Your home is the most valuable asset you will ever own and along with your treasured belongings, it forms the most important collection of items in your possession. So how would you cope if your home and all its contents were damaged or destroyed, from an emotional point of view and also a financial one? Home and contents insurance is designed to provide important cover for loss or damage to your building and your possessions caused by everything from fire and storm to earthquake and explosion.
Mortgage Choice, though better known for its home loan services, also offers a range of home building and contents insurance policies to meet the needs of homeowners with a variety of budgets. Mortgage Choice Home Insurance policies are issued by respected insurance provider, Allianz Australia Insurance Limited.
We don't currently have this brand on our panel. But don't fret! You can head to the Mortgage Choice website or compare a bunch of other home insurance companies with finder.
Home insurance options Mortgage Choice
Mortgage Choice Home Insurance offers three options to customers: Prestige Home, Classic Home and Vital Home.
Mortgage Choice Prestige Home Insurance
Prestige Home Insurance provides accidental loss and damage cover as well as things like temporary accommodation and accidental glass breakage.
Mortgage Choice Classic Home Insurance
A Classic Home policy offers protection against a wide range of insured events, such as fire, storm, explosion, lightning, vandalism and earthquake. It also offers up to $20 million of legal liability cover.
Mortgage Choice Vital Home Insurance
Finally, a Vital Home policy offers insured events cover, accidental glass breakage cover and many of the same benefits as a Classic Home policy. However, the benefit limits on this policy are often lower than those on the Classic policy.
Mortgage Choice Landlord Insurance
In addition, Mortgage Choice offers flexible Landlord Insurance to protect your investment property. It offers liability cover, tax deductible premiums and coverage for your fixtures and fittings.
Levels of cover
Mortgage Choice Prestige Home Insurance
This policy offers protection against:
- Accidental loss or damage to your building and contents
- Accidental glass breakage
- Cost of temporary accommodation
- Removal of debris and professional fees
- $10,000 benefit for accidental death
- Contents in open air at your address
- Contents in a safe deposit box
- Credit card loss or theft
- Electric motor fusion
- Up to $20 million of legal liability cover.
Mortgage Choice Classic Home Insurance
With a Classic Home Insurance policy from Mortgage Choice, you can enjoy protection against a wide range of insured events including:
- Accidental breakage
- Earthquake
- Explosion
- Fire
- Impact damage
- Lightning or thunderbolt
- Malicious acts
- Riot or civil commotion
- Storm, water or other liquid
- Theft and burglary
- Temporary accommodation following an insured event
- Removal of debris costs
- Professional fees
- Death compensation
- Contents in open air at your address
- Contents in a safe deposit box
- Electric motor fusion
- Landlord’s contents
- $20 million of legal liability cover.
Mortgage Choice Vital Home Insurance
A Mortgage Choice Vital Home Insurance policy covers you for loss or damage caused by insured events including:
- Accidental breakage
- Earthquake
- Explosion
- Fire
- Impact damage
- Lightning or thunderbolt
- Malicious acts
- Riot or civil commotion
- Storm, water or other liquid
- Theft and burglary.
In fact, it offers many of the same cover features as a Classic policy but with a few key differences - there is only $10 million of legal liability cover, while no cover is provided for electric motor fusion or the spoilage of refrigerated or frozen food.
Mortgage Choice Landlord Insurance
Mortgage Choice Landlord Insurance offers much needed protection for owners of investment properties by protecting against loss or damage caused by accidental glass breakage, earthquake, fire, and the other insured events included in a Classic Home policy. It also offers extra features such as coverage for mortgage discharge costs, lost rental costs after an insured event and removal of debris costs. In addition, optional covers such as rental default, theft by tenant, strata title mortgage protection and landlord workers’ compensation can be tacked on to your policy.
| We give benefits for: | Prestige Home | Classic Home | Vital Home |
|---|---|---|---|
| Accidental glass breakage |
|
|
|
| Accidental loss or damage |
|
|
|
| Additional cost of temporary accommodation |
|
|
|
| Automatic indexation of sum insured |
|
|
|
| Compensation for death |
|
|
|
| Contents in open air at the risk address |
|
|
|
| Contents in safe deposit box |
|
|
|
| Credit cards - cover for loss or theft |
|
|
|
| Fusion of electric motors |
|
|
|
| Guests', visitors' and domestic helpers' property |
|
|
|
| Insured events cover |
|
|
|
| Landlords' contents |
|
|
|
| Legal liability |
|
|
|
| Modifications to buildings for paraplegia & quadriplegia |
|
|
|
| Replacement of locks and cylinders |
|
|
|
| Security firm attendance |
|
|
|
| Spoilage of refrigerated / freezer food |
|
|
|
| Temporary removal of contents from your risk address |
|
|
|
| Title deeds |
|
|
|
| Veterinary costs |
|
|
|
What are the general exclusions?
Your Mortgage Choice Home Insurance claim will not be paid if:
- It is caused by a deliberate, intentional, criminal or malicious act by you, or anyone else acting with your consent
- It is caused by the lawful seizure, detention or destruction of anything you own
- It is for loss or damage to a property as a result of any process involving the application of heat
- It is caused by acts of war, revolution or rebellion
- It is caused by depreciation, gradual deterioration or wear and tear
- It results from faulty design inherent defects, poor workmanship or structural defects
- It arises from contents which were acquired illegally or which are being held illegally
- Your claim is caused by flood
- It is caused by atmospheric or climatic conditions except lightning, thunderbolt, storm, rainwater or runoff
- It is for loss or damage caused by insects, birds, vermin, rust, corrosion, mould, mildew, or any process of cleaning or repairing that involves the use of chemicals
- It is for loss or damage to sporting equipment, model aircraft, bicycles or watercraft while they are being used
- It is caused by mechanical or electrical breakdown or failure, except for electric motor fusion on certain policies
- It is for the loss or damage to electronic equipment or data
- It is for consequential loss
- It is for loss or damage to a computer caused by a virus.
How much does it cost?
A number of factors can affect the cost of your Mortgage Choice Home Insurance premiums, including:
- Where you live. Weather events and burglary/theft are a bigger concern in certain areas.
- The type of property being insured. Bigger homes generally cost more to insure, while the materials which your home is constructed from can affect its ability to withstand damage.
- Amount of cover required. The greater your sum insured, the more you can expect to pay for cover.
- Your claims history. Your past claims record will affect your risk profile.
How does excess work?
When you make a home insurance claim, you’ll need to contribute towards the overall expense of that claim by paying an excess. The exact amount of the excess you will have to pay will be set out in your Mortgage Choice Home Insurance policy schedule. Policyholders will only have to pay one excess in respect of any claim:
- That is caused by the same insured incident
- Which relates to loss or damage to both buildings and contents caused by the same insured incident.
Certain benefits, such as the replacement of locks and cylinders or the loss or theft of credit cards, do not attract an excess when you make a claim. Earthquake claims will attract an excess of either $200 or the amount shown in your policy schedule, whichever is greater.
Are there any ways I can cut costs?
- Combine your cover. Bundle building and contents cover together on one policy to receive a discount of up to 10%.
- Choose a higher excess. If you choose to increase the amount of excess you will have to pay when you make a claim, you can in turn receive a lower insurance premium.
- No claim bonus. You can enjoy a saving on your premiums for each year you don’t make a claim under your Mortgage Choice policy, up to a maximum discount of 30%.
- Tax benefits. Landlord Insurance premiums can often be claimed as deductions at tax time.
- Choose a lower level of cover. If you can choose a lower level of cover but still have adequate protection in place, doing so will save you money.
I need to make a claim, what do I do?
If an incident occurs that may lead to a claim, remember that your Mortgage Choice Home Insurance claim will not be paid if you:
- Admit your guilt or liability, or if you attempt to settle any claim
- Don’t take reasonable steps to prevent any further loss or damage
- Fail to immediately inform the police of any malicious damage, theft, burglary or loss of insured property
- Don’t keep evidence of the loss or damage to your insured property
- Don’t contact the insurer as soon as possible.
When you contact Allianz (the insurance issuer) to inform them of your claim, you will need to provide full details either verbally or by filling out a claim form. Depending on the nature of your claim, you may also need to provide documentation such as receipts, proof of ownership or police reports to support your claim.
Compare your home insurance options
If you’re looking for competitive insurance protection for your buildings and contents, Mortgage Choice Home Insurance can help. Just make sure to compare the policies it offers with others on the market to make sure you find cover that offers you features and value for money.
