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Common questions about Home & Contents Insurance
The ‘home sum insured’ is the most we will pay to rebuild your home. It should reflect what it would cost to rebuild your house at today’s prices. As well as the home building itself, the sum insured should include the cost to repair or replace other structures, such as, garages, sheds, pergolas, fences, in-ground swimming pools, concrete paths, and paving.
It’s vital that the sum insured is accurate to avoid being over-insured (and paying more for your home coverage) or under-insured (and risk not having enough covered if something goes wrong).
Use our Building and Contents calculators to help you calculate the replacement value of your home and contents.
You select your home sum insured from the range we offer. In the event of a total loss, if you want to rebuild your home as it was, the sum insured for your home should be the total replacement cost to rebuild your home using new materials at today's prices. But we realise that sometimes costs can go beyond your expectations.
That is precisely why we offer Safety Net Home Protection Optional cover. If your home is damaged by an insured event and the cost of repairing or replacing it exceeds the home sum insured, we will pay up to a further 25% or 30% of your home sum insured to repair or replace the home (depending on your level of cover).
For example, with a 25% Safety Net, if your specified sum insured is $400,000, we’ll cover you for up to an additional $100,000 (if your sum insured is not enough to repair or replace your home after an insured event). There are some exclusions to this, which you can read about in the Product Disclosure Statement.
Good news! Your carpets, blinds, and curtains are covered under Suncorp’s Contents Insurance cover. Just know that they aren’t covered under our Home Insurance policy. We provide more detail about what’s covered in the Product Disclosure Statement.
We will cover the cost to repair or replace your carpets, blinds, and curtains if an insured event has caused the loss or damage under your Contents Insurance policy.
But what’s an insured event, you ask? You can learn more about these events in the Product Disclosure Statement.
Suncorp’s Contents Insurance has an optional cover for valuable personal items you use or have on you regularly while away from home, such as your mobile phone, laptop, handbag, bicycle, or jewellery and watches. The optional cover provides accidental loss and damage cover for portable personal valuables at and away from the home. There are limits to how much is covered on this optional cover:
- Under personal valuables - unspecified items’ we offer up to a limit of $1000 per item, pair, set or collection. Under this option, there is no requirement to list these specific items if they are accidentally damaged or lost.
- You can increase the amount of cover provided for these items by listing them as ‘personal valuables - specified items’ if you’d like them covered for more than $1000 per item, pair, set or collection.
Always ensure you have relevant documents such as receipts and valuation certificates – especially for jewellery and watches - as you must prove that items are yours if you need to make a claim. This coverage has limits and conditions. You can learn more about these limits and conditions and other details about the policy in the Product Disclosure Statement.
We can offer additional coverage for ‘Specified items’ under our contents insurance for an extra premium.
But remember that the sum you insure your contents for should cover these valuable items. You may want to increase the amount that is insured as sub-limits apply to these items under our levels of cover unless you have asked to us increase the limit.
Just let us know what you want to insure them for, and we will add them to your policy. The most we will pay for your specified items with flexible limits is listed in the Product Disclosure Statement.
Like all of us, a lot of items or fixtures in and around the home will age. We do not provide cover for, or any loss or damage in connection with ‘wear, tear, and gradual deterioration’. Examples of when we do not cover loss or damage in connection with include:
- tiles and their adhesive or grouting breaking down;
- areas of the roof rusted through or weathering of roof tiles or roof ridge capping causing leaks;
- wear and tear of carpets, furniture and furnishings.
The above are just a few examples of when loss or damage will not be covered. For the full list of limitations, other exclusions and more information regarding the extent of coverage check out the Product Disclosure Statement.