Defence Service Homes Insurance Scheme. Cover plus the Care. Summary of Cover

Transcription

1 Defence Service Homes Insurance Scheme Cover plus the Care Summary of Cover

2 Defence Service Homes Insurance Why insure with us? The Defence Service Homes Insurance Scheme was established in 1919 and has a strong track record of providing quality insurance products that meet the needs and interests of our policy holders. Both home building and home contents policies are available for: qualifying Australian veterans; qualifying Australian peacekeepers; qualifying current and former Australian Defence Service (ADF) personnel; widows and widowers of qualifying Australian veterans, peacekeepers and ADF personnel. Home Building Insurance Your home is probably the most valuable asset you have and getting the right insurance is a big priority. Our home building policy is designed to give you just the kind of security you need. It s peace of mind that you can depend on. Our home building policy is continually refined to ensure that it provides value-for-money cover with competitive premiums. 2

3 Summary of Cover Our insurance policy includes: flood and accidental damage to your home; no general excess on claims other than for earthquake and some accidental damage; a sum insured that we calculate, so you know you are covered; immediate cover so you are protected straight away; a plain English policy; and a friendly and helpful service. Home contents insurance is also available to provide a complete home insurance package. When should I apply? You should arrange your insurance policy as soon as you have a financial interest in a home. For most people, this is when you sign a contract for the purchase of a home. What am I covered for? The following summary outlines the cover provided by Defence Service Homes building insurance. Make sure you carefully read the full Home Building Insurance Policy before taking out this insurance. Cover is subject to the specific exclusions listed in each section of the policy under the heading What We Do Not Insure You For, as well as those listed in the policy s general exclusions section. 3

4 Defence Service Homes Insurance Insured events fire, lightning, explosion; earthquake; flood including action of the sea; storm and rain; act intended to cause loss or damage; theft or attempted theft; sudden escape of liquid; riot or violent civil disorder; and impact by vehicle, aircraft or trees. We also insure you for accidental damage to the home; and fusion of electric motors (with no depreciation for age) that form part of the home. After loss or damage, we may pay for additional expenses such as: employing an architect, engineer or surveyor; temporary accommodation; lost rent; demolishing and removing debris; legal costs for the discharge of mortgage; and matching decor. We even cover you and your family for death from certain insured events and associated funeral benefits. In addition we cover you and your family for legal liability as owner and/or occupier of the home. (Limits apply to some of the covers mentioned above.) 4

5 Summary of Cover What costs are covered? We pay all reasonable costs to repair or rebuild your home so that, as much as possible, it is returned to the same condition as it was immediately before the loss or damage occurred. How much should I insure my home for? We will calculate how much your home should be insured for to make certain you are not under insured. The sum insured is the total amount that we insure your home for. The sum insured is made up of: the amount we estimate that it would cost to totally rebuild your home, based on the size of your house (including an allowance for gates, fences, etc), plus an amount to cover additional expenses such as temporary accommodation, lost rent, landlord s fixtures and fittings, legal costs, matching decor, shrubs; and extra costs including: employing an architect, engineer or surveyor; demolition; removing debris from the site; complying with the requirements of any Statutory Authority. Can I insure other property? You can insure other houses that you own. 5

6 Defence Service Homes Insurance Strata title homes If your home is strata title and the Body Corporate has not sufficiently insured the building, our policy can provide you and your mortgagee with limited protection against loss or damage to the home and, if applicable, loss of rent. Refer to the Strata Title Homes section of the Home Building Insurance Policy for details on conditions of cover. Home Contents Insurance Your possessions are more than just belongings they include your memories, the things you can t place a value on. Getting the right insurance is a priority and it means making sure you get the cover you need with the care you want and deserve, including: New for Old (regardless of age); Fusion of electric motors with no depreciation; Discounts for retirees, over 50s, loyalty and no claims; You can choose to take out an accidental damage extension option to broaden your quality cover for a small additional premium; No Excess other than the excess for earthquakes and the accidental damage extension option, if you select it. Our home contents insurance is also available for people who: are a member of the ex-service community; are a veteran, or a spouse, widow or widower of a veteran; or current and former Australian Defence Force (ADF) personnel provide services to the veteran or ex-service communities. 6

7 Summary of Cover Cooling-off information If you are not totally satisfied with our insurance, you can cancel your contract up to 14 days after either: you receive confirmation of the transaction, or the end of the fifth day after the policy was issued to you. You get a full refund of any premium you have paid, less any non-refundable taxes. The Cooling-off period for Home Contents Insurance is 21 days. General Insurance Code of Practice The Defence Service Homes Insurance Scheme is bound by the General Insurance Code of Practice. The code sets out standards of good practice and service and aims to promote improved standards of service and good relations between insurers, agents, employees, investigators, debt collectors, loss adjusters and consumers. Disputes If you are not happy with what we have told you or with a service we have provided and we can t reach a resolution, you can ask to have it dealt with by our Internal Disputes Handling Committee. If you disagree with the Committee s decision, you can refer the matter to the Financial Ombudsman Service for advice and assistance. The service is a free, independent dispute resolution scheme where complaints can be reviewed quickly and informally. It can be contacted on Privacy The Defence Service Homes Insurance Scheme (DSHIS) is committed to safeguarding the privacy and confidentiality of your personal information. Keeping client information secure is a top priority for DSHIS. We are bound by the provisions of the Privacy Act about how we collect, store, use and disclose personal information. If you would like to know more, please contact your local state office on to obtain a copy of our privacy brochure. 7

8 More information For more information and advice on either our home building or home contents insurance, simply contact the Defence Service Homes Insurance Scheme on (cost of a local call), visit our website or write to our local office in your State. New South Wales/ACT/ Queensland/Northern Territory GPO Box 498, Brisbane, QLD 4001 Victoria/SA/Tas/Western Australia GPO Box 1987R, Melbourne, VIC insurance@dva.gov.au The Home Contents Insurance Policy is issued by QBE Insurance (Australia) Limited ABN , AFS Licence no A Product Disclosure Statement (PDS) is available for this product. You should obtain a copy of the PDS and consider the statements before making any decision about whether to acquire this product. To obtain a copy of the PDS and policy wording, please contact the Defence Service Homes Insurance Scheme. This brochure summarises the cover provided by the Defence Service Homes Insurance Scheme. Our plain English policy booklet details the types of loss or damage we will and will not pay for. It also explains your rights and obligations and what may happen if you fail in your obligations. While this Summary provides a broad statement of the Defence Service Homes Insurance Scheme coverage, it should not be seen as a substitute for the actual policy which details, in addition to those matters which may be excluded, the rights and obligations of the insured. P097 May 2010 QM1130