Suncorp Home & Contents Insurance Guide
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How Suncorp Insurance benefits you
Suncorp Insurance has a long history of building futures and protecting what matters most for our customers and the communities in which we live and work. Whether it’s cyclones, bushfires, floods or hail, we provide support and a helping hand when you need it most. That’s the Suncorp difference. That’s the Suncorp spirit.
Common questions about Home & Contents Insurance
Insurance can be a bit complicated at times. We get it. So, here is some clarity on commonly asked questions by our customers.
The ‘home sum insured’ is the most we will pay for loss or damage to your home caused by an insured event. It is the amount stated as the home sum insured on your certificate of insurance. The sum insured amount for your home includes structural improvements on land such as, garages, sheds, pergolas, fences, fixed swimming pools, concrete paths and paving.
Generally, you set the home sum insured when you take out a policy with us, and we may adjust it when it’s time to renew your policy. It’s important for you to ensure that the sum insured is sufficient to avoid being over-insured (and paying more for your home cover) or under-insured (and risk not having enough cover). Consider your sum insured meets your needs in the event your home is damaged or destroyed.
In the event of a total loss, the sum insured for your home should be the total replacement cost to rebuild your home using new materials at today's prices. However, 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 rebuilding it exceeds the home sum insured, if you have this cover, we will pay up to a further 25% or 30% of your home sum insured to repair or rebuild the home (depending on your level of cover).
For example, with a 25% safety net, if your home 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 rebuild 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, internal blinds and shutters, drapes, or curtains may be covered under Suncorp’s Contents Insurance cover. But know that they aren’t covered under our Suncorp Home Insurance policy. We provide more detail about what’s covered in the Product Disclosure Statement.
Under the Suncorp Contents Insurance policy, we will cover loss or damage to your carpets, internal blinds and shutters, drapes, or curtains at the insured address caused by an insured event. Depending on your level of cover, limits apply to carpets and rugs that are hand woven or hand knotted. You can find out more in the Product Disclosure Statement.
But what’s an insured event, you ask? You can learn more about these events in the Product Disclosure Statement.
Yes, Suncorp’s Contents Insurance has optional covers for valuable personal belongings that are normally carried with you away from the insured address, such as your mobile phone, laptop, handbag or jewellery and watches. The optional cover provides accidental loss and damage cover for personal valuables at or away from the home. There are limits to how much is covered with this optional cover:
- Under ‘personal valuables - unspecified items’ optional cover, we offer up to a limit of $1,000 per item, pair, set or collection up to the total sum insured for this option. 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 $1,000 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 your loss, value and ownership of the items if you need to make a claim. This cover has limits and conditions. You can learn more about these and other details in the Product Disclosure Statement.
With Suncorp, some categories of contents items have flexible limits meaning you can increase the limit for those items for an extra premium. These categories are:
- jewellery and watches,
- carpets and rugs that are hand woven or hand knotted,
- paintings, pictures, works of art, antiques, sculptures, ornaments and art objects,
- collections, sets and memorabilia, including stamp collections, collector’s pins, medals and currency no longer in circulation.
When you ask us to increase an item’s limit, it will be listed on your certificate of insurance along with its sum insured. However, if you don’t, then the most we will pay for the flexible contents item is the limit shown for the item in the Product Disclosure Statement.
No. We do not cover any loss or damage connected with ‘wear, tear and deterioration’.
Examples include but are not limited to:
- tiles and their adhesive or grouting breaking down
- wear, tear, or fading of carpets, furniture, and furnishings (including curtains and drapes).
There is more information about this in the Product Disclosure Statement.