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When to switch off your home and contents insurance?

Before you decide to turn off your utilities, here are some pointers to help you update your policy at the right time.

 

 

 

One less thing to worry about

Selling your home can be nerve-racking but ensuring your contents are protected as you move out of one home and into another means one less thing to worry about.

When you sell your home, the to-do list seems endless. Packing, dealing with banks, conveyancers, cancelling subscriptions and utilities are things that are top of mind. But amid the chaos there’s another crucial thing that needs to be done – making sure your belongings are protected in the transition from one home to another. Burglars, storms, clumsy removalists and electrical surges don’t care if you’ve had your mind on other things.

Below are some tips to help you have the right cover in place while selling.

Renovating?

If you’re renovating to get your house sell-ready, you may need to update your home and contents to protect your belongings against the things you can’t plan for like ladders through windows or when power tools are involved. Check your policy to understand the circumstances where you are covered for loss or damage relating to renovations or repairs.

Also when using a professional to carry out renovations or repairs, it’s a good idea to check whether they are licensed and insured to carry out the work in case something goes wrong.

Open for inspection

Having the right contents insurance in place is vital during this time of flux. Especially since having strangers/potential buyers wandering through your house or apartment is an inevitable part of the process. Most people will respect your home and your personal belongings, but if your jewellery or other valuables do get stolen, it’s nice to know your home and contents insurance will cover it.

Busy times

There’s so much running around to do during the selling process, and with half your belongings either packed or in storage, you’re more likely to have valuables such as your phone and laptop on you at all times. If you smash your phone or have your laptop stolen in a café, check your contents insurance as it’s good to know that you could have them replaced if something went wrong.

Who’s responsible during settlement?

At some point the seller will no longer be accountable for the damage to the property. That will become your responsibility. But when is that? At exchange of contracts? At settlement? The position in the standard contract varies in each state when the risk of damage passes to you is determined by your particular contract. 

For more information, you can read who is responsible during the settlement period? 

Moving day

This is probably the most stressful day of the entire process. You have to get through a day of your possessions being hauled in and out of moving vans, possibly up and down stairs or maybe even across the country to a different state. Accidents happen and things get broken or damaged. But if your contents insurance covers you for the removalist phase of the journey, you at least have peace of mind that your damaged goods can be replaced and you won’t be out of pocket for a new fridge. Check your policy, good ones provide cover for about two weeks, ensuring your things are protected when you are moving and between homes.

Transition accommodation

A lot of people rent temporary accommodation in between homes, particularly if building their new dream home. If renting, you probably don’t need home insurance, you just need contents insurance. It’s easy to update your cover, just call up your insurer and let them know you’ve moved. That way you’re not paying for more than you need to.

Welcome home!

The months of planning and stress are finally over and you can close the door behind you and start settling in to your new house! After you’ve unpacked the last of that mountain of boxes, it’s time to crack the champagne. It might also be time to re-evaluate your insurance needs. Make sure your policy suits your new place, particularly if you’re planning to splash out on some new furniture, appliances or technology to suit your new home.

If you’ve moved into a larger place to accommodate your growing family or just to be able to stretch your legs, now is a good time to re-look at your cover. People often overlook this part, leaving them under-insureddisclaimer, if something should happen only part of your new home would be rebuilt.

How to update your policy

If you have an ANZ Home Insurance Policy it’s easy to update your policy while you are going through the sell-ready process. Simply give us a call us on 13 16 14. Even if you just want to check the cover you have in place.

Information on this page is general only and is not a substitute for professional advice in relation to the costs of selling your home.

ANZ Home Insurance is issued by QBE Insurance (Australia) Limited (ABN 78 003 191 035).

This information is of a general nature and has been prepared without taking account of your objectives, financial situation or needs. You should consider whether the information is appropriate for you having regard to your objectives, financial situation or needs.

ANZ recommends that you read the ANZ Home Insurance Product Disclosure Statement and Policy, available by calling 13 16 14 or visiting anz.com, before deciding whether to acquire, or to continue to hold, the product. ANZ Group receives a commission of up to 26% of your premium for ANZ Home Insurance. In addition to their salary, ANZ staff members may receive monetary and non-monetary benefits depending on the product they are selling or providing advice on. You may request further information from ANZ.

81% of Australians are underinsured. Understand Home Insurance Research Report, August 2014.

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