Your 'contents' means 'personal property' that is usually in your home. It includes contents that are temporarily removed from your home.
How EQCover works for contents
Under EQCover, your contents are insured on the same basis as they are under your fire insurance policy with your private insurer.
So, if your contents are insured against fire on a replacement basis, EQCover will also be on a replacement basis. If they're insured on a less favourable basis than replacement value, then EQCover will be on the same basis.
How much can be paid out
EQCover for contents is the lesser of:
- the amount for which your contents are insured against fire, or
- $20,000 (+ GST).
If your loss is greater than the amount that is paid by EQC, your private insurer usually pays the rest (to the sum that you're insured for).
Excess
- The EQC excess for a contents-only claim is $200.
- Where a person is claiming for damage to their home and contents from a single event, there is a combined excess of $200 (multiplied by the number of homes in the building) or 1% – whichever is greater.
What isn't included
EQCover doesn’t cover contents used for commercial purposes. Nor does it cover contents not covered by your private insurance policy.
Items that aren't covered include: motor vehicles, trailers, boats, jewellery, money, works of art, and securities and documents. (See the Householders' Guide to EQCover to find out more.)
Private insurance cover
Your private insurance policy may cover contents that aren’t covered by EQCover: check your policy or phone your private insurance company to find out.