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Home Insurance Accidental Damage vs Listed Events

Oh no, your home or contents has been damaged and you’re left wondering if your insurance will cover it. Well... it depends on the type of home and contents insurance you have in place and whether there is accidental damage cover or listed events cover included as part of your insurance policy or as an added extra. Insurance terms, like accidental damage or listed events, can be tricky to understand, so below is a breakdown of different insurance terms to help you understand what they really mean for you. 

What is home and contents insurance?

Home and contents insurance provides insurance coverage for your home and contents if they are damaged and you suffer financial loss. 
It is important to check your specific home and contents PDS to see what is and isn’t covered with your individual home and contents insurance policy. If you need help interpreting all these insurance terms, reach out to an insurance broker to help you make sense of your policy and to check if your insurance aligns with your needs and expectations. 

Home Insurance Accidental Damage

What is accidental damage? 
Accidental damage is an additional or optional extra that can be added to your home and contents insurance policy to provide additional coverage.
Accidental damage provides insurance coverage for the financial loss that occurs when your home or contents are damaged. For example, accidental damage may provide coverage if your television is broken or dropped, a window breaks or some walls are damaged. 
Accidental damage is usually defined as events that are unforeseeable or unintended and are not deliberately caused. So you can’t just drop your TV when you think you’d like a new one!
It is important to note that all insurance companies will  use a different policy definition when they offer Accidental Damage on their policies so don't get caught out!

Listed Events or Defined Events

Listed events are specifically mentioned, that is, “defined” or “listed” on your home and contents insurance policy. These events are included and specified and outline the areas that your insurance provides coverage for. Events that are not listed or defined in your home and contents insurance policy, can be then excluded from your insurance coverage.
Each insurer may include or exclude different listed or defined events on various insurance policies.
Check your home and contents insurance policy to determine what are the listed events that are included and what might be excluded. 
Check your home and contents insurance policy to determine what are the listed events that are included and what might be excluded. 

How an insurance broker can help you navigate insurance complexity

Insurance brokers can assist you in navigating the specific details of your insurance policy. Connect with your insurance broker to consider how accidental damage coverage may be applicable for you.
General Advice Warning: This advice is general and does not take into account your objectives, financial situation or needs. You should consider whether the advice is appropriate for you and your personal circumstances. Before you make any decision about whether to acquire a certain product, you should obtain and read the relevant product disclosure statement.

All information above has been provided by the author.

Abbie Wilson, National Insurance Brokers, ABN 22165146789, AFSL 233750

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