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A Comprehensive Guide to Prestige Home Insurance

Short stay insurance – is your holiday rental property covered? Your home and the items within it have great significance, often a very personal culmination of your tastes and life experiences, as well as a place that holds memories and offers ongoing comfort. If anything were to happen to this place, it would cause more than financial strain, accompanied by the grief of losing these elements that hold such personal value.

Prestige Home Insurance is extremely important when it comes to covering your high-value properties and possessions, offering the peace of mind that your precious home and contents are protected. With many specific concerns and questions surrounding the policy, however, this can be very overwhelming to comprehend.

To ensure you understand and get the most out of your Home Insurance, see a comprehensive guide to this policy.

What Is Prestige Home Insurance?

If you own a Prestige Home with a replacement value in excess of $1,500,000, this policy ensures that in the event of loss to your property, contents or valuables, you are able to return to your pre-loss position as soon as possible and avoid financial stress. If you own precious antique collections, fine art, or your home has historical value or a unique design, this could be necessary to protect your treasured possessions.

A policy such as this can offer benefits such as temporary accommodation, if necessary. This policy ultimately protects your home and valuable belongings to minimise the impact in the event of a claim and ensures you are able to repair, replace or receive compensation should any harm come to your property.

How Does It Differ From Standard Home Insurance?

When compared to a standard policy, Prestige Cover has higher coverage limits. This means it is more suitable for high value items, with specific cover for valuable possessions such as jewellery and antiques. A policy such as this also includes more flexibility and extensions. Many Prestige Home Insurers will also complete an on-site appraisal of your Home to assist you set an accurate sum insured, advise on improvements you can make to fire and burglary protection and in some cases extend your Building cover to “Extended Replacement Cost” which means your insurer will rebuild your Home regardless of your sum insured following a major loss.

What Common Events Are Protected By This Policy?

  1. Property damage due to fire, storm or accident. This policy covers the cost of repairing, replacing or rebuilding. Theft & burglary so that monetary value can be recovered if valuable items are stolen.
  2. Natural disasters including storms, earthquakes, floods, or fire. Compensation is offered for rebuild and repair.
  3. Personal Liability claims are covered as legal costs and damages may be payable if you as the owner are found liable for injury or damage to others while on the property or Australia Wide.
  4. Water damage can lead to large losses. This policy ensures repairs due to water damage can be covered.
  5. Loss or misplacement of high-value possessions.

What Are Some Potential Benefits, Extensions & Endorsements?

Benefits of this policy include a choice of repairer and trades for claims involving jewellery replacement or unique features. You may also receive worldwide cover for your contents, extended replacement cost to cover complete rebuild if necessary, as well as a cash settlement option.

When Should You Incept This Policy?

It is generally recommended that you purchase Home Insurance before settlement if you are buying the home, as any damage that occurs to the property during the settlement period may be the responsibility of the purchaser.

Is It Right For You?

A Prestige policy may be suitable for you if you meet the minimum $1,500,000 building replacement cost threshold. Atlantic Insurance is dedicated to offering education around the most appropriate options for yourself and your budget, and will assist in determining whether this policy is the best choice for your specific circumstances.

Atlantic Insurance Prestige Home Insurance

The expert team at Atlantic Insurance has been arranging policies to protect Prestige Properties for many years. We are dedicated to providing clarity to ensure all policy expectations and details are understood, and work to understand your specific situation to offer the most suitable Insurance solutions.

Contact us today for tailored Insurance Products.

Any information contained on this page of the website is general advice only and has been prepared without taking into account your objectives, financial situation or needs. Your should consider these, having regard to the appropriateness of this advice and the relevant Product Disclosure Statement (‘PDS’), Target Market Determination (‘TMD’) and Financial Services Guide (‘FSG’), which will be provided following any formal recommendation to you.

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