Insuring your biggest asset - Different types of insurance for your home

January 16, 2018
David Thomas

Are you prepared for the unexpected? Life is full of unforeseen events and unavoidable hiccups that can leave you in a sea of hot water. Fortunately for home owners, there are ways to mitigate the repercussions of these events. Even if you can’t predict the unpredictable, you can and definitely should cover yourself in the unlikely event that they occur. To help get you on board with the types of insurances you should consider, let’s take a look at 3 of the most useful for home owners:

Mortgage Protection Insurance
When taking out a substantial loan such as a mortgage, it's important to ensure you are covered for unforeseen life events that can impact your ability to make repayments. For this purpose, Mortgage Protection Insurance can mean the difference between a bad situation and a worse one. So, what does Mortgage Protection Insurance cover?

At Mortgage Choice, our Mortgage Protection Insurance offers 3 levels of protection* in the event that you are unable to meet your loan repayments - death and terminal illness, critical illness and involuntary unemployment.

  • Death and Terminal Illness Benefit

Pays a benefit to you and your estate based on the loan amount rounded to the next $10,000 (min. $50,000 and max. $750,000). We will pay a Death Benefit if the insured person dies. The amount of the benefit may differ over the term of the insurance and we will pay the amount that applies on the date of the insured person’s death.

We will pay a Terminal Illness Benefit if the insured person suffers from a terminal illness. We will pay the amount of Death Benefit that applies on the date the terminal illness is suffered. If the insured person dies before the payment of the Terminal Illness Benefit, the policy pays a Death Benefit instead.

  • Living Benefit

Covers 11 serious medical conditions. Equal to 30% of the Death and Terminal Illness Benefit.

We will pay a Living Benefit if the insured person first suffers from one of the following insured conditions during the term of the insurance:

  • Alzheimer’s Disease – Dementia
  • Cancer*
  • Coronary Artery Bypass Surgery*
  • Heart Attack*
  • Kidney Failure
  • Loss of Independent Existence
  • Paralysis
  • Severe Burn
  • Stroke*
  • Total Loss of Hearing
  • Total Loss of Sight
  • Involuntary Unemployment

Pays a maximum of three monthly benefits at the rate of 1% of the Death Benefit per month (max. $2,500 per month). We will pay an Involuntary Unemployment Benefit if the insured person becomes involuntarily unemployed within the first year of the policy and can’t find work during the first 30 days (the “waiting period”) of involuntary unemployment. The amount of the benefit is one percent (1%) of your Death Benefit for each month of involuntary unemployment, up to a maximum $2,500 per month for up to three months.

For more info on Mortgage Protection Insurance, click here

Home Building and Contents Insurance
Protecting your home and its contents against life's little turns is another thing you should strongly consider, especially if you've got a family to provide for. So what can be covered? Mortgage Choice offer various levels of Home and Building Insurance to ensure you peace of mind against a whole range of threats - from theft through storms to fire and explosions. If you're after a more comprehensive level of cover, adding contents to your home building insurance is a really affordable way to achieve this.

For more info on Mortgage Choice Home Building and Contents Insurance, click here

Landlord Insurance
As one of the biggest purchases you'll ever make, protecting your investment property against the unexpected is definitely worthwhile. However, as a landlord, it is important to ensure you're covered for more than just damage to the building, but for things such as public liability and damage caused by tenants.

With Mortgage Choice, our Landlord Insurance provides buildings and contents covers with the benefit of public liability cover up to $10 million, protecting you in the unlikely event that a person is injured on your property.

To make things really easy, Mortgage Choice offer comprehensive insurances so you only have to manage a single policy rather than multiple policies for the different areas you require cover - all at one competitively priced premium.  Better yet, this also means just one set of paperwork at tax time!

For more info on Landlord Insurance, click here

If you have recently purchased a property or are thinking about buying in the near future, have a chat about insurance options with a specialist broker like David Thomas from Mortgage Choice! To get in touch with David, phone him today on 0447 894 366 or book an appointment online via the link

*T's & C's apply

Posted in: Insurance

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