WFH: What could affect my home insurance during coronavirus lockdown?
Despite the slight easing of social distancing restrictions, the vast majority of people across the country are still working from dining tables, home offices or even sofas. The global pandemic has shaken up not only the work-life balance, but also living arrangements and with that comes home insurance.
For the most part, your home and contents insurance may not be affected by the lockdown measures, but there are a few instances in which it might.
Here’s a quick wrap-up of how the current situation might affect your policy:
New equipment to work from home
If you haven’t moved since you took out your policy and you haven’t bought any new tech to see you through social distancing, then you shouldn’t have to make any changes to your home and contents insurance.
That said, if you have bought new equipment to assist you while working from home, then depending on the value of it, you may want to review your contents cover. For instance, if your policy covers you for up to $10,000, but the tech you’ve just invested in tips you over that amount, then you may want to increase the sum you’re insured for.
RELATED: 5 step tenants guide to choosing renters insurance
Business stock stored at home
If COVID-19 has you storing excess amounts of stock for your business at home, then it might be a good idea to review your home and contents insurance policy.
For that matter, if you’re now running your business out of your home, then you may want to consider whether or not you need business insurance.
This type of insurance covers stuff like:
- Public liability - Although it’s highly unlikely that you have anyone visiting you right now, if you do have customers or suppliers dropping by, this type of insurance can protect you in case someone injures themselves on your property.
- Machinery breakdown - This type of insurance can cover you for equipment breakdown, including tech equipment that you rely on to run your business.
- Business interruption - If you’re forced to press pause on business operations due to property damage or a break in, then this type of insurance can help cover any ongoing business expenses.
- Accidental injury - Insurance to help cover medical bills, income loss and other expenses linked to certain accidental injuries.
Leaving your home unoccupied for 60 days
Usually when you take out a home and contents insurance policy there will be a clause relating to unoccupancy. So, if like a large number of younger Aussies you’ve left your rental unoccupied and shipped off to your parents’ to ride out social distancing, then you may want to look into this.
Generally, the clause requires you to inform your insurer if you are going to leave your home unoccupied for more than sixty consecutive days (the time frame may vary from policy to policy). Some insurers may even specify the approximate hours you need to be in your property each day to be covered. For example, eight out of twenty four hours.
If you do wind up leaving your home unoccupied for a few months, then you may not be covered for any loss or damage to your possessions or home.
RELATED: An essential guide to landlord insurance
Family members moving in during lockdown
On the flip side, unless your family member comes to live with you permanently, you shouldn’t have to tell your insurer if your relative has moved in temporarily during lockdown.
The only thing to be mindful of is that if your family member or friend brings valuables with them, these items will not be covered under your contents insurance. That is unless you make changes to your policy to include them.
Need help deciphering your home and contents insurance policy? Read Mozo’s home and contents insurance jargon buster for help reading your product disclosure statement.
Or if you’re searching for cover right now, check out the home and contents insurance policies on offer below.
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Home & Contents Insurance
Get award-winning Home and Contents Insurance at a price you can afford from Budget Direct. Save a huge 30% ^ on your first year’s premium when you purchase a new combined Home and Contents Insurance policy online.
- Main events covered
- Fire
- Theft
- Storm
- FloodOptional Extra
- Monthly payments
cost extra - Yes
- Underinsurance protection
- Optional ExtraUp To 25% Of Building Sum Insured
- New for old
replacment - Yes
- General contents
- Yes
- Cash
- Up to $800
- Cd dvd and electronic files
- Up to $3,000 combined with computer software
- Computer software hardware
- Hardware yes, software up to $3,000 combined with CDs/DVDs
- Camera and accessories
- Yes
- Carpets
- Yes
- Antiques and valuables
- Up to $5,000 per item for artwork, up to $12,000 in total, up to $2,000 for collections
- Jewellery
- Up to $1,000 per item or set, up to $5,000 in total
- Replacement of documents
- No
- Tools of trade
- Up to $2,000
- Contents while moving
- Up to 20% of sum insured
- Lock replacement
- Up to $1,000
- Temporary accommodation
- Up to 10% of sum insured, up to 12 months. Combined with temporary accommodation for pets.
- Debris removal
- Up to 10% of sum insured combined with demolition cost and emergency storage
- Demolition cost
- Up to 10% of sum insured combined with debris removal cost and emergency storage
- Accidental loss and damage
- Optional Extra
- Accidental breakage of glass
- Yes
- Lightning
- Yes
- Earthquake
- Yes
- Storm surge
- No
- Buildings and structural improvements
- Yes
- Building materials
- Up to $1,000
- Landscaping
- No
- Gates and fences
- Yes
Read our Mozo Review to learn more about Budget Direct Home & Contents Insurance
Premier Care Residential
Save up to 25% when you purchase cover online. Westpac Premier Care Home & Contents Insurance covers your home and belongings in case of storms, floods, fire, theft and more. Mozo Experts Choice Winner in 2020.
- Main events covered
- Fire
- Theft
- Storm
- Flood
- Monthly payments
cost extra - No
- Underinsurance protection
- YesUp To 30% Of Building Sum Insured
- New for old
replacment - Yes
- General contents
- Yes
- Cash
- Up to $1,250
- Cd dvd and electronic files
- Yes
- Computer software hardware
- Computer software: Yes. Computer hardware: Yes.
- Camera and accessories
- Yes
- Carpets
- Yes
- Antiques and valuables
- Up to $20,000
- Jewellery
- Up to $5,000 per item, up to $20,000 in total
- Replacement of documents
- Up to $2,000
- Tools of trade
- Up to $3,000
- Contents while moving
- Up to 20% of sum insured
- Lock replacement
- Up to $2,000
- Temporary accommodation
- Up to 12 months, up to 10% of sum insured
- Debris removal
- Up to 10% of sum insured combined with demolition cost
- Demolition cost
- Up to 10% of sum insured combined with debris removal cost
- Accidental loss and damage
- Yes
- Accidental breakage of glass
- Yes
- Lightning
- Yes
- Earthquake
- Yes
- Storm surge
- Yes
- Buildings and structural improvements
- Yes
- Building materials
- Up to $2,000
- Landscaping
- Up to $10,000 for plants
- Gates and fences
- Yes
Read our Mozo Review to learn more about Westpac Premier Care Residential
Premier Care Residential
Save up to 25% when you purchase cover online. St. George Premier Care Home & Contents Insurance covers your home and belongings in case of storms, floods, fire, theft and more. Mozo Experts Choice Winner in 2020.
- Main events covered
- Fire
- Theft
- Storm
- Flood
- Monthly payments
cost extra - No
- Underinsurance protection
- YesUp To 30% Of Sum Insured
- New for old
replacment - Yes
- General contents
- Yes
- Cash
- Up to $1,250
- Cd dvd and electronic files
- Yes
- Computer software hardware
- Computer software: Up to $3,000. Computer hardware: Yes.
- Camera and accessories
- Yes
- Carpets
- Yes
- Antiques and valuables
- Up to $20,000
- Jewellery
- Up to $5,000 per item, up to $20,000 in total
- Replacement of documents
- Up to $2,000
- Tools of trade
- Up to $3,000
- Contents while moving
- Up to 20% of sum insured
- Lock replacement
- Up to $2,000
- Temporary accommodation
- Up to 12 months, up to 10% of sum insured
- Debris removal
- Up to 10% of sum insured combined with demolition cost
- Demolition cost
- Up to 10% of sum insured combined with debris removal cost
- Accidental loss and damage
- Yes
- Accidental breakage of glass
- Yes
- Lightning
- Yes
- Earthquake
- Yes
- Storm surge
- Yes
- Buildings and structural improvements
- Yes
- Building materials
- Up to $2,000
- Landscaping
- Up to $10,000 for plants
- Gates and fences
- Yes
Read our Mozo Review to learn more about St.George Premier Care Residential
Home & Contents Insurance
Making sure your home insurance is about where you’re at right now could save you lots. Start a quote with Youi today and see what you could save.
- Main events covered
- Fire
- Theft
- Storm
- Flood
- Monthly payments
cost extra - Yes
- Underinsurance protection
- No
- New for old
replacment - Yes
- General contents
- Yes
- Cash
- No
- Cd dvd and electronic files
- Yes, excludes electronic files
- Computer software hardware
- Yes
- Camera and accessories
- Yes
- Carpets
- Yes
- Antiques and valuables
- Yes
- Jewellery
- Optional Extra, choose $0 to $100,000
- Replacement of documents
- No
- Tools of trade
- Optional Extra, up to $1,000 per item , up to $5,000 in total
- Contents while moving
- Up to 20% of sum insured
- Lock replacement
- Up to $500
- Temporary accommodation
- Up to 12 months, up to 12% of sum insured
- Debris removal
- Up to 20% of sum insured combined with demolition and professional fee costs.
- Demolition cost
- Up to 20% of sum insured combined with debris removal and professional fee costs
- Accidental loss and damage
- Optional Extra
- Accidental breakage of glass
- Yes
- Lightning
- Yes
- Earthquake
- Yes
- Storm surge
- No
- Buildings and structural improvements
- Yes
- Building materials
- Up to $1,000
- Landscaping
- No
- Gates and fences
- Yes
Read our Mozo Review to learn more about Youi Home & Contents Insurance
Home & Contents Insurance
Australia Post’s combined home building and contents insurance, both your home and belongings will be covered in case of fire, theft, extreme weather (including flooding) and natural disasters.
- Main events covered
- Fire
- Theft
- Storm
- Flood
- Monthly payments
cost extra - Yes
- Underinsurance protection
- Optional ExtraUp To 30% Of Building Sum Insured
- New for old
replacment - Yes
- General contents
- Yes
- Cash
- Up to $800
- Cd dvd and electronic files
- Up to $1,000
- Computer software hardware
- Up to $1,000
- Camera and accessories
- No
- Carpets
- Yes
- Antiques and valuables
- Up to $20,000 per item, set or pair
- Jewellery
- Up to $2,500 per item, set or pair
- Replacement of documents
- Up to $800
- Tools of trade
- Up to $5,000
- Contents while moving
- Yes
- Lock replacement
- Up to $2,500
- Temporary accommodation
- Up to 24 months, up to 20% of sum insured combined with temporary accommodation for pets
- Debris removal
- Yes
- Demolition cost
- Yes
- Accidental loss and damage
- Optional Extra
- Accidental breakage of glass
- Yes
- Lightning
- Yes
- Earthquake
- Yes
- Storm surge
- Yes
- Buildings and structural improvements
- Yes
- Building materials
- Up to $2,000
- Landscaping
- Yes - pathways
- Gates and fences
- Yes
Read our Mozo Review to learn more about Australia Post Home & Contents Insurance
^See information about the Mozo Experts Choice Home Insurance Awards
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