Loans
What level of Home and Contents should I have?
Most people need financial protection. In the event of that unforseen event occurs, how would you cope? What would likely happen?
No Protection can be the cause of:
- Having you and your family homeless, if the home burnt down, or was severly damaged
- Stress in the family as valuable contents were stolen or damaged, and you can not afford to replace them
- Financial stress occurs as you spend on the replacement.
Home and Contents insurance assists in maintaining your financial position and gives you piece of mind that your home, contents, and valuables can be replaced if the worst was to happen.
You should be comparing Home and contents insurance every year, to make sure you are completely covered, and are getting the best value for your money.
No one knows what can happen in life, But you can protect you and your family if something does go wrong.
Home Insurance
What does Home Insurance cover?
The Insurance Company will cover you for for accidental loss or damage to your home occurring during the period of insurance.
To settle the claim, the insurance company will:
- repair or rebuild the damaged part of your home to the same condition as when it was new, or
- pay to you the reasonable cost to repair or rebuild the damaged part of your home to the same condition as when it was new.
Contents Insurance
What does Contents Insurance Cover?
The Insurance Company will cover you for for accidental loss or damage to your contents occurring during the period of insurance.
To settle the claim, the insurance company will:
- pay the reasonable cost of repairing an item that can be economically repaired, or
- replace an item that cannot be economically repaired or has been stolen with an item that matches the damaged or stolen item as near as reasonably practical.
- pay to you the reasonable cost to replace the item that cannot be economically repaired or has been stolen.
Used Car Warranty
Benefits of a Used Car Warranty
Used cars start to become less reliable, and over the years with a higher number of kilometres travelled, you can start to expect to see some mechanical problems appearing.
It is therefore sensible to have some level of protection from mechanical failure, and a used car warranty does that.
In this market there are 2 options:
- A warranty that is an Insurance Product.
- A warranty that is a Contract Warranty.
A Warranty that is an insurance product will cover a list of included components, and will repair or replace them in the event of a mechanical failure.
A Contract Warranty, sometimes called a Discretionary Warranty, covers a list of covered components to a dollar limit. The warranty provider will pay out at its sole discretion, meaning they may or may not pay the claim.
Used Car Warranty products will have limits on the vehicles age and kilometres travelled, and as the vehicle gets older, the coverage will become less comprehensive, and the premium will be relatively higher.
Note:
These comments are a guide only as to what each type of warranty covers.
You must read the PDS Product Disclosure Statement each warranty provider issues to get a definitive list of inclusions, and exclusions, and make an informed decision after that.
Insurance
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