What can be insured?

These days you can insure against giving birth to twins or having to cancel a wedding but, for those who have gone past these life stages, which insurance is most appropriate?

Home insurance: building and contents
These policies cover the cost of repairing or rebuilding your home in an event such as a fire or storm. Generally these policies cover the primary dwelling, garage, any outbuildings and fences. Contents insurance provides protection against damage to, or loss of, personal possessions kept in your home.

Home: Village insurance
Village insurance may suit those living in a townhouse, villa, retirement or lifestyle village. It provides cover for building, contents or valuables for events such as fire, theft, storm and flood damage. As Owners Corporations and standard home insurance policies don’t cover fixtures and fittings, Village insurance helps fill those gaps, by covering them under your contents cover.

Assisted living insurance
As well as covering your belongings for accidental loss or damage, Assisted Living insurance includes protection for items such as hearing aids.

Landlord insurance
Landlord insurance protects against theft, failure of tenants to pay rent and malicious damage inflicted by tenants and their guests. Liability, including for any claims made against you by the tenant and any legal expenses incurred in any action you take are also covered.

Apartment insurance
Apartment Insurance covers you for things like fire, theft and storm damage, and it also recognises your insurance needs may be different to those living in a house.

Income protection insurance
If you are unable to earn an income as a result of injury or illness, income protection insurance offers a monthly income of up to 75 per cent of your normal gross earnings for the period in which you are unable to work.

Motor vehicle insurance
· Comprehensive insurance protects your vehicle for accidental damage or loss. It also provides protection for damage you cause to third party vehicles, property or bodily injury.
· Compulsory third party covers drivers for injuries resulting from accidents caused by them. It does not however, cover drivers for damage to their own or others’ cars.
· Third party property damage covers you for damage to any third party vehicle as well as any property damage and bodily injury resulting from an accident involving your car. It does not cover damage to your own car.

Boat insurance
Comprehensive insurance is also available for your boat. You may require third party protection to cover your legal liability arising from the use of your boat for accidental damage to someone else’s property, accidental death or bodily injury.

Caravan insurance
Caravan insurance offers coverage for vans which are permanently located in one spot and those which are moving
from place to place. Some insurers offer additional coverage for your annexe and caravan contents.

Motorhome insurance
As a motorhome tends to be the primary residence while travelling, some insurers will provide automatic cover for alternative accommodation and travel expenses if yours becomes unliveable as a result of loss or damage. Contents insurance is also available.

Travel insurance
These policies can provide cover in the event that you are injured or ill while travelling overseas, lose your luggage or need to return to Australia in the case of an emergency. Most policies will also provide cover if you need to cancel your pre-paid journey due to an unforeseen circumstance.

It’s worthwhile reviewing your level of cover periodically. People often continue to pay for things such as insurance without considering if the level of cover is correct, or if the insurance is still needed. Why not read our tips for choosing the right insurance?