Our Verdict
- 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.
Review by our insurance writer Gary Hunter
Protection inside your home
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.
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.
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.
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
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.
