Home & Contents Insurance
Home and contents insurance can protect you from financial risk if your home is damaged or destroyed and can also cover your home’s contents if they are damaged, lost or stolen. You can take out cover for specific listed events only or for wider accidental damage cover, depending on your needs.
If your home and its contents were damaged or destroyed in a natural disaster or accident, or all your valuables were stolen, could you afford to replace them?
AIB can help find the right home insurance for you. Whatever your property type and level of cover required, we’ll find a policy that meets your needs.
What Can It Cover?
AIB home insurance can provide you with extensive protection if your home suffers loss or damage – with a number of additional benefits included automatically. You have a choice of options, with different levels of cover and inclusions available. The exact cover you can receive depends on the policy that you take out.
But to give you an idea, here are some of the benefits an AIB home insurance policy may include:
- A safeguard of up to 30% extra of your total sum insured, so you can feel confident you won’t be caught short if you have to rebuild (does not apply to base listed events policy). Only applies if the sum insured was calculated using the building sum insured calculator or the cause of the increase was a catastrophic event.
- Liability cover of up to $30 million for injury or loss of life to a third party, or loss of a third party’s property on a building you occupy or own. Cover for accidental breakages, damage caused by falling trees during a storm or the impact of a car.
- Automatic cover for flood and cover for fire or explosion.
- Automatic inflation adjustment to your buildings and contents sum insured.
- Cover for earthquake, tsunami, lightning strikes, storm, rainwater, hail and wind and water damage from certain leakages.
- An extra 20% of your total sum insured to cover accommodation costs, if you need to move out while your home is being repaired or rebuilt.
- Cover for burglary or theft, caused by a forced break-in and vandalism or malicious damage.
- Environmental upgrade cover – up to $5,000, and extra costs of rebuilding to meet statutory requirements – up to $25,000.
Home & contents insurance can even protect you against legal liability if someone is injured or killed on your property.
Home and Contents Insurance Case Study
During the 2022 Northern New South Wales floods, Michael’s family home and all its contents were severely damaged by floodwaters. Fortunately, Michael had taken out home insurance.
His AIB Home Insurance policy included automatic cover for flood, so it covered the costs of repairing the damage that floodwaters had done to the walls and floors of his home.
It also covered the cost of replacing his furniture and white goods. And, because he and his two children had to move out while his home was being repaired, his policy took care of the costs of living in rental accommodation during this time.
Can You Afford Not To Insure Your Home & Content?
What usually isn't covered?
- If your home is unoccupied for more than 100 continuous days (90 days for the listed event and base listed event wordings).
- For rust, corrosion, gradual deterioration, depreciation or wear and tear.
- For damage caused by rats, mice or insects.
There are other exclusions which your AIB insurance broker can outline for you. In addition, there is a deductible/excess.
