Understanding your Aussie Insurance Estimate
It is important that you understand the details of the estimate provided to you. Please ensure that you read the below information in conjunction with the estimate provided and the relevant Product Disclosure Statement.
Important information - This estimate is indicative only and is not binding on the insurer. It is intended to give you a general indication of the cost of insurance only. The estimate has been prepared based on the limited information provided in your loan application and a set of assumptions listed below which may or may not be appropriate or accurate for your circumstances. No cover has been arranged and this is not an offer of cover. If Allianz agrees to enter into a policy with you, the premium may vary significantly from this premium estimate.
Flood cover - this non-binding premium estimate does not include cover for flood. Flood cover is optional and is subject to eligibility and payment of additional premium. If you are eligible for flood cover, it will be offered when you apply for cover.
Before you apply for cover – you will need to confirm the information you have provided and provide more information if necessary (please also note your Duty of Disclosure set out in the Product Disclosure Statement). Based on when you apply or what you tell us, the insurer may offer cover on different terms to those in this estimate or decline your application.
Product Disclosure Statement (PDS) – you should read and consider the relevant Product Disclosure Statement for details of the standard terms, conditions, exclusions and limitations of cover before deciding whether to purchase this insurance.
Building Sum insured - the Building sum insured has been estimated at 66% of the estimated value of your property or a nominated value provided by you during our provision of credit assistance to you. You should consider whether the building sum insured is sufficient for your needs.
Contents Sum insured – the Contents Sum insured has been based on the information provided by you during our provision of credit assistance to you. Where no value for household contents has been provided by you the Sum insured has been based on Allianz’s minimum Sum insured which may or may not be suitable for your needs.
You are responsible for determining your required sums insured prior to purchasing cover. If you do not have sufficient cover, you may be underinsured and may have to bear part of any loss you are not covered for yourself.
Sum insured calculators – Allianz’s Home Building and Contents Calculator may assist you in estimating the replacement cost of your home and contents. These are available at www.allianz.com.au.
Assumptions made - your insurance estimate includes a number of assumptions, here are the assumptions we’ve made:
- The policy would start on the ‘Estimate Date’ referred to in your estimate
- Both buildings and contents covers are required if the property is not part of a strata, community or company titled development
- Only contents cover is required if the property is part of a strata, community or company title development
- The main construction type for the walls is Brick Veneer
- The roof is constructed from Cement Tiles
- You do not require any optional additional covers
- You do not require cover for flood
- There are deadlocks on doors/windows and a local alarm fitted
- The property was built in 2000
- The property is not managed by a property agent (applies to landlord insurance estimates only)
- The property is not normally occupied during the day (applies to home insurance estimates only)
- There is no pool located at the property (applies to home insurance estimates only)
- The property is located on a site less than 20,000 square metres