In some cases, damage to your home, car or contents can be so severe that repairing them is impossible or uneconomical.
Sum insured is the amount of cover that your home or contents are insured for.
Agreed value is the amount of money that you and your insurer agree your vehicle is worth. It’s a term that is common in car policies.
Your excess is a one-off amount that you pay each time you make a claim. Let’s say your excess is $500 and a repair job for a dinged-door costs $800. You pay the first $500.
When you take out an insurance policy with us, we will consider the risk of accident or loss so we can more accurately price for the risk.
If you accidentally damage someone else’s property, the liability under your home, car or contents policy may cover you for the cost to repair the damage.
Aging and deterioration happen naturally over time and there are limits to cover for this.