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Home & contents insurance

home-contents-insurance

Home & contents policies protect the property and your household goods.  It is recommended to take this out as soon as you move into your new Australian home. If you are getting a home loan, you will be required to take out a home insurance policy, but ‘content’s only’ cover will be your decision. 

Home Insurance

You must have home insurance when applying for a home loan in Australia. This reduces the risk to the bank or financial institution that lends you the money for your home. Insurance cover is available for home only, or home and contents.

 

The home insurance market is very competitive and as a result, a range of extra features are offered on policies. But make sure you know exactly what is and isn’t covered. For example the better policies may cover you for the following:

 

  • Full buildings replacement no matter the cost (some policies only cover you up to a certain amount but that may not be enough to rebuild your home as it was)

  • Natural events such as flood, storm and fire (be careful about the policies definition of flood, some will cover for certain types of floods but not others)

  • Cover for your property when it’s out of your home (you may have your jewelry covered but only in the home, what if it’s lost or stolen when you are at the beach?)

  • Cover in case someone is injured at your property and takes legal action against you. 

 

Contents only – Renters’ insurance

Contents insurance, also known as ‘renters’ insurance’, covers household items owned by the person renting a property, but not the house or apartment itself.

The owner of the rental property (the landlord) is responsible for insuring the apartment or house – not the renter.

Our partner ANZ offers Home and Contents Insurance that has won the Canstar Award for best value, find out more.