Home insurance in Hobart

Home insurance, also known as building insurance, is a type of insurance product in Australia that protects homeowners financially against damage to their home building, including any outbuildings or garages. However, it does not cover the building’s contents.

If you only need to cover your possessions inside the property, a standalone contents insurance policy (also known as renters insurance) might be suitable. It protects your belongings from damage, theft, or loss and may cover replacement costs due to events like floods, fires, or motor burnout.

A combined home and contents policy covers both the building and its contents. This policy is often chosen by homeowners who want comprehensive coverage for both things. Additional coverage options may include accidental damage, new-for-old replacements, legal liabilities, and temporary accommodation if your home becomes uninhabitable.

Like building insurance, landlord insurance covers your building and contents but offers additional protection for property owners who rent out their properties. It may cover tenant-related issues like property damage, loss of rental income, tenant defaults, legal fees and liability protection.

Strata insurance covers common areas and the building’s structure (e.g. roofs, walls, lifts, hallways) managed by the building’s strata corporation. It does not cover individual unit contents or tenant-related risks. If you live in a strata-managed building, you may like to consider getting contents cover to protect your personal belongings.

Home insurance in Australia, including Hobart generally includes coverage for insured events such as:

• Storm and rainwater damage
• Fire and smoke damage
• Theft or attempted theft
• Escape of liquid causing damage (e.g. burst pipes)
• Lightning and explosion damage
• Malicious damage
• Earthquake or tsunami damage
• Breakage of glass causing damage

Additionally, you can opt to add some or all optional covers in exchange for a higher premium:

Always review the relevant Product Disclosure Statement (PDS) for full details on your policy inclusions, exclusions, and any annual limits. The Target Market Determination (TMD) can also help determine if the product suits your needs.

The cost of home and contents insurance varies based on factors like:

• Property value: Higher property values typically lead to higher premiums.
• Location: Premiums can be affected by local crime rates or susceptibility to natural events.
• Level of cover: A combined policy covering the building and contents may cost more than separate policies for these coverage options.
• Sum insured: Higher insured amounts usually mean higher premiums. Use a home and contents calculator to estimate appropriate coverage.

Some insurance companies offer first-year discounts for new policies, so keep an eye out for these. You can also get a home insurance quote through our comparison service.

Like all of Australia, getting home insurance in Hobart, or any other location in Tasmania (TAS), provides several key benefits, including:

• Protection from natural disasters: Tasmania, including Hobart, can experience extreme weather events like bushfires, storms and flooding. Home insurance can help cover repair or rebuilding costs in such cases.
• Financial security: If your home or belongings are damaged or stolen, home insurance can prevent you from paying out-of-pocket for costly repairs, replacements or legal claims if someone is injured on your property.
• Coverage for personal belongings: Home insurance policies typically cover the building and your possessions, protecting valuable items from damage or theft.
• Peace of mind: With insurance, you can rest easy knowing that your home may be protected from unexpected incidents.

Home insurance is a useful safety net for unforeseen situations and the peace of mind it provides can be invaluable.

No, if you have strata insurance, the general advice is to have contents insurance instead of home insurance. This is because strata insurance covers common areas and building structures, not individual contents and belongings. Contents insurance can help to ensure your personal belongings are protected.

Hobart is prone to flash flooding because of its location between Mt Wellington and the Derwent Estuary. The city has experienced floods due to heavy rainfalls, stormwater runoff and high tides. Flash floods can occur with little warning, so home insurance can give you peace of mind regarding things like:

• Extensive damage: Floods can cause significant damage to a home’s structure, including the foundation, walls and flooring. Water damage can also destroy electrical systems and appliances, leading to high repair costs.
• Costly repairs: Flood repairs are often expensive, particularly if the water damage extends to personal belongings, furniture and the building’s structural integrity. Home insurance with flood coverage can help offset renovation and replacement costs.
• Local geography: Due to properties being built over some of the city’s minor waterways and natural drainage lines, Hobart’s topography could pose unforeseen flood dangers.

Tasmania is known for its beautiful natural landscapes, but bushfires are a growing threat, especially in areas near national parks, bushland or rural regions surrounding Hobart. Bushfires can spread rapidly during hot, dry and windy conditions and devastate homes within hours.

• Rapid destruction: Bushfires can destroy homes entirely, leaving little time for homeowners to protect their property. Having home insurance ensures that, in the worst-case scenario, you can rebuild or repair your home.
• Increasing risk: Climate change is increasing the frequency and severity of bushfires. Areas previously considered low risk may now face heightened danger during the summer months.
• Wide impact: Even homes not directly in the path of a fire can suffer damage from smoke, ash or heat. Home insurance policies may cover these types of indirect damage as well.

Natural disasters are unpredictable. Both floods and bushfires can happen with little warning, and even a single event can lead to substantial damage or the total loss of a home. Home insurance offers financial protection against these unpredictable disasters.

After a flood or bushfire, the cost of rebuilding or repairing your home can be enormous. Home insurance can help to ensure you don’t bear the entire financial burden.

Home insurance may also offer coverage for temporary accommodation if your home becomes uninhabitable after a disaster. Some insurance policies may cover the cost of temporary accommodation, giving you one less thing to worry about while your home is repaired.