Insurance for my next home
Your home is one of the biggest assets you have, and also generally your biggest liability.
So, while Westpac offers a number of flexible features to help you with the lifestyle changes you have planned, it’s important that you also think about what you’d do if something unplanned happens.
Westpac can help to reduce your worries and protect your assets, and your ability to meet your commitments and maintain your lifestyle.
What if my income is disrupted?
We have some insurance options that protect your ability to meet your home loan repayments.
Your biggest concern is probably – what happens if I’m unable to work? It’s important to protect your income so that you can continue to meet your home loan repayments.
With Income Protection Insurance, you will receive a regular monthly benefit if you become disabled because of sickness or injury and are unable to work.
If you’re concerned about how your family would continue mortgage payments if you died or became seriously ill, we also offer Mortgage Secure Insurance which offers 2 types of benefits:
It pays a lump sum (up to $750,000) on your mortgage with any excess amount paid to your estate or surviving policy owner.
An optional Living Benefit (50% of the death benefit) is paid if you suffer 1of 6 medical conditions: cancer, coronary artery bypass surgery, heart attack, stroke, paralysis and loss of independent existence.
Review your options:
How can I protect my home and contents?
There are a number of ways you can protect your home and its contents.
As soon as you exchange contracts on your property, you should get Building Insurance cover for the building.
Once you move in to your property you’ll need to think about insuring your contents. You may be able to get a discount on your premiums for combining your Contents Insurance with your building insurance.
Westpac offers three policy levels to meet your needs:
- Essential Care - low cost cover for buildings and/or contents
- Quality Care - cost effective cover to protect your home and contents against a range of defined events
- Premier Care - extends the cover provided by Quality Care to include accidental loss or damage anywhere in Australia
And when you’re ready to move, you’ll want to think about Home Removals Insurance. Whether you are just moving around the corner or across Australia , you can purchase affordable accidental damage and theft insurance for home removals. The benefits include full replacement value regardless of age with cover available for storage.
Westpac also offers a range of other insurances to protect the things you care about. Read up on Protecting my future
Is there protection as a landlord?
You probably have a standard home insurance policy in place to cover events such as fire, storm, earthquake and burglary. But you also need to protect yourself from malicious damage or theft caused by tenants, or loss of rent if a tenant defaults - all serious concerns for you as the landlord.
Landlord's Protection insurance will cover you for:
- Damage to the building caused by malicious damage by your tenant
- Theft of any part of the building or its fixtures and fittings by tenants
- Loss of rent if your tenant defaults in payment
- Denial of access to yourself or your tenant
- Legal expenses
Review your options:
Landlords protection insurance
What if something happens to me?
Not a pleasant thought but unfortunately one that you have to consider. If the worst happens, how do you protect those you love being left with possibly 2 mortgages? Will your superannuation be enough to cover these and living expenses? Speaking to a professional advisor and or taking out Life insurance can go a long way to giving you peace of mind.
Review your options:
