Here’s how you can find the right home insurance in Queensland for your needs.
Beautiful beaches, spectacular weather and a relaxed lifestyle that’s hard to find anywhere else are just a few of the reasons why Queensland is a great place to live. It’s no wonder that more than 4.8 million people now call the Sunshine State home. Of course, if you’re the proud owner of a home in Queensland, it’s essential that you have an adequate level of home insurance to protect your most valuable asset. For tips and advice on how to find the best home insurance in Queensland, read on.
Ready to compare Queensland home insurance policies for 2018?
Why do I need home insurance?
Here’s why purchasing home insurance in Queensland is a great idea:
- Your home is your most important asset. Buying a home costs hundreds of thousands of dollars (or more in some capital cities), so protecting your investment makes perfect financial sense.
- You can’t predict the future. Home insurance is something that you take out and hope you will never have to use. While most people will never have to make a claim on their policy, the simple fact is that you can’t predict the future and disaster can strike at any time. Home insurance provides financial protection if something ever goes wrong.
- Protection against a wide range of risks. The best home insurance covers you against a broad range of risks, including damage from fires, storms, impacts, floods and vandalism. It even covers your legal liability. Queensland residents should ensure they have adequate cover against bushfires.
- Home insurance provides peace of mind. Home insurance is an important investment to guarantee your peace of mind. No matter what the future may hold, if you have a policy in place, you can rest assured that your home and your treasured possessions will be protected.
What should I consider when purchasing home insurance in Queensland?
There are several factors you need to take into account when choosing home insurance in Queensland.
Some of those factors are down to you personally, such as how much cover you want and how much you’re willing to pay for home insurance.
However, other factors will vary depending on where you live in Queensland. For example, if you live in Far North Queensland, you should have a policy that provides protection against loss or damage by tropical cyclones.
In parts of the state’s south-east where severe storms are a common threat during spring and summer, you’ll want to ensure that you have adequate protection against storm damage. And if you live close to the Brisbane River in a low-lying suburb, flood cover is a must.
Apartment owners also have slightly different cover needs to those who live in detached houses, so it’s important to carefully assess your cover requirements before choosing a policy.
What type of home insurance can I get in Queensland?
Queensland homeowners can choose from three types of home insurance:
- Home insurance. Also known as building insurance or building-only cover, this type of policy provides cover for your home and other fixtures on your property against damage from fires, storms, theft, vandalism and more.
- Contents insurance. Contents insurance provides cover for your possessions and household items against the same risks as building-only cover.
- Home and contents insurance. Home and contents insurance combines the benefits of the two policies above to provide comprehensive protection for your building and your possessions.
How much does home insurance cost in Queensland?
Several competing factors affect the cost of home insurance in Queensland:
- Where you live. Location is one of the risk factors insurers consider when calculating the likelihood of you having to make a claim. If you live in an area with a high crime rate or that is prone to natural disasters, you can expect higher premiums.
- Your home. The design and construction of your home can influence the cost of cover. For example, a modern double-brick home will stand up to a severe storm or cyclone much better than a 50-year-old weatherboard shack, while some roofing materials withstand hail damage better than others.
- The type and level of cover you select. The higher the level of cover you select for your home, the more you will have to pay for your policy. If you include additional options in your cover, your premiums will also increase.
- Any discounts that apply. Some insurers offer loyalty discounts, multi-policy discounts and special offers for senior citizens to help you save money on the cost of cover.
What insurers can I access in Queensland?
Australian home insurance providers usually aren’t state-specific, which means Queensland homeowners can access cover from an extensive range of trusted insurance brands. The finder.com.au panel of home insurers includes some of Australia’s leading home and contents insurance providers, including the following:
Are there any exclusions and additional costs I should be aware of in Queensland?
Before choosing any home insurance policy, make sure you read the list of general exclusions for details of when your policy will not provide any cover. The following exclusions are fairly common:
- No cover when you leave your home unoccupied for more than 60 days.
- No cover if you fail to properly secure your home.
- No cover for a home business.
- No cover for cyclone or flood damage within the first 72 hours after purchasing cover.
- No cover for any claims that arise due to your involvement in illegal activity.
It’s also important to be aware that stamp duty is charged on home and contents insurance premiums in Queensland at a rate of 9%. Remember to factor this into your equations when working out the total cost of cover. * The offers compared on this page are chosen from a range of products finder.com.au has access to track details from and is not representative of all the products available in the market. Products are displayed in no particular order or ranking. The use of terms "Cheapest", 'Best' and 'Top' are not product ratings and are subject to our disclaimer. You should consider seeking independent financial advice and consider your personal financial circumstances when comparing products.
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