Question: I have financed my home with La Trobe Financial, are there any benefits to purchasing Insurance through La Trobe Financial?
MOST DEFINITELY! At La Trobe Financial, we understand that keeping track of your home finances and direct debit schedules can be frustrating and sometimes downright difficult. We also understand that not everyone can afford to or want to pay their insurance premiums annually or even monthly.
La Trobe Financial strives to offer convenience wherever possible for our customers, that’s why we offer insurance products that can be packaged with your loan account and paid periodically with your home loan repayments with no additional premium loadings for paying weekly, fortnightly, monthly or even quarterly!
So put simply, insuring your home and/or contents through La Trobe Financial means:
- One easy to manage payment for your home loan & your insurance!
- Pay in a periodic frequency that works for you, without having to pay more for the privilege of doing so!*
* Additional transaction fees may apply for Bpay, cheque & credit card payments.
Question: How much Insurance Cover do I need?
The purpose of your Home & Contents Insurance is to return you to the position that you were in prior to a claim.
You are responsible for deciding the amount of your sum insured.
To avoid being underinsured, your Home sum insured should reflect what it would cost to rebuild your house today using the same materials and the same style of fittings and fixtures as well as costs involved to demolish and clear the land.
It is always worthwhile to consider whether you need a professional valuation by contacting an architect, builder or other valuation experts.
The new for old replacement cost of your contents depends on the furnishings, personal items, valuables, appliances and other household goods you have in your home or unit.
One way that might help you calculate the new for old replacement cost of all contents is to walk around the home, room by room, make a list of all the items and place a new for old value against each of them. The total new for old replacement value of all contents items should be your sum insured.
Each year, it is worthwhile noting new Contents items purchased during the period of your Insurance, and call us to update the sum insured accordingly. Unless you are downsizing your home, the sum insured usually needs increasing.
Question: Which items should I list as valuables on my Home and Contents Insurance policy?
Up to the sum insured will be paid for most Contents items, however for certain items there are limits. You can insure the contents items for a higher amount by listing each for its full replacement value on your Certificate of Insurance.
Question: How can I save on my Home and Contents Insurance?
First, improve security and safety. Items such as dead-bolt locks, monitored burglar alarms and key window locks can usually bring discounts. Second, raise your excess. The excess is the amount of money you have to pay towards a loss before the insurance kicks in.
Question: What if I want to change my Insurance cover?
To make a change to your insurance cover, all you have to do is call our Insurance Desk toll free on 1800 819 075. Changes can include:
- Changing your address
- Increasing or decreasing your cover
- Noting or adding Specified contents or Special limit items
- Taking out Personal Property cover
- Changing your payment details
- Cancelling your policy, etc.
You must also contact us if anything changes which might affect the risk you are insuring. This is known as your ‘duty of disclosure’ and is more fully described in your policy wording under the heading “Your Duty of Disclosure”.
Question: What happens at renewal time?
You will receive a renewal notice approximately two to four weeks prior to your renewal date. The renewal notice outlines the amount payable, the payment options and the next steps.
You also receive your Certificate of Insurance, which outlines your policy details including type of cover, sum insured, excess amounts and any optional covers you have chosen.
Please ensure the information on your Certificate of Insurance is correct, and that you have an adequate level of cover for your home and contents. If you need to make any changes, please contact us on 1800 819 075.
Question: Am I required to provide any additional information at renewal time?
When renewing your policy, you have a Duty of Disclosure to tell us everything you know or should know that is relevant to the decision to insure anyone under the policy.
This includes matters we specifically ask about when renewing your Home Insurance policy, or any other matters that you know or could reasonably be expected to know that may affect the decision to insure you.
Please read your renewal documentation carefully for information about your Duty of Disclosure obligations. They are also described in your policy wording under the heading “Your Duty of Disclosure”.
Also, let us know if there has been a change in your circumstances, which may have an impact on your Home and/or Contents Insurance. For instance, if you have renovated your home or if you have purchased new furniture/appliances, this may have an impact on your home and contents sums insured.
Question: Are rented items (furniture, electronics, etc) covered by my Contents policy?
Yes, if they are rented under a signed rental agreement which makes you legally responsible for these items, then a Contents policy will insure these items for loss or damage.
Question: Are my carpets & window coverings covered by my Home Building or my Contents Insurance?
Damage to carpets and window coverings (ie. Blinds, curtains, etc) are covered are covered if you have contents an insurance policy which includes contents.
Question: Is my Home covered while I am away on holidays?
Yes, your home is covered for up to 60* consecutive days. If you are going on holidays for more than 60* days and leaving your home unoccupied, you must notify us and obtain written consent for continuation of cover beyond 60 days.
If your home is going to be unoccupied for more than 60* days, the underwriter may:
WARNING: if you re-rent your home to a third party through a provider like Airbnb you may invalidate your home and contents insurance. Please call us if you are proposing to use this service.
- Ask for extra security
- Ask that someone visit your home weekly while you're away to collect mail and maintain lawns
- Impose a larger excess or charge an additional premium
- Discontinue cover