Home Insurance 2018-02-09T05:07:20+08:00

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Your house is our castle…

 

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Buying or renting your home? Living in your own home, with kids or having grandparents living with you, no matter what stage of life you find your self in, Grace Insurance can offer you a few tailored solutions as unique as yourself and your insurance needs.

Grace insurance is able to provide a one stop solution for all your insurance needs.

Policies available

Building and Content Insurance

Building Insurance

Content Insurance

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Simple Online Solution

If you’re looking for Public Liability Insurance,
we have a range of options available online for you to choose from.

Over 2000 occupations covered

Choice of $5 million, $10 million and $20 million.

Flexible payment options including pay by the month

Get a quote

New for old

So your old television is out of the 2005’s, but should it be damaged say in a small house fire, it would be replaced with a new one. The advantage of a new for old wording is that your contents would never depreciate and will always be replaced with the new product that’s available.

A roof over your head

What happens if your home should be damaged by fire and needs to be repaired? Grace Insurance use a wording that would assist in providing temporary accommodation and will arrange emergency repairs and make safe repairs.

Different Covers available 

Accidental Damage – The Ultimate peace of mind. Grace Insurance prefer to place most of their clients on an accidental damage wording. Provide comprehensive cover for the usual claims, but extend to cover accidental damage. Example, your husband carries his $8000 new LED TV from the theatre room to  the bedroom and drop it. Totally destroying the TV. That would be covered.

Listed Events – Provide you with cover to cover the more common claims and provide cover for a specific list of events. You will also have the option to specify items for cover away from home.

  • Explosion
  • Smoke
  • Fire or Lightning
  • Storm
  • Wind
  • Earthquake
  • Burglary/Theft/Break In
  • Vandalism
  • Escape of Liquid or flood
  • Electric Motor Burnout
  • Accidental Glass Breakage
  • Riots/Civil Commotions Impact

Public Liability

Both policies automatically include personal Public Liability insurance.

Public Liability covers you for legal costs and compensation you become legally liable to pay, as the result of an occurrence in which you were found negligent, and caused personal injury or damage to the property of a third party.

Example: Speedy delivery service drop off your online order of goods. Your dog breaks free and destroy the delivery guys clothes and he ended up having 15 stitches and need physio to recover. Due to the injuries he is off work for 3 months. The policy will respond to cover your exposure.

Building & Content Insurance

Complete Solution

Grace Insurance Home & Content insurance provide the most popular type of cover. Providing comprehensive cover for your home (Building) and all your goods inside (content).

  • Residential building protection
  • Protection for domestic outbuildings such as garages and sheds
  • Infrastructure for services
  • Swimming pools and spas
  • Money
  • Jewellery
  • Computer and software
  • Furniture

Building Insurance

Building Insurance covers both your building (home) and any other buildings like sheds and garages.

Home Buildings Insurance covers your home as well as other structures on your property such as garages, sheds, fences and in-ground pools. For example, if your home was damaged by fire or storm, your building policy would cover the cost to rebuild or repair.

  • Residential building protection
  • Protection for domestic outbuildings such as garages and sheds
  • Infrastructure for services
  • Swimming pools and spas
  • X Money
  • X Jewellery
  • X Computer and software
  • X Furniture

Contents Cover

Contents Insurance. Covers the items inside your home for a wide range of items, such as jewellery , laptops, appliances, whitegoods, furniture, and clothing, in case of loss or damage from storms, fire, theft, and more. Your carpets and curtains are even included.

  • X Residential building protection
  • X Protection for domestic outbuildings such as garages and sheds
  • X Infrastructure for services
  • X Swimming pools and spas
  • Money
  • Jewellery
  • Computer and software
  • Furniture

Home Insurance FAQ

An excess is a contribution you are required to pay towards a claim you make on your insurance policy. An insurer may have many types of excesses that can apply in different situations or apply concurrently.

Generally the higher your excess, the insurer will provide you with a reduced premium as you are prepared to take some of the risk on yourself by setting a higher excess amount. We recommend you speak to  your Grace Insurance broker in order to provide you with your best option.

We prefer to place our clients on a wording that include flood cover. There are many reasons why you should consider flood cover, even if you are not near a river, ocean or waterway.

Your home is normally calculated on the replacement value, excluding land value. Main reason is a destroyed home debris can be removed and a new home can be build on the same land. The amount of content you need, has to be calculated by yourself. Generally you can complete a inventory. Yes, it takes a bit of time but worth doing the extra bit of work to insure you are not under insured.

Here is a basic solution as a guide (Link below)

The Inventory Spreadsheet includes some of the common locations and items that you might want to consider when creating your own inventory list. For insurance purposes, it would be better to list each item separately so that you can include the price, serial #, and model # for each item.

Taking photos of your property for your home inventory will make working with your insurance company go a lot smoother. You might even want to do a walk-through video. Now-a-days, most digital cameras have video capture ability, so you could record a quick video clip of each room in your home, and store the video clips and digital photos on a flash drive with your inventory.

When you have completed your home inventory, you should store a paper copy and a digital copy in a secure location outside of your home and/or in a fireproof safe. A safety deposit box or even a locked drawer in your office would probably work for an off-site location. We highly recommend to store a copy on a cloud based system. You can also send a copy to Grace Insurance for safe keeping.

Grace insurance have you covered.  If their gear is damaged by an event listed in your policy (like fire, theft, water damage), some insurers provide cover for up to $5,000.

Please note that the insurers only cover these belongings if they’re not already insured under another policy.

If you home has additional security like a monitored alarm or CCTV, it reduces your risk of getting burgled. It also reduce the amount of goods that could potentially be lost and increase the chance of recovering if the thieves are caught on camera.  The basic security requirement would be that all external doors double lock and all opening windows are key locked enabled.

Home Construction

Some homes are constructed out of material that have a higher risk of damage or increase risk of fire. Example a wooden house build in a high fire risk area will cover a higher rate than a home build from brick due to the higher fire risk.

Location

Some homes are located in areas that are prone to burglaries and theft. Insurers calculate the probability of you being burgled and adjust their rate in case they see your area as a high risk are.

Double story with a lift

Some insurers will exclude a lift for machinery breakdown. Cost of replacement of a double story home could also be more. If location is remote, it may also cost more getting material to the remote area for repairs or rebuild.

If you’re renovating, your home insurance policy should still cover you. There are a few restrictions; and it’s important that you let us know before you start the renovation so we can provide the right cover for the work that’s planned. You may also require a specific building insurance to avoid problems later when you want yo sell your house with the additions you have made.

Renovation restrictions include:

  • If the value of renovations is greater than $75,000 or is structural (Insurer specific), the insurer will not cover you for any legal liability arising from the renovations. Structural renovations are those that affect the overall structure or frame of the home.
  • The insurer will not cover you for any water entering your home through an opening made for any renovations or repair work.

Is home insurance compulsory?

Should your home be financed, your financial institution normally require you to have insurance that note them as the interested party on the policy. If you own your home with no debt, you are not forced to have insurance and totally up to yourself. We highly recommend that you are not uninsured at any time.

Many people underestimate how much insurance cover they actually need! Or they simply renew their insurance policies each year without taking into consideration renovations or new purchases or replacement value of some content items.

General Insurers usually require you to insure your property for at least 80% of its value (this amount may change from insurer to insurer). If at the time of a claim the insurer believes the property hasn’t been adequately insured, they are entitled to apply Underinsurance to any settlement.

The actual amount of claim is determined by the formula: Claim = Loss Suffered x Insured Value/Total Cost. The object of such an Average Clause is to limit the liability of the Insurance Company. Both the insurer and the insured then bear the loss in proportion to the covered and uncovered sum.

This is where a basic Inventory List (link please) can assist you.

This depends on the type of policy you’ve taken out. Each home insurance policies comes with its own Product Disclosure Statement (PDS), which lists out all the exclusions to your cover.

In short, you’re not covered for any foreseeable event or for general wear and tear (for example, your home and contents deteriorating over time due to age).