Selecting Home Insurance

Mij Gibson Oct 7, 2020

Insurance can help give you peace of mind. But the price and inclusions of each policy can differ from one insurer to the next. This means you will need to make an objective comparison from all the information.

To work out what is and isn’t included in your policy, means you’ll need to go through the product disclosure statement.  This can take hours.

But there is an easier option. You can read the insurer’s key fact sheet [KFS].

Every insurer is required by law to provide this two-page KFS document. It outlines the events covered and not covered in their policies. Its aim is to enable consumers to easily access key information about the insurance, and compare it to other similar insurance contracts.

You should however carefully read the Product Disclosure Statement (PDS) and all relevant policy documentation for more details on the policies.

The Australian insurance industry is strongly regulated so there are strong protections in place. But you still must be comfortable and confident that the company you selected has a strong track record in home insurance.

Remember, if in doubt, seek expert advice!

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