If you're looking for insurance to cover your building and contents against loss or damage, IMB offers 2 levels of protection to secure your valuable possessions. Read this review to understand the features, benefits and exclusions of IMB's home insurance policies.
What cover options does IMB home insurance offer?
Secure Home Extra Insurance
Secure Home Extra Insurance from IMB covers your building and contents against loss or damage from a variety of causes including storm, flood, fire, theft and vandalism. You can also enjoy the security of new-for-old replacement for damaged contents. You can claim costs for removal of debris, rebuilding and temporary accommodation, as well as for electrical motor burnout. There is a safety net of up to 10% of the building sum insured when rebuilding costs exceed your level of insurance. Other benefits include a choice of excess, $20 million of legal liability protection, and optional cover for loss or damage to your valuables anywhere in Australia or New Zealand.
Secure Home Elite Insurance
This policy offers all the same benefits as Secure Home Extra Insurance, with the addition of accidental loss or damage cover for your contents and personal valuables.
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What are the benefits of each option?
Secure Home Extra Insurance
This level of insurance includes the following cover and benefits:
- Loss or damage due to storm, flood, lightning, fire, rain, earthquake, riot, civil commotion, theft, malicious acts, collision, falling trees, escape of liquid, accidental glass breakage
- Electric motor burnout
- New-for-old contents replacement
- Temporary accommodation costs
- Removal of debris
- 10% of building sum insured safety net to cover the cost of rebuilding
- $20 million legal liability cover
- Optional cover for valuables anywhere in Australia or New Zealand
- Pay by the month at no extra cost
Secure Home Elite Insurance
Elite insurance includes all the benefits of Secure Home Extra Insurance, with the addition of cover for accidental loss of or damage to contents and personal valuables.
What is excluded?
Your IMB home insurance claim will not be valid under the following circumstances:
- Damage is caused by any actions or movements of the sea.
- Damage is caused by any animal owned by you or that you allow into the insured address.
- Damage is caused by insects, vermin or rodents.
- Damage results due to the gradual effects of aircraft shock waves.
- Damage is caused by smoke, when the insurer has paid a claim for fire damage.
- Removal of asbestos during repairs or rebuilding after a claim has been accepted.
- You, or someone else acting with your knowledge or permission, commit an unlawful or criminal offence.
- Damage arises due to your possession, supply or consumption of any illegal substances.
- You fail to obey any government law, such as laws regarding pool fencing or installing smoke alarms.
- Loss, damage or liability caused by building extensions, alterations or renovations to your home.
- Damage caused by bushfires, storms, floods or tsunamis in the first 72 hours of cover.
- Chemical damage as a result of cleaning.
- Damage arises due to a computer virus or computer hacking.
- Consequential loss.
- Damage is caused by a legal authority.
- Damage arises due to a defect, structural fault or design fault that you knew about but did not fix.
- Damage is caused by a deliberate act or omission by you, your family, anyone living at the insured address or any owner of your home or contents.
- Damage is caused by gradual wear and tear caused by escaping liquid.
- You fail to take reasonable care of your home or contents.
- Damage results due to mechanical or electrical breakdown.
- Your home does not comply with building regulations.
- Damage is caused by the roots of trees, shrubs or plants.
- Your claim is for theft or malicious damage by someone you invited into your home.
- Damage arises due to wear and tear, rust, rot, mould, mildew or gradual deterioration.
What excess do I have to pay?
The excess is a fixed amount you agree to pay for each incident when you make a claim. The following excesses can apply to your IMB home and contents policy:
- Home Building and Home Contents Basic Excess. This excess applies to all claims unless otherwise stated in the Product Disclosure Statement (PDS). You can vary the excess amount in order to adjust your premium payments.
- Home Personal Valuables Excess. Claims made under personal valuables cover incur their own excess.
- Earthquake and Tsunami Excess. This excess must be paid if you make a claim for loss or damage as a result of an earthquake or tsunami.
- Additional Excess. If the insurer decides there is a higher level of risk than normal associated with insuring your home or contents, an additional excess may be imposed.
- Unoccupied Excess. This cost applies if you make a claim for loss or damage to your home or contents when your home has been unoccupied for more than 60 consecutive days.
Who is eligible for IMB home insurance?
Anyone who owns a home in Australia can take out IMB home insurance to cover the building and its contents. Before deciding, make sure you compare IMB’s policies with products from other insurers to ensure you are getting the right cover for your needs.
How can I make a claim?
If your property or contents are damaged, you need to take the following steps:
- Make sure everyone is safe and phone 000 in an emergency.
- Take all reasonable steps to prevent further loss and damage.
- Immediately report any theft or malicious damage to the police and keep the report number.
- Contact the insurer as soon as possible. You can make a claim 24 hours a day by phoning the insurance issuer, Vero, and providing full details of the insured incident.