Investment properties can offer great wealth building potential but like any large debt or investment, they carry risk that needs protection through insurance. Understanding insurance policies can be complicated and onerous, with many different levels of cover, inclusions, exclusions, and benefits which often go unnoticed. The BlueRock Insurance team is here to explain the coverage options of Listed Events and Accidental Damage insurance so your home or investment property is covered.
What is Listed Events Insurance Cover?
Listed Events insurance, also known as Defined Events insurance, provides protection for specific predefined events or perils. It offers a more limited scope compared to comprehensive Accidental Damage policies.
In this type of policy, the insurer defines a list of insured events or perils. Damage or loss directly resulting from these listed events qualifies for a claim. Typically, Listed Events insurance policies cover common perils, including:
- Fire and lightning: Coverage for damage caused by fire, lightning, bushfires, grass fires, smoke, and power surges due to lightning.
- Explosion: Protection against damages resulting from explosions on the insured property.
- Storm: Loss or damage caused by storms, including storm surges if accompanied by other storm-related damage.
- Earthquake and tsunami: Coverage for damages resulting from earthquakes and tsunamis, with exceptions for actions by the sea and damage occurring more than 72 hours after the event.
- Flood: Loss or damage caused by floods, excluding actions or movements of the sea.
- Theft and burglary: Protection against loss or damage due to theft, burglary, or attempted theft or burglary, with exceptions for certain occupants.
- Malicious damage or vandalism: Coverage for damages caused by intentional malicious acts of vandalism, excluding certain occupants.
- Impact damage: Protection against damages from external forces, such as vehicle collisions, falling trees, debris, or power pole incidents.
- Escape of liquid: Coverage for damage resulting from accidental water or liquid leaks, like burst pipes or leaking appliances.
- Riots or civil commotion: Loss or damage caused by riots, civil commotions, or public disturbances, with exceptions for certain occupants.
- Animal damage: Loss or damage caused by animals not kept at the insured address.
- Broken glass: Coverage for accidental breakage of fixed glass panels, showers, sinks, baths, and glass in light fittings, chandeliers, and pendant lights for building or glassware, fitted glass, and unfixed mirrors for contents.
Review Listed Events Insurance Carefully
It's vital for policyholders to review the list of covered events in their policy wording and understand the associated terms and conditions. While Listed Events insurance offers affordability, it has limitations and may not cover risks like accidental damage, accidental loss, or personal liability. Additional benefits are available when insurers accept claims for building or contents loss or damage, detailed in the policy wording.
Listed Events insurance provides protection for predefined perils listed in the policy wording. Assess your needs and risks to determine if this policy type provides sufficient protection for your property and possessions.
What is Accidental Damage Cover?
Accidental Damage cover is an extension in certain insurance policies, offering protection against sudden and unintentional damage to insured property, beyond named perils. This coverage applies to:
Home Insurance
Accidental damage cover safeguards your home's structure and contents against unexpected damage. It includes accidental damage to walls, floors, ceilings, fixtures, electronic appliances, furniture, and valuable possessions. Contents coverage also extends to items temporarily removed from the home, even during international travel, under specific conditions.
Landlord Insurance
Landlords can add accidental damage cover to protect their rental properties from tenant-induced accidental damages.
Key Considerations for Home and Landlord Insurance
Accidental Damage insurance covers incidents like spills, breakages, and accidental damage caused by tenants or pets. It doesn't protect against wear and tear, gradual deterioration, deliberate damage, or damage already covered by other parts of the policy (e.g., fire, flood, theft).
Choose between Listed Events and Accidental Damage coverage based on your unique property and protection needs. And remember, whatever you choose, to review your policy terms and conditions for specific coverage details. If you need help with home insurance, contact our expert insurance brokers for personalised advice and a free insurance review to determine the most suitable coverage for your property.
