Home Insurance in Australia is also known by the name of Property Insurance . Other than coverage for damage due to fire, flood, theft and arson, it also includes damages done by earthquakes, and harm done to home or boilers.
The two main divisions of property insurance relate to open perils and named perils . The open peril insurance policies however avoid claims on earthquakes, nuclear incidents, floods, acts of terrorism and war. Fire, theft, lightning, explosion are the catastrophes generally listed on the Named Peril Policies because in these policies the perils have to be explicitly stated for coverages to be extended for them. Named peril policies are by far the most opted for policies among householders. The greatest number of claims is generally made for theft or other damages but in case of natural calamities large number of claims due to other reasons may be found.
The companies in Australia provide for comprehensive household policies covering both the property and the objects of value inside it. They also provide tenancy policies for landlords of rented properties, insured against accidental or deliberate damage of properties by the tenants. The tenants often have malicious intent in damaging the rented property; this is an immense risk for a landlord intending to invest in a big way in real estate. So the prudent way to manage the risk is to buy a landlord policy.
The following list will provide an insight into the major players in the field of Home Insurance in Australia:
- AMP Limited
- AXA
- Allianz
- Insurance Australia Group
- Promina Group
- Suncorp – Metway.
Most of the multi - option insurance providers offer home insurance in Australia .
