Westpac Contents Only Insurance Policy Review
Replacing the prized possessions you’ve collected over the years could really add up if something unexpected happened. And that’s where Westpac contents insurance can help.
Different Types of Westpac Contents Only Insurance
- Essential Care. Includes $3,000 of artwork cover, $3,000 of jewellery and watches cover ($500 limit per item), and cover for theft when you can provide evidence of forced entry. A safety net of up to 5% of the sum insured for your contents also applies, ensuring that you are covered when the cost of repair or replacement is more than your sum insured.
- Quality Care. Offers a higher level of cover than Essential Care with cover for artwork (up to $10,000) and cover for jewellery and watches ($1,000 limit per item), it also offers protection against electrical motor burnout and accidental glass breakage. Cover is included for theft from your lockable home, while $2,000 of cover is provided for theft from the site in the open air. A Safety net of up to 10% of the total sum insured applies when the cost of repair or replacement is more than your sum insured.
- Premier Care. Offers protection against theft from inside, outside and away from your home, providing a comprehensive level of theft protection. If repair and replacement costs exceed expectations, a Safety net covers up to 20% of the sum insured, along with $20,000 of artwork cover and $10,000 of cover for jewellery and watches (up to $2,000 for every item). Electrical motor burnout, accidental glass breakage and accidental loss or damage are also covered.
What Are Contents?
In order to understand what is covered under this policy, it’s important to understand Westpac’s definition of contents. Contents refers to the domestic items you own or which you are legally responsible for, and which are usually housed in a building at the site. This broad definition includes:
- Household goods
- Linen and towels
- Appliances and electrical items
- Software obtained legally
- Mobile phones
- Handheld navigational equipment
- Carpets and rugs
- Internal blinds and curtains
- Sporting equipment
- Musical instruments
- Above-ground swimming pools
- Outdoor furniture
- Fixtures and fittings installed by you as a tenant
Structural additions and improvements in a strata title home that are not insured under the body corporate’s building insurance.
Contents Insurance Additional Benefits
- Contents in the open air at the site. This benefit is available under Quality Care and Premier Care policies, and it provides cover for loss or damage caused by insured events to contents kept in the open air at the insured site.
- Contents temporarily moved to other places in Australia. Available under Quality Care and Premier Care policies, this benefit covers loss or damage to contents while they have been temporarily removed from the insured site. The contents must still be within Australia and not removed from the insured site for more than 90 days. The loss or damage must also be caused by an insured event while your contents are securely locked in another home, hospital, nursing home, hotel room, motel room, or resort room. Cover also applies when the loss or damage is caused by an insured event other than storm, flood or theft.
- Computer records. Available only with a Premier Care policy and up to a limit of $3,000, this benefit provides protection when your computer suffers loss or damage due to fire, explosion, earthquake, impact, flood, storm or theft. If the insurer agrees to pay for a replacement computer, it also covers the costs of re-establishing your computer records and data that were lost.
- Sum insured automatic indexation. Policies under all levels of cover are automatically indexed to guarantee that the sum insured keeps pace with inflation.
Westpac Contents Only Insurance Savings Tips
- No fee for paying monthly. This can help you fit your premium payments into your budget.
- No claim bonus. You’ll receive a discount if you don’t make any claims for one or more years.
- Choose a higher excess. You can select a higher excess and pay a lower premium as a result. The excesses you can choose from are $250, $500, $1,000, $2,000 and $5,000.
- Choose a lower level of cover. The more basic the cover option you choose, the less you have to pay for it. So you may want to downgrade from Quality Care to Essential Care.
- Spend money on home security. Adding security features to your home can lower your contents premiums. Features include deadlocks, keyed window locks, security screens, security bars and alarm systems.
- Package savings. Customers who also have a Westpac Premier Advantage Package home loan can enjoy a discount on Westpac insurance.
How to Make a Claim With Westpac
The first thing you should do when making a claim is to ensure your property is safe and take any reasonable steps to prevent further loss or damage. If you need to call the police to report a break-in, malicious damage or theft, do so as soon as possible.
Once that has been taken care of, call Westpac and provide them with all the details of your claim. Westpac’s claims team is available 24 hours a day, seven days a week, and has an impressive reputation for dealing with issues.
Westpac will require access to the site and a reasonable amount of time to inspect and assess the loss or damage for which you are making a claim. This needs to be done before you allow anyone to attempt to fix or interfere with the contents. You may also need to provide proof of ownership, evidence of the value of the contents in question, and supporting documentation of the costs involved in rectifying the loss or damage.
Westpac will then accept or deny your claim, though in some cases further information or investigation may be required before a claim is approved.