A Home Owner’s Guide To Home & Contents Insurance

To help with finding cover, here’s some information about Home and Contents Insurance, including how it may be affected if you rent out your property. Before deciding on a policy, ensure you review the Product Disclosure Statement for specific information on policy inclusions, limitations and exclusions.

What is Home and Contents Insurance?

From fire and theft to storm damage, depending on your policy Home and Contents Insurance helps provide some protection against the unexpected.

Home and Contents Insurance is made up of two types of insurance, which cover you in different ways:

• Home insurance. Should your home sustain damage or loss due to adverse events, such as fire or water damage, Home insurance can help cover you for the cost of repairing, rebuilding or completely replacing your home, including structural improvements and fixtures. Certain limitations can apply.
• 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, including furniture, appliances, clothes, electronics, jewellery, artwork and more. Certain limitations can apply.

While Home and Contents insurance policies can be purchased separately, there is an option to combine them under one policy.

Ensure you review the Product Disclosure Statement for information on policy inclusions, limitations and exclusions.

Information for if you plan to rent out your property

If you’re planning to rent out your property, there are insurers who offer Landlord insurance options.

Landlord cover is designed to help cover loss, damage or destruction to your property and/or contents caused by tenants. Some policies may also provide cover for loss of rent (up to a certain amount) if your tenant defaults on their payments under a written agreement.

Bear in mind that Landlord insurance usually does not cover strata title buildings. For that, there are Strata insurance policy options.

What is strata insurance?

Strata insurance is cover for the building and common contents of strata title buildings or homes that are part of a body corporate or owners corporation.

If you own and rent out a building in an apartment complex, duplex or townhouse, depending on the policy, Strata insurance can provide cover for buildings, shared areas and contents, such as gym equipment and washing machines.

Looking for a Home and Contents Insurance policy?

If you’re ready to protect your home and valuables, compare from iSelect’s range of home & contents policies and providers*.

Last updated: 4/12/2019