Home Insurance and Contents Insurance

The cost of your insurance is called a ‘premium’. Your premium will depend on a number of factors, and can change each year when you renew your policy. Your premium for each period of insurance will be shown on your policy schedule.

There are a number of factors that determine how your TIO Territory Home Insurance premium is calculated, including:

• Your risk profile. We work this out using a number of factors, such as but not limited to:
• Where you live
• The type of property you’re insuring
• The amount and type of cover you need
• Any other people also insured under the policy
• The relevant claims history of the people being insured
• The likelihood of a claim being made on your policy
• Any discounts that may apply
• Any compulsory government charges such as Stamp Duty and GST
• Fire Services Levy if they apply to the State or Territory where your home is located
• Any other charges we tell you of
• The excess you choose⁴

To find out the cost of insuring your building and/or contents through TIO, get a quick quote today!

If you were previously renting, the home building insurance was the responsibility of the landlord. As a property owner, you’re responsible for your own building insurance.

If you’ve just bought an apartment or townhouse, the building may be covered by Strata – check with your body corporate if this is the case. If so, you can still get your contents insured with us. If you’ve bought the house as an investment property, you may wish to consider Landlord Insurance.

Get a Territory Home Insurance quote or a Territory Landlord Insurance quote now.

With TIO there are a number of ways you may save on your Home, Landlord and/or Contents Insurance premium:

• If you’re buying Territory Home Insurance, combine your Building and Contents cover on the one policy and save up to 10%^1,3 (compared to purchasing each cover as a standalone cover). This discount doesn’t apply to Landlords Insurance.
• Pay your premium annually rather than monthly to save paying a monthly service fee.
• Increase your excess: our policies come with flexible excess levels, giving you the option to increase your excess, within a given range, which could reduce your premium.⁴

Before beginning renovations, you’ll need to notify us as soon as reasonably possible during the period of insurance if:

• You’re an owner-occupier with a Territory Home Insurance policy and your renovations will cost more than $75,000.
• You’re a landlord with a Territory Landlord Insurance policy and your renovations will cost more than $75,000.

If you don’t, we may refuse or reduce a claim under the policy to the extent we are prejudiced by the delay or the non-disclosure. When we get this information, we may:

• Propose changes to the terms and conditions of your policy
• Propose to charge you a higher premium
• Cancel your policy (if there’s a change and we can’t reach an agreement with you on altered terms and conditions or premium; or we’re no longer prepared to insure you because there’s been a material change to the risk).
• Decide not to offer to renew your policy

Note: It’s also important that you consider increasing your sum insured to take into account any extensions or renovations to make sure you’re adequately covered in the event of a home and/or landlord insurance claim.

If your investment property is currently unoccupied, and it’s not a new property that will be permanently occupied within 60 days of settlement, we’ll not be able to offer you a new Home or Landlord Insurance policy online. You can call us on 131 846 and we’ll ask you a few more questions to see what kind of insurance we can offer you.

If you already hold a Territory Landlord Insurance policy for this property with us and the buildings haven’t or won’t not be lived in for more than 60 consecutive days, you’ll need to let us know as soon as reasonably possible by calling 131 846.

If you rent out a part of your home while you live at the same address, you’ll need to tell us first before we agree to insure you. Depending on the circumstances, your tenant may need to take out their own contents insurance policy.

If you’re renting all of your home or a granny flat out to tenants, cover isn’t available under a TIO Territory Home Insurance policy. You may need to consider a TIO Territory Landlord policy.

For more information, call us on 131 846 so we can help determine your eligibility.

Our Territory Home Insurance offers cover for your home where you reside and your contents inside it. Territory Landlord Insurance is designed to provide cover for your investment property and any contents you may provide for your tenants use. For full details of the standard conditions and exclusions, refer to the relevant PDS and any supplementary PDS (where applicable).

Motor Burnout can insure you in the event of damage caused by an electrical current to a domestic household electrical motor up to the age of 10 years. For full details of the standard terms, conditions and exclusions, refer to the relevant section in PDS and any supplementary PDS (where applicable).

This option covers you in the event of accidental unexpected mishaps that are caused unintentionally, for example if you’re moving furniture around the house and damage your wall (if you have selected the Accidental Cover option and have Buildings cover) or if you have spilt a drink which causes damage to your carpet (if you have selected the Accidental Cover option and have Contents cover).

Here are some examples of the sort of mishaps you might be covered for if you take out optional Accidental Damage cover*:

If you have Building cover and:

• You accidentally smash a hole in the wall when you move some furniture
• Your kids draw all over your walls

If you have Contents cover* and:

• You spill red wine on the new white carpet or lounge

We’ll extend cover for your contents anywhere in Australia for up to 90 continuous days in one period of insurance.

This cover option does not provide cover for some instances such as loss or damage caused by, or arising from domestic animals or pets for which you are legally responsible, tree roots or the incorrect siting of buildings. For full details of the standard terms, conditions and exclusions, refer to the relevant section in the PDS and any supplementary PDS (where applicable).

Unless we state otherwise in the PDS, you’ll need to pay an excess as a contribution toward your claim when you make a claim under the policy.

Charging an excess also helps to keep the cost of premiums down by reducing the number of small claims. The amount and type of excess you have to pay will be shown in your policy schedule or in your PDS.

For full details of the standard terms, conditions and exclusions, refer to your policy schedule or the relevant PDS and any supplementary PDS (where applicable)

If you’re altering the security on your property, you should inform us as soon as reasonably possible as it may change the conditions of your Home Insurance. Your premium may also be affected.

Yes, it’s important that you inform us of any changes in use of the premises as soon as reasonably possible as we may refuse or reduce a claim under the policy to the extent we’re prejudiced by the delay.

This cover option allows you to insure items which you wear or carry with you outside your home (such as a handbag, wallet, sunglasses, jewellery or a musical instrument). You can choose from two types of Portable Contents cover – unlisted or listed – or you can choose both.

Unlisted Portable Contents

This option allows you to select a per item limit and per claim limit, e.g. up to $2,000 per item and $7,500 per claim. This means you don’t have to specifically list your portable item. However, this option doesn’t cover items such as laptops, tablets, mobile phones and other wearable technology which need to be covered under Listed Portable Contents.

Listed Portable Contents

This option allows you to cover specifically listed portable items for their full replacement value (less any contributable excess at time of claim). Laptops, tablets, mobile phones and other wearable technology can be listed under your policy and covered as listed portable items.