Insurance Policy

What is an insurance policy?
You and the insurer agree on what is being insured. This is written
in a legal agreement (contract) called an insurance policy.

The insurance policy sets out exactly:
• what is being insured and the risk being insured against
(terms and conditions)
• any exclusions
• how much the insurer will pay if you make a claim
• how much the policy will cost you (premium).
The premium can depend on things like where you live or what you and
the insurer agree will be the cost of replacing something if it’s stolen or
damaged. The premium is less than the total cost of what you are insuring.

How can you get insurance?
You can buy insurance directly from the insurer or from an insurance broker.
Insurance brokers are not employed by the insurer and may be able to help you get a better deal.


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