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Home Insurance - the basics

Whether you're buying your first home or moving in a new place we think you home is worth protecting.

For many of us, our home is the most expensive asset we'll ever own. If you've just started looking into home insurance options , we've got some simple answers to questions you might have.

What kind of home insurance do I need?

You might need one policy for the building itself and another for your contents. Alternatively, you can combine your building and contents insurance into one policy, which may even end up cheaper. If you’re buying a home, your lender will likely require your building insurance policy details, so it’s a good idea to get a home insurance quote as soon as possible.

What is building insurance?

Building insurance is designed to cover the permanent fixtures in your building or house. This includes things like the roof, ceiling, walls, floors, doors, windows, fixed cabinets and cupboards. Additional structures such as sheds and pergolas are also generally covered but it’s best to check this with the insurer.

You’ll generally be covered for events such as:

• Fire
• Storm damage
• Lightning strikes
• Earthquake
• Vandalism
• Impact from falling trees

What about things inside my own home?

That’s where contents insurance comes in. When you take out Contents Insurance, you’re taking out cover for things inside your home – like whitegoods, art, electronic equipment, jewellery and furniture. How much you’re covered for depends on a few things. You choose the sum insured for all your contents (we’re here to help if need be), and then you can choose from three levels of cover – Accidental Damage, Listed Events or Fundamentals.

What is not covered through building insurance?

Most building insurance policies will not cover:

• Wear and tear, gradual deterioration and lack of maintenance.
• Damage caused by certain events when you’re renovating.

How much cover do I need?

It can be difficult to determine how much it can cost to replace your home and contents. We can help take the guesswork out with our Home Building Calculator and Home Contents Calculator. Additionally, you also need to take into account other elements such as location access for builders, materials used to re-build, and the current market costs.

What is an excess?
The excess is the amount you agree to pay if you make a claim, with your insurance covering the rest. Depending on your policy, you might have to pay more than one type of excess – for example, cover for an earthquake could include an extra excess.

Our friendly team can answer your questions and help find the right cover for you. Call 08 8925 5901 or get a quote online by visiting Home & Contents Insurance.

Important information
This insurance product is distributed by Automobile Association of Northern Territory Inc ABN 13 431 478 529, an authorised representative of the issuer Insurance Australia Limited ABN 11 000 016 722 trading as CGU Insurance. Any advice provided 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 a product, you should consider your personal circumstances and the relevant the Product Disclosure Statement and Target Market Determinations from