or break your personal items
  • If you are forgetful and leave or lose your personal items
  • If your personal items are stolen away from the home
  • If you accidentally damage your carpets, walls or parts of your building
  • If you want to be covered for all of the above then Accidental damage is the cover you require

Whether you are down the street or away on holiday, anywhere in the world, this is the time the Accidental Damage policies kicks in and pays for itself.

Summary

So just to recap, both the Defined Events and Accidental Damage policies will cover your Building and Contents for the events listed in the Product Disclosure Statement. However the Accidental Damage policy is superior in its coverage and provides accidental damage to your building and contents in your home and to top it off - worldwide cover for loss or damage to your personal items!

As with all insurance policies, limits and maximum values may apply. An Accidental Damage policy will generally have higher limits than that of a Defined Events policy. Be sure to follow our blog when we cover this topic next time.

If you want to know more about upgrading to an Accidental Damage policy or if you’re not sure what type of policy you have in place, please feel to call us on 1300 659 484. Or, you can email us on: ih@ihgroup.com.au.

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