Raiz Item Insurance is good if you don't want to fork out for a home and contents insurance policy but still want some protection for valuable items like your phone, white goods, laptop or bicycle.
You can get cover for most items including laptops, desktops, mobiles, gaming consoles, jewellery and bicycles.
You can add theft cover and accidental cover for anywhere in Australia. Keep in mind you'll have to pay extra to get these benefits — this is the same among other insurers.
We don't currently have this brand on our panel. But don't fret! You can head to the Raiz website or compare a bunch of other home insurance companies with finder.
Raiz Insure provides cover for specific listed items such as phones, laptops, bicycles and jewellery. It will cover you in relation to loss or damage that occurs inside your home. These events include cover for storm, flood and fire, as well as theft and attempted theft.
Keep in mind that in order for your claim to be accepted, you will need to provide evidence through proof of ownership or the item itself if it is damaged. Also, you can't get cover for any legal liability incurred by you unless your item is a bicycle. Legal liability cover protects you financially if you become liable to pay for personal injury or damage to someone else's property.
Optional add-ons
Theft cover anywhere in Australia
You can also add "Theft cover anywhere in Australia" when taking out your policy. This will protect you from theft or attempted theft anywhere in Australia.
Accidental damage anywhere in Australia
You can also add Accidental Damage when taking out your policy. This will protect you from accidental damage anywhere in Australia. In insurance terms, accidental damage is defined as loss of or damage caused by an unintentional act or unforeseen and uncontrollable incident.
Excluded items
There are some items Raiz Item Insurance will not cover. These include:
Vehicles, motorcycles, caravans, camper trailers or trailers
Motorised golf buggies or carts
Ride-on lawnmowers
Mobility scooters
Defibrillators
Tools, e.g. drills and saws
Stock used in any business, trade or profession
Loose or unset gemstones
Keep in mind, you won't be covered for any loss or damage to your item arising directly from storm, fire or flood for the first 72 hours after taking out your policy.
Here's some information on Raiz item insurance complaints
We looked at home insurance complaint data from the Australian Financial Complaints Authority (AFCA) between July 2020 and June 2021. The data breaks down different underwriters and compares their business size to the number of complaints processed.
When comparing insurers, keep in mind that insurers with a larger market share serve more customers, so can potentially get more complaints.
Here's an overview of how Raiz (Insurance Australia Limited) did:
Insurance Australia Limited managed to resolve 40.14% of its complaints directly with customers.
It's considered a very large insurer so you should expect a relatively high volume of complaints but Insurance Australia Limited received the second-highest (974) after AAI Limited (1,361).
Here's the bottom line about Raiz item insurance
Raiz item insurance is good if you just want cover for specific valuables in your home, like your laptop or TV. However, if you want cover for more items, it might be worth considering contents insurance. If you're still not sure, you can compare other home insurance companies here.
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FAQs about Raiz item insurance
Like any policy, there are general exclusions you need to be aware of. With Raiz Item Insurance, you will not be covered for any loss, damage or any costs arising from the following:
Explosion, lightning thunderbolt or earthquake (provided that this exclusion will not apply to the optional extra cover Accidental Damage)
A deliberate or intentional act
Bursting, leaking, discharging or overflowing of fixed pipes and tanks used to hold or carry liquid
Action of the sea, high water, tsunami, erosion, landslide or subsidence
If your home has been unoccupied for longer than 60 consecutive days unless agreed otherwise
Legal liability (unless your item is a bicycle)
If you accidentally lose or misplace an item
General wear and tear
The action of insects or vermin
Raiz Insure Single Item Insurance is issued by Insurance Australia Limited and distributed by Raiz Invest Australia Limited.
Here's the key eligibility criteria for a Raiz item insurance policy:
The type of items you own. Some eligible items include laptops, desktops, tablets and mobile phones.
How you use the items you own. Items are only used for private use.
The condition of your items. Items must be well maintained.
When you bought the items. It is suitable for items that are a laptop, mobile phone, camera, tablet, or Home AV and were purchased within the last 90 days.
To make a claim, you can log in online to your Raiz Insure account. Keep in mind that if you make a claim, you will have to pay any excess that applies to the item. This will vary depending on the item you are insuring. There are two excesses: a basic excess (which you will have to pay) and a special excess (which you might have to pay depending on the item). You will be made aware of your excess when you sign up for a policy. It will also be shown on your Certificate of Insurance.
Before any claim is paid, Raiz Insure will deduct any premiums that you have not yet paid as well as all upcoming premium instalments between the date of the claim and the end of your Period of Insurance if the nominated item is a total loss. This is because the cover for your item will end, meaning you will need to take out a new policy for the replacement item if you want to continue being covered.
Leave a Raiz Insure Item Insurance review
If you've held or currently hold a Raiz Insure Item Insurance policy, we'd love to hear from you. Your reviews help other Australians decide if St.George is right for them. Some reviews are from a survey commissioned by Finder.
Gary Ross Hunter is an editor at Finder, specialising in insurance. He’s been writing about life, travel, home, car, pet and health insurance for over 6 years and regularly appears as an insurance expert in publications including The Sydney Morning Herald, The Guardian and news.com.au. Gary holds a Kaplan Tier 2 General Advice General Insurance certification which meets the requirements of ASIC Regulatory Guide 146 (RG146).
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