Information On TheTypes Of Insurances That Exist
Explanation of what the insurance is:
Insurance is the means by which people gain financial protection against unexpected events. People pay an annual or monthly amount (a premium) to an insurance company and the insurance company pays out a sum to cover losses or costs if an unexpected event occurs. The company that arranges and provides the insurance cover is called the insurer. The person or group that pays the premium and is covered by the insurance is the insured.
Definition for types of insurances:
Household insurance
Ø Home insurance - covers a home against damage and destruction to the building from various causes, such as storms, fire or accidental explosions. It is very important that the inclusions and exclusions are very carefully noted; for example, most policies will not cover food damage.
Ø Home contents insurance - provides compensation if your home's contents (such as furniture) are damaged or stolen.
Ø Building indemnity insurance- is taken out by a building work contractor when performing domestic building work costing $12,000 or more that requires council approval. This includes when you are:
This insurance protects the current building owner and future owner if:
Ø Public liability insurance is to protect you if an adverse event occurs on your building site where there may be perceived negligence on your part.
Insurance is the means by which people gain financial protection against unexpected events. People pay an annual or monthly amount (a premium) to an insurance company and the insurance company pays out a sum to cover losses or costs if an unexpected event occurs. The company that arranges and provides the insurance cover is called the insurer. The person or group that pays the premium and is covered by the insurance is the insured.
Definition for types of insurances:
Household insurance
Ø Home insurance - covers a home against damage and destruction to the building from various causes, such as storms, fire or accidental explosions. It is very important that the inclusions and exclusions are very carefully noted; for example, most policies will not cover food damage.
Ø Home contents insurance - provides compensation if your home's contents (such as furniture) are damaged or stolen.
Ø Building indemnity insurance- is taken out by a building work contractor when performing domestic building work costing $12,000 or more that requires council approval. This includes when you are:
- building a house
- performing renovations
- building an extension
This insurance protects the current building owner and future owner if:
- work has not been completed or faulty work has not been rectified
- the builder dies, disappears or is declared bankrupt.
Ø Public liability insurance is to protect you if an adverse event occurs on your building site where there may be perceived negligence on your part.
Definition On Home Contents insurance:
Whether you rent, own, buy or build a property it is a good idea to take out an insurance policy to cover your property in case of damage or theft.
There are many different insurance policies and providers you can choose from, including packages specifically for landlords and tenants. Most policies can be paid annually or monthly but most insurers will charge extra for monthly payments.
Home insurance will cover the structure of your home and contents insurance will cover your belongings – e.g. furniture, electrical goods. Home and contents insurance can be taken out as a package or separately.
Get a quote on how much it will cost them with NRMA Insurance:
The sum insured- Contents: $65, 028
- Basic excess: $200
- Pay annually: $394.70
OR
- Monthly: $36.89
There are many different insurance policies and providers you can choose from, including packages specifically for landlords and tenants. Most policies can be paid annually or monthly but most insurers will charge extra for monthly payments.
Home insurance will cover the structure of your home and contents insurance will cover your belongings – e.g. furniture, electrical goods. Home and contents insurance can be taken out as a package or separately.
Get a quote on how much it will cost them with NRMA Insurance:
The sum insured- Contents: $65, 028
- Basic excess: $200
- Pay annually: $394.70
OR
- Monthly: $36.89