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Get the facts on home & contents insurance

What is Contents Insurance for renters?

Contents Insurance can help provide protection against damage and loss to some personal items in the home you're renting.

What is Home and Contents Insurance?

If you own a property and have contents of value, home and contents insurance can help cover you in some unfortunate and unforeseen circumstances which could result in your home and/or your possessions being a little worse for wear.

What is contents insurance?

When you’re a home owner, the value of your possessions can quickly add up. Contents insurance helps cover you for the replacement value of some personal items and effects in your home.

Are there different types of contents insurance?

While most contents insurance policies are designed to do one thing – protect the contents in your home – not all policies are the same. Some policies offer optional extras to your policy for a higher premium.

Frequently asked questions

What is home & contents insurance?

Home and contents insurance is a combined policy that includes features of both home insurance and contents insurance. Combined policies of home and contents insurance may be available through particular insurers. Some insurers even offer discounted policies for homeowners interested in purchasing both home and contents insurance under one premium. Home insurance generally covers the cost of rebuilding or repairing your home. This includes the bricks and mortar, roof and other structures on your property, such as sheds and garages. Home insurance may also protect your home from damage outside of your control, such as natural disasters (including storms, floods and bushfires). Check your policy carefully, as sometimes flood and other disaster events need to be specified and may require additional costs. Contents insurance is focused on your possessions, rather than the building itself, and can include things such as clothes, jewellery, furniture, and appliances. Your items can be covered from natural disasters, and depending on the policy, may also be protected from accidental damage, theft and electrical surges. It’s important you read the insurers product disclosure statement for details on policy inclusions, exclusions and limitations.

What is contents insurance?

Similar to home and contents insurance, contents insurance provides a level of financial protection against damage, theft or loss of personal possessions. Contents insurance can cover the financial cost of repairing or replacing your personal or household possessions and furnishings. In some policies, accidental damage can be added, which means if you, a family member or guest knocks something over or breaks something, you can make a claim to repair or replace it if required. You may also be able to arrange protection if certain items are lost, stolen or damaged outside of your home.

How much does home & contents insurance cost?

The cost of home insurance can depend on many factors, including:

Whether you’re covering just your home, contents, or both
The level of coverage purchased
Your claims history
The area that you live in

Depending on the market value of your home and the value of your possessions, the cost of home and contents insurance can vary. Your premium is usually calculated based on the profile of risk to be covered, as well as other factors including age, location, materials, and how the home is occupied. In addition to your location, insurers may take into consideration the building materials, and a number of other potential risks. To find out how much home and contents insurance could cost, you can compare* home & contents insurance policies from our range of providers online with iSelect.

What is landlord insurance?

As a landlord you’re responsible, not only for protecting your property, but also for the costs associated with renting to tenants. Landlord insurance can offer a number of additional services to help protect your investment. Landlord insurance goes one step further than home insurance. It can protect you from financial loss caused by your tenants or their guests, including damage to your property or unpaid rental payments. Landlord insurance may also cover legal expenses required to evict a tenant or potential loss of rent if your property becomes unlivable after a disaster event. It’s important you review the policies carefully as some may only cover your rent for a limited time, or may contain other exclusions or limitations.

What does home & contents generally cover?

Home and contents insurances typically cover different things, but are often jointly purchased by homeowners. Home or building insurance covers the structure and permanent fixtures of your home. This can include:

Roof
Walls
Doors and windows
Built-in cupboards
Ceilings
Floors
Kitchen fixtures
Bathroom fittings

Contents insurance covers the contents of your home, not including the house itself. This type of insurance generally covers the cost of repairing or replacing damaged or stolen items from your home. Contents insurance can cover a broad range of items including:

Clothing
Jewellery
Toys
Furniture
Bedding
Curtains
Decorations
Computers
TVs
Stereos
Fridges
Other electrical appliances
Tools
Sporting equipment

Limits may be in place for some items, and may need to be specified on the policy to be covered at higher values.

How does contents insurance work for renters?

When you live in a rental property, your landlord is generally responsible for any damage (not directly caused by you) to the home, including fixtures and fittings. This is often covered by their landlord insurance, however, your contents are not covered by this insurance. Contents insurance can be referred to as ‘renters insurance’ when tenants are involved. Subject to the terms and conditions of your policy, renters insurance can provide protection for your possessions from damage due to a range of events such as natural disasters through to accidents caused by you, your family or your guests. Renters insurance can also protect you if any legal liability were to arise during your tenancy. For example, if someone on the signed lease injured themselves at the property being rented, potential support could be provided for legal and medical costs through insurance.

How does 'excess' work with home & contents insurance?

Just like car and travel insurance, the ‘excess’ is the portion of an insurance claim you’re required to pay if you make a claim. The insurer generally covers additional costs beyond the excess up to the specified limits of your policy. This amount of excess is determined and set out with your insurer before approving your policy. In its simplest form, excess allows your policy provider to shift a small part of the financial risk back into your hands. In a case where the damage is not your fault (such as negligence from a landlord or builder), you may not be required to pay an excess. This will be determined by your insurance provider and your specific policy.

What does ‘new for old’ mean in contents insurance?

The two main types of contents insurance are ‘replacement value’ and ‘new for old’ cover. While definitions of 'new for old’ cover may differ depending on your policy, basically, it means that if your belongings are damaged beyond repair or stolen, new for old insurance will provide you with an equivalent item for no added cost (besides the potential excess you’re required to cover, as stated in your policy wording). Generally, a higher premium will apply for new for old cover. Replacement value insurance only covers the value of possessions, and the value of most items will depreciate each year.

How to compare home & contents insurance

Research is required when comparing home and contents insurance policies. It can be beneficial to shop around before making a decision. Some helpful questions to consider when researching policies can include:

Do you rent or own the property?
How much can you afford to replace if you lost everything?
Do you need to replace everything if you did lose it all?
What’s the most expensive thing you own?

Are phones & jewellery covered by contents insurance?

Yes, it’s possible to insure personal belongings that are regularly taken with you when leaving the house, that may not be covered under normal contents insurance. This can include things such as mobile phones, cameras and jewellery. When choosing a premium there is often an option to add ‘personal effects’ or ‘portable contents’ cover to your policy. The difference between normal contents insurance and portable contents insurance is that the accidental loss or damage of an item happening outside of your home can be covered.

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Home and contents insurance explained, with Canna Campbell.

Get the facts on home & contents insurance

What is Contents Insurance for renters?

What is Home and Contents Insurance?

What is contents insurance?

Are there different types of contents insurance?

Frequently asked questions

What is home & contents insurance?

What is contents insurance?

How much does home & contents insurance cost?

What is landlord insurance?

What does home & contents generally cover?

How does contents insurance work for renters?

How does 'excess' work with home & contents insurance?

What does ‘new for old’ mean in contents insurance?

How to compare home & contents insurance

Are phones & jewellery covered by contents insurance?

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Information about Contents Insurance

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