Home and Contents Insurance – Focus on Contents

Here are some of the items that often surprise policy holders as being included under a home insurance policy depending on the level of cover.

Whilst different policies offer different cover, some of the unpopular items that may be covered in a COTA Home Contents Insurance policy include:

• Vet Costs – If you have a cat or dog that is injured in a road accident, you can be covered for veterinary expenses of up to a maximum of $500. Which is applicable when you have contents cover.
• If your house keys are stolen, you may be covered up to the limit set out in the policy to replace the locks or cylinders of external doors or windows to which the stolen keys belonged.
• Legal liability – people often assume that cover is limited within the home. However, under certain conditions, you may be covered for up to $20m for your legal liability for death, bodily injury or loss or damage to property which is caused by an accident occurring anywhere in Australia (and elsewhere in the world if you normally reside in Australia).

Some contents items have a maximum limit on how much they are covered for, such as jewellery, art or collectables. You will need to list these items separately on your policy – and specify a replacement value if the value is above the standard limit.

As always, you should consider the Product Disclosure Statement which sets out the standard terms, conditions, limits and exclusions before purchasing cover.

Insurance and Membership Services Limited ABN 59 057 159 743, AR No 246235 trading as COTA Insurance (COTA, we, or us), arranges this insurance as agent of the insurer Allianz Australia Insurance Limited (Allianz) ABN 15 000 122 850, AFSL No. 234708. Any advice here does not take into consideration your objectives, financial situation or needs, which you should consider before acting on our recommendations. Policy terms, conditions and exclusions apply. You should read and consider the relevant Product Disclosure Statement available at cota.com.au before deciding whether to acquire any product mentioned. The relevant Target Market Determination is available by calling 1300 1300 50. We receive commission on these insurance products as a percentage of the premium paid for each policy ranging from 0.3% to 25%. Allianz also pays us a percentage of the profit which exceeds the agreed profit threshold for Home (excluding flood), Landlord (excluding flood), Motor and Caravan and Trailer policies arranged by us or renewed with Allianz in each calendar year, provided that the agreed premium threshold is met for these products. Additionally, we receive a marketing allowance from Allianz every 2 months, which is a percentage of the total premium earned on these policies in the previous 2 months. Ask us for more details before we provide you with our services by calling 1300 1300 50.