Home Insurance Glossary of Terms
Note: The following is a guide only. Please refer to the Product Disclosure Statement for the standard terms, conditions, limits and exclusions of the cover.
An amount of money paid to you by your insurer as a result of an insurance claim made under your insurance policy.
The maximum amount your insurer will pay under your policy for the cover provided. Check the PDS and your Policy Schedule for details of the terms, conditions, limits and exclusions that apply to your cover.
The private residential structure at the risk address shown on the Policy Schedule, including certain domestic fixtures and permanent structural domestic improvements that are described as being part of “buildings” in the Product Disclosure Statement (PDS).
Buildings Sum Insured
The maximum amount that your insurer will pay in the event that you make a claim on your buildings insurance policy. In general, you should select the amount it would cost to fully re-build your home if it were totally destroyed. This amount should include the cost of replacing:
- Your home buildings
- Garages, carports, sheds and granny flats
- Decks, verandas, pergolas, gazebos, patios and terraces
- Gates, fences, free-standing walls and retaining walls
- Paved paths and driveways
- Swimming pools (permanently installed)
- Fixed ceiling, wall and floor coverings (except car or rugs), including fixed external blinds and awnings
For the standard terms, conditions, limits and exclusions of the covers offered by 1300 Insurance, please refer to the Product Disclosure Statements.
A request to receive a benefit under the terms of your insurance policy. You will need to notify your insurer of the event which gives rise to your claim and may need to supply supporting evidence such as photographs, police reports or quotations for repairs.
A group of individual items, pairs or sets which are of a similar type and which, when assembled and displayed together as a group, take on a value greater than the sum of the individual items’, pairs’ or sets’ values.
Property which belongs to you (or for which you are legally responsible) that are listed as “contents” in the Product Disclosure Statement (PDS).
Contents in the Open Air
Contents at your risk address which are located:
- in the open air, or
- under an open sided structure or carport, or
- on a patio or verandah, or
- in or on a motor vehicle, caravan, trailer or watercraft,
- in a tent, or
- in an unlocked garage, shed or storage room.
Contents Sum Insured
The maximum amount that your insurer will pay in the event that you make a claim on your contents insurance policy.
In general, this should be the total replacement value of the property belonging to you (or for which you are legally responsible), consisting of:
- carpets, curtains, furnishings, furniture, household goods, internal blinds and loose floor coverings;
- clothing and personal effects;
- swimming pools, saunas and spas (including their fixed accessories) which are designed to be dismantled and moved;
- mechanised or motorised golf buggies, garden equipment or wheelchairs which are not required be registered;
- non-motorised watercraft, bicycles, sporting equipment;
- portable electrical equipment (including mobile phones, and computers plus associated hardware/software);
- tools, instruments and equipment.
Where your risk address is a strata title building, you should also include the replacement value of fixtures and structural improvements owned by you, which are not insurable by the body corporate.
Note: Some items have fixed claim limits. Please read the relevant PDS to understand the applicable limits and do not include replacement values higher than these limits in your total contents sum insured.
You can ask Allianz to cancel your Home and Contents insurance policy within fourteen days from either:
- the date Allianz issued you a new policy, or
- the start date of a policy that you have renewed
and in either of those situations, provided you have not made a claim or an event has not occurred that could give rise to a claim on your policy, Allianz will refund your premium. Please refer to “Fourteen day cooling off period” section in the PDS for further details.
The insurance cover applying to your home and/or contents, as shown on your Policy Schedule.
Duty of Disclosure
Before you buy insurance, you have a legal duty of disclosure to tell the insurer anything you know and that a reasonable person in the circumstances would include in their answer to any questions the insurer asks that are relevant to their decision to insure you and on what terms. The duty applies until the insurer agrees to insure you. If you don’t comply, the insurer may cancel your contract, reduce the amount they pay for a claim, or both. If your failure is fraudulent, the insurer can refuse a claim and treat the contract as if it never existed.
The date and time when your cover first starts, as shown on your Policy Schedule.
The amount you, or the person making the claim, must pay towards the claim, unless the insurer states that an excess does not apply. Except for Earthquake and Tsunami claims, the amount of excess is set out in your current schedule and you are only required to pay one excess in respect of any single claim:
- Arising out of the same insured incident; or
- Which involves loss of damage to both buildings and contents arising out of the same insured incident.
Items and/ or Circumstances that are not covered under your insurance policy and for which you are not able to claim any benefit. Check the Product Disclosure Statement (PDS) and your Policy Schedule for details of the exclusions that apply to your policy.
The date and time upon which your policy ends, as shown on your Policy Schedule. However, your policy may end earlier in accordance with the policy or law.
The covering of normally dry land by water that has escaped or been released from the normal confines of any of the following:
- a lake (whether or not it has been altered or modified);
- a river (whether or not it has been altered or modified);
- a creek (whether or not it has been altered or modified);
- another natural watercourse (whether or not it has been altered or modified);
- a reservoir;
- a canal; or
- a dam.
An optional cover that is subject to eligibility and covers you for loss or damage caused as a result of a Flood as defined in the PDS.
The events which you are covered for under the terms of your insurance policy. These are usually set out in the Product Disclosure Statement.
Insurance for your investment property and/ or contents in the investment property that belong to you (or for which you are legally responsible). Allianz Landlord Insurance provides customers with the option to add cover for Rent Default and Theft by Tenant.
Your buildings are considered to be occupied when you or someone nominated by you has been living in the buildings for at least 2 consecutive nights and the building is connected to electricity.
Period of Insurance
The period of time commencing on the effective date stated in the Policy Schedule and ending on the expiry date stated in the Policy Schedule (unless the policy ends earlier in accordance with the policy or law) during which the insurer will provide cover under the policy.
These are personal portable items which you carry with you away from home. If you purchase an Allianz home insurance policy through 1300 Insurance and you have contents cover, you have the option to purchase cover for accidental loss or damage to your personal effects anywhere in Australia and for up to a maximum of 35 days in any one period of insurance elsewhere in the world. The optional cover for personal effects is categorised into Unspecified personal effects (cover limited to those items set out in the PDS) and Specified personal effects (where each item has to be listed).
For further information please refer to the Product Disclosure Statement.
A document issued by your insurer that sets out certain details of the cover. The Policy Schedule would usually include details such as who is insured, the cover(s) selected, the period of insurance, the limits of liability, excesses and other important information.
The amount you pay or agree to pay in return for your insurance cover. The base premium varies according to your risk profile (e.g. where you live, the type of property being insured, amount of cover required, other persons insured and relevant claims history etc). In some cases you may be eligible for discounts. You will also have to pay any compulsory government charges (e.g. Stamp Duty and GST) and Fire Services Levy (where applicable).
Product Disclosure Statement (PDS)
Document setting out the standard terms, conditions, limits and exclusions of an insurance product. It is important that you read and understand the PDS before taking out any form of insurance. You can download the PDS for the home and contents insurance products you can apply for through 1300 Insurance here.
Insurance to protect a renter’s contents while living in a rented property. If you purchase renter’s insurance through 1300 Insurance, you will also be covered for up to $20 million for your legal liability to pay compensation for death or injury to other people or damage to their property.
A wall, which is not part of the residential building, designed to hold back or prevent the movement of earth.
The land including yard and garden areas on which your home is located at the risk address stated in the Policy Schedule.
A group of similar or related items that belong together.
Items which are listed in the Policy Schedule as “specified contents items”. These are items which you have individually listed in the policy due to them being of an unusual nature or of a higher value than would normally be covered. In the event of a claim you must be able to provide evidence of value and ownership of specified contents items.
Specified Personal Effects
If you have selected the optional personal effects cover, your personal effects may be insured as Unspecified Personal Effects or Specified Personal Effects. Specified Personal Effects are those items which you requested the insurer to list separately in the Policy Schedule, often because they:
- are included in the list of items you can cover as Unspecified Personal Effects but whose replacement values exceed the limits offered under that option; or
- are not included in the list of items you can cover as Unspecified Personal Effects.
Specified items are covered up to the amount of their individual sum insured (less any excess which may be payable) as stated in the Policy Schedule.
Violent wind (including cyclones and tornadoes), thunderstorms and hail which may be accompanied by rain or snow.
Occupant of a rental property under the terms of a rental agreement.
Tools of Trade
Tools or equipment that are used in connection with any trade or profession that you perform.
A wave or waves caused by sudden movement of the ocean due to earthquakes, or meteorite impacts. It does not include:
- A rise in the level of the ocean or sea caused by a high tide, a king tide or any other movement of the sea
- A rise above the normal water level along a shore resulting from strong onshore winds and/or reduced atmospheric pressure.
1300 Insurance Pty Ltd ABN 50 124 845 727 AR Number 327609 is authorised to arrange and provide written general advice on this insurance as agent for the insurer Allianz Australia Insurance Limited ABN 15 000 122 850 AFSL No 234708 (Allianz). We do not provide any advice based on any consideration of your objectives, financial situation or needs. Terms, conditions, limits and exclusions apply.
Before making a decision, please consider the relevant Product Disclosure Statement available here. If you purchase this insurance, we will receive a commission that is a percentage of the premium. We will also receive a percentage of the profit which exceeds the profit threshold on Home (excluding flood), Landlord (excluding flood), Motor and Caravan and Trailer policies arranged or referred by us (or renewed with Allianz) in each calendar year, provided that the relevant premium threshold is met for those policies and Business insurance policies that we refer to Allianz. From 1 September 2018, we will also receive an annual marketing allowance from Allianz for promoting its products. This is calculated as a percentage of the premium on Home, Landlord, Motor, Caravan and Trailer and Business insurance policies arranged or referred by us to Allianz in the previous 12-month period. Ask us for more details before we provide you with services.