Mozo Home and Contents Insurance Jargon Buster
There's no doubt about it, home and contents insurance policy writers love their mumbo jumbo. If you're struggling to get your head around some of the home insurance lingo (and really who wouldn't) our jargon buster is here to help.
Accidental Damage (vs. Defined Events)
In a defined events policy the insurance provider will list the specific events they will provide cover for usually including Fire, Storm, Burglary, Impact, Glass Breakage, Earthquake, Malicious Damage, and Lightning. Accidental Damage is a higher level of cover and typically more expensive as it takes into account a much wider range of incidents (like spilling red wine on the carpet or a plasma TV falling off the wall.)
Building Replacement Value
This is the amount it would cost you to completely rebuild your house at current prices.
Duty of Disclosure
You have a duty to tell your provider everything you know that is relevant to the insurance company decision to insure you. The information you supply will affect the amount of your premium, and special conditions and whether your insurance provider will insure you. Failing to tell your provider something relevant could result in a claim being reduced or refused.
Excess
This is the amount you have to pay yourself towards each incident if you make a claim. Usually your insurance provider will deduct the excess from the amount of cover they would pay you under your policy and then pay you the remainder.
Flood Cover
Defined as damage caused to home and contents caused by rain which results in pooling, overflowing or spreading of rainwater. This is quite separate from damage caused by the sea or faulty plumbing. It's really worth checking the details of this with your insurance company.
Fusion
This is the burning out of an electric motor or its wiring caused by the electric current in it. Items that may be subject to a fusion claim include washing machines, refrigerators, clothes dryers, freezers and pool motors.
New for Old
If your home or contents are damaged or stolen, a new for old policy means your insurance provider will replace them with new items or repair them with new materials available at the time of replacement from Australian suppliers.
Optional Cover
This is extra cover that goes above and beyond a standard policy. You can ask your insurance provider to add optional covers to your policy for example, to cover jewellery or an heirloom spoon-collection.
Premium
A premium is basically the amount you pay your insurance company for insurance.
Product Disclosure Statement (PDS)
A PDS is the name of the document that contains all the important terms and conditions relating to your insurance. It tells you what cover is provided and lists costs, fees and charges. It's vital that you read this document cover to cover before you sign up with an insurance company.
Sum Insured
This is the largest amount you could claim from your insurance company under the rules of your policy.
Now that you're armed with a better understanding of your home insurance fine print, head over to check out some of today's home insurance offers.
Home Insurance Comparison Table - rates updated daily
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
Terms, conditions, exclusions, limits and sub-limits may apply to any of the insurance products shown on the Mozo website. These terms, conditions, exclusions, limits and sub-limits could affect the level of benefits and cover available under any of the insurance products shown on the Mozo website. Please refer to the relevant Product Disclosure Statement on the provider's website for further information before making any decisions about an insurance product.
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
Terms, conditions, exclusions, limits and sub-limits may apply to any of the insurance products shown on the Mozo website. These terms, conditions, exclusions, limits and sub-limits could affect the level of benefits and cover available under any of the insurance products shown on the Mozo website. Please refer to the relevant Product Disclosure Statement on the provider's website for further information before making any decisions about an insurance product.
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
Terms, conditions, exclusions, limits and sub-limits may apply to any of the insurance products shown on the Mozo website. These terms, conditions, exclusions, limits and sub-limits could affect the level of benefits and cover available under any of the insurance products shown on the Mozo website. Please refer to the relevant Product Disclosure Statement on the provider's website for further information before making any decisions about an insurance product.
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
Terms, conditions, exclusions, limits and sub-limits may apply to any of the insurance products shown on the Mozo website. These terms, conditions, exclusions, limits and sub-limits could affect the level of benefits and cover available under any of the insurance products shown on the Mozo website. Please refer to the relevant Product Disclosure Statement on the provider's website for further information before making any decisions about an insurance product.
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
Terms, conditions, exclusions, limits and sub-limits may apply to any of the insurance products shown on the Mozo website. These terms, conditions, exclusions, limits and sub-limits could affect the level of benefits and cover available under any of the insurance products shown on the Mozo website. Please refer to the relevant Product Disclosure Statement on the provider's website for further information before making any decisions about an insurance product.
Read our Mozo Review to learn more about Australia Post Home & Contents Insurance
*Terms, conditions, exclusions, limits and sub-limits may apply to any of the insurance products shown on the Mozo website. These terms, conditions, exclusions, limits and sub-limits could affect the level of benefits and cover available under any of the insurance products shown on the Mozo website. Please refer to the relevant Product Disclosure Statement on the provider's website for further information before making any decisions about an insurance product.
Any information provided on this page should be considered a summary and general advice only. All information should be verified before purchase via the relevant Product Disclosure Statement (PDS).
^See information about the Mozo Experts Choice Home Insurance Awards
Mozo provides general product information. We don't consider your personal objectives, financial situation or needs and we aren't recommending any specific product to you. You should make your own decision after reading the PDS or offer documentation, or seeking independent advice.
While we pride ourselves on covering a wide range of products, we don't cover every product in the market. If you decide to apply for a product through our website, you will be dealing directly with the provider of that product and not with Mozo.