Frequently asked questions
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 Allianz Home and Contents Insurance premium is calculated, including:
- Your risk profile. We work this out using details such as:
- 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.
- Any other charges we tell you about.
- The excess you choose.3
To find out the cost of insuring your house, contents, or investment property in Queensland, get a quick online quote in minutes today!
Yes, if your renovations are expected to cost less than $75,000. You’ll need to notify us as soon as reasonably possible if, during the period of insurance, you begin any alterations, additions, demolitions, repairs to or decorations of the buildings that are expected to cost more than $75,000.
If you don’t, we may refuse or reduce a claim under the policy because of the delay or the non-disclosure. When we receivethis 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 increase your sum insured to consider any extensions or renovations to make sure you’re adequately covered in the event of a home or landlord insurance claim.
Home Insurance covers you against financial losses associated with the damage or loss of the property you own. Home insurance isn't a legal requirement. However, if you hold a mortgage over your property, most banks and mortgage lenders require you to take out home insurance as security to safeguard themselves against financial risk due to unexpected damage or loss to your property.
Lenders may require you to list them as an interested party when buying insurance and may also request proof of insurance (Certificate of Currency) before the loan is finalised or for each year your mortgage is held with them.
To request a Certificate of Currency for your existing Allianz Home Insurance policy, call us on 13 1000 or log in to My Allianz.
Here’s a list of some of the things we don’t cover under a Home Buildings policy:
- If you leave your home unoccupied for any period longer than of 60 consecutive days, unless otherwise agreed in writing beforehand.
- Your contents, such as carpets, rugs, and internal blinds etc., unless you’ve added contents cover to your policy.
- Loss, damage, injury or legal liability due to the following:
- If you fail to keep your home in good condition. This includes wear and tear, and lack of maintenance.
- Pre-existing damage to your home.
- Flooding, unless you’ve added the optional Flood cover to your policy.
- You carry out alterations, additions, demolition, repairs or decorations to your building with a commercial value of more than $75,000.
- Damage deliberately caused by you, a family member or someone acting with your consent.
- Holiday letting.
- Anything not directly related to one of the insured events. Refer to the PDS for a list of insured events.
This is a summary only of some of the exclusions on Allianz Home Insurance. Before making a decision on this insurance, carefully consider the relevant Product Disclosure Statement (PDS) and Supplementary PDS (where applicable) which set out the standard terms, conditions, limits and exclusions.
The Cyclone Reinsurance Pool, also known as the ‘cyclone pool’, is a reinsurance arrangement between insurers and the Australian Reinsurance Pool Corporation (ARPC). It operates Australia wide and provides reinsurance for insurers operating in cyclone-prone areas, such as Far North Queensland. This means we can transfer our risk for cyclones and cyclone-related damage to this reinsurance pool, which is backed by a $10billion Government guarantee.
The Cyclone Reinsurance Pool covers claims for cyclone and related flood damage caused during a cyclone event, i.e. from the time a cyclone begins until 48 hours after the cyclone ends. This includes wind, rain, rainwater, rainwater run-off, storm surge, and riverine flood damage caused by a cyclone. Note that you’ll need to select the Flood Cover option with your Allianz Home or Landlord insurance to be covered for Flood.
If you live in a cyclone-prone area, you may have found it difficult to get insurance at a price that’s within your budget, or at all. The cyclone pool supports cyclone-prone areas, with the aim of making insurance more available and affordable. That’s because the Government-backed cyclone pool lowers the reinsurance risk for insurers. As we operate in Far North Queensland, our Home Insurance and Landlord Insurance are now available for even more Queenslanders.
If you live in Northern Queensland, we can now offer you Home Insurance or Landlord Insurance, or both. Your insurance may become more affordable because the cyclone pool lowers the reinsurance cost for most policies with medium-to-high exposure to cyclone risk. If you already have insurance with us and live in a cyclone-prone area, your premiums may also become more affordable.
Visit the Australian Government'sARPCpagefor more details about the cyclone pool or give us a call to discuss your insurance needs.
