Home & Contents Insurance: Cover, Costs & Options

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Home and contents insurance can help with the cost of repairing your home and replacing belongings after an insured event. Combined policies bring building and contents cover together, but the protection available depends on the policy.

Home and contents policies can vary substantially in price with considerable differences in their policy options and definitions.

What Can Home and Contents Insurance Cover?

• Building cover: may cover the home's structure, fixtures and other structures listed in the policy after events such as fire, storm or malicious damage.
• Contents cover: may cover furniture, appliances, clothing and other personal belongings against insured loss or damage, including theft. Renters can consider contents cover separately; a landlord's building policy generally does not cover a tenant's belongings.
• Additional benefits: some policies include temporary accommodation after an insured event or legal liability cover, subject to conditions and limits.

Check Limits, Options and Exclusions

Read the Product Disclosure Statement (PDS) and policy schedule to check insured events, definitions, excesses and exclusions. Flood and storm cover are not interchangeable: check how each is defined and whether flood cover is included, optional or unavailable.

Accidental damage and cover for portable valuables away from home may be optional. Jewellery, electronics and collections can have item limits, and valuable items may need to be specified separately. Check any temporary accommodation benefit for both payment and time limits.

Wear and tear, gradual deterioration and maintenance-related damage are commonly excluded. Conditions relating to an unoccupied home, renovations or business use can also affect cover.

Choosing Cover Amounts and Comparing Costs

Consider rebuilding costs rather than the property's sale price or land value when estimating building cover. Check how demolition, debris removal and professional fees are treated. For contents, a room-by-room inventory can help estimate replacement costs and reduce the risk of underinsurance.

Premiums can depend on location, building characteristics, insured amounts, claims history, excesses and optional benefits. Compare quotes using similar cover amounts and features, not price alone. A higher excess may reduce the premium but increases what you may need to contribute to a claim. Review sums insured at renewal and after renovations or significant purchases.

Preparing for a Claim

Keep photos, receipts and an inventory of belongings. If loss or damage occurs, prioritise safety, document it when safe and contact the insurer promptly. Check the claims process before arranging non-emergency repairs or disposing of damaged items, and keep receipts for emergency expenses.

Explore Household Insurance Options

We can help connect you with brokers through our National Broker Referral Network to explore home and contents insurance options.

Use the quote enquiry form to request contact from a broker about cover and quotes. Have details of your property, belongings, preferred cover amounts and any existing policy ready for the discussion.

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Please note that some of our calculators may use assumptions that are not necessarily applicable to your current specific circumstances and we therefore cannot always guarantee their accuracy. You should always seek professional financial advice from a licensed professional before proceeding with any financial recommendations.

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