With so much jargon in the insurance industry, it can get a bit confusing. So, here is a list of the common general insurance specific products and what they cover.
Any questions about these specific products insurance or if you would like a review of your own covers, please get in touch.
Please note these are summaries only, and do not include all the requirements for payment, or policy options. Get advice before making a decision.
Specific Products – General
Pays to repair or reinstate your house if it’s damaged or destroyed.Note: some policies only cover the indemnity value of the house, rather than full replacement.
Pays out due to loss of your personal belongings.Note: some specific products policies do not have any full replacement, and may not cover your belongings out of the home. These are usually called restricted policies. Note 2: if you have collections (comics, art, china sets, and records) etc, or high value items (jewellery, etc) your policy may require them to be noted or specified on the policy to ensure full payout.
Full Cover: covers you for the loss or damage of your vehicle regardless of fault, as well as the cost of the other vehicle if you are at fault in a collision.
Third party: only covers the other party in a collision, but if they are at fault may also pay you out.
Maximum vehicle value for this cover: $6000
|Landlords’ Protection Insurance|
Pays out if the tenant causes malicious damage to your property, and loss of rent if the tenant has to be evicted for not paying rent, leaves without paying rent; or the house cannot be rented due to the malicious damage they cause.
Covers you for loss when travelling overseas. Common items covered include cancelled flights, lost luggage, medical cover etc.