House Insurance

There can be a significant variation in the insurers and policies that are available. Keep in mind that some insures offer lifetime guarantees for repair materials and workmanship. New for old replacement is also available with some insurers.

Investigate and compare the insurers and policies closely. There can be a wide variance on what is on offer. It is important to read the policy fine print and there is a great deal of variation between policies. For example, not all insurance policies cover flood damage, though most will cover loss caused by rainwater runoff. It is a good idea to shop around and make an informed decision on what you will be covered for and not a decision solely based on the overall price. Other policy advantages may include 'new for old' replacement of items.

Also, consider the excess charge payable if you need to make a claim as this can vary widely. Some insurers also offer the ability to reduce your excess by slightly increasing the premium.

Some insurers will also offer incentives. This may include discounts if you have multiple policies. This can be achieved by insuring your house and contents with the same insurer. Discounts may also be available if you use the same insurer for your house and contents insurance together with your vehicle or investment property insurance.