Key features:
Features included with Contents Insurance from RACQ include new-for-old cover for your belongings, your choice of excess and a 24/7 claims service.
When it comes which of your belongings are covered, RACQ has a long list of inclusions, such as:
- CDs and DVDs
- Clothing and bags
- Appliances such as dishwashers, washing machines or refrigerators
- Electronics like laptops or computers
- Furniture and furnishings, including carpets, linens and curtains
- Jewellery and watches
- Sport equipment
- Garden tools and equipment
These items are insured against events like accidental breakage of glass, fire, lightning, storms (including storm surge), floods, earthquakes, tsunamis, leaks, riots and vandalism. If you’d like to be insured for accidental loss and damage - like if you trip and knock your brand new TV off the wall - then you can add that cover as an optional extra.
You can also add Advanced Cover to your policy for things you routinely take out of your home, like expensive jewellery, the cost of taking pets to the vet, or burnt out motors in electrical appliances.
Keep in mind that there are some general exclusions - for example, damage done by a computer virus or normal ocean activity like king tides or erosion - as well as a few exclusions specific to certain events or items. Make sure you read your PDS carefully to know just what you’re covered for.
Now for the really good stuff: discounts. There are a whole bunch of ways to save on your RACQ contents insurance, including a discount for buying your policy online, installing a 24/7 alarm system, and a no claims discount. You can also bag a lower premium if you’re a senior or live in an apartment.
When you buy an RACQ insurance policy, you also become an RACQ member, which comes with benefits including discounts on theme park and movie tickets and 24 hour domestic travel assistance Aussie Assist.
Who it's good for:
In 2017, RACQ Contents Insurance won a Mozo Experts Choice Award for Exceptional Value, which means it's a great pick for people who need to protect their possessions without breaking the bank.
Keep in mind that this is a Contents Insurance policy and doesn’t cover the structure of your house, so it’s great for renters, but homeowners might want to consider a combined Home and Contents insurance policy.
Any catches?
If you prefer to pay your premium by the month, you can do so, but keep in mind there will be an extra charge to do this. You also aren’t protected against underinsurance with this policy, so it’s up to you to make sure you choose the appropriate level of cover for your needs.
One tricky piece of fine print to be aware of is the cover for power surges. You’re covered for a power surge if it’s caused by lightning, but not if it’s caused by your electricity provider or problems with your power line - so read your PDS carefully!
