Insurance for First Home Buyers
Insurance is designed to help protect you from financial loss if things go wrong.
As a First Home Buyer it is important to know that when you purchase a new residential property it is a condition of your home loan that you have insurance on the building. At Credit Union SA we can help, because we can arrange Allianz Home Insurance for our members.
What does Home and Contents Insurance cover?
Buildings – What’s covered?
Buildings insurance is designed to protect the physical structures and fixtures that make up your home buildings: from the house itself, to your garage, fences and paved driveways – even built-in appliances like hot water systems, air-conditioners and more.
Contents – What’s covered?
Contents insurance protects the belongings you have at the insured address: from your furniture, carpet and appliances to your BBQ and even your clothes, shoes and handbags. So, if any of the insured events happen during the period of insurance, we’ll generally pay to repair or replace your contents – up to the policy limits.
What is an excess?
An excess is the amount you have to pay if you make a claim on your insurance policy.
Here is an example - Your home is damaged in a storm, and the cost to repair the damage is $5,000. If you have an excess of $600 on your policy then you would pay the first $600 to repair the damage, and your insurer pays the remaining $4,400.
For building and contents insurance with Allianz you have the option to increase your excess, as a way to reduce your insurance premium, because your insurer won’t have to pay out as much money in the event of a claim.1,2
Add any of these optional covers for an additional premium and greater cover.
The accidental damage cover option helps protect you in the event of accidental unexpected mishaps that are caused unintentionally – giving you greater coverage for your home building and/or contents.
You can choose optional cover to protect your portable contents such as mobile phones, cameras and engagement rings in the event of theft or an accident at the insured address and when you take them out of your home, even when you are temporarily outside Australia for up to 120 continuous days in any period of insurance.
The Motor burnout option covers you if an electrical current damages your household electrical motors.
Flood cover may be available as an optional cover to your buildings and/or contents. A 72 hour exclusion period applies.
Domestic workers’ compensation cover
Cover for a domestic worker (e.g. gardener or cleaner), if they are injured while working for you at the insured address. Only available in ACT, WA and TAS.
If you decide to make your first home purchase an investment property, Landlord Insurance is a great way to protect your building and any contents you supply for the tenants’ use. Allianz Landlord Insurance provides cover for insured events such as fire, theft and storm. It also includes cover for malicious damage by tenants.
1Not applicable when an imposed excess applies.
2Damage to glass (other than lenses) or other brittle or fragile substances (other than jewellery) will not be covered unless caused by fire or theft.
Credit Union SA Ltd ABN 36 087 651 232, AFSL/Australian Credit Licence Number 241066, arranges this insurance as agent for the insurer Allianz Australia Insurance Limited ABN 15 000 122 850 AFSL No 234708. We do not provide any advice based on any consideration of your objectives, financial situation or needs. Policy terms, conditions, limits and exclusions apply. Before making a decision, please consider the relevant Product Disclosure Statement available from creditunionsa.com.au/terms-and-conditions. If you purchase this insurance, we will receive a commission that is a percentage of the premium. Ask us for more details before we provide you with services.