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Compare Contents Insurance
Written by
Tina Sendin
Edited by
Ellie Garran
Reviewed by
Adrian BennettOur Home and Contents partners
iSelect does not compare all providers in the market or all policies offered by our partners in your area. Not all policies or special offers are available to all customers. Learn more.
What is contents insurance?
While there’s no replacing sentimental value, contents insurance is a type of home insurance that can help cover the cost of your prized possessions if they’re damaged or stolen. You can choose standalone contents insurance (say, if you’re a renter) or bundle it with building insurance into a combined home and contents policy (say, if you’re a homeowner).
Why compare contents insurance?
Different contents insurance policies offer different levels of coverage and claim limits, not to mention different premiums. Comparing policies may help you find one that offers better value all around. Whether you’re after more comprehensive protection for your belongings or a policy that fits your budget, comparing can help you find the right coverage for your contents.
What does contents insurance cover?
From whitegoods to electronics to clothing and jewellery, contents insurance may help you repair or replace your valuables in a range of circumstances, as covered by the terms of your policy.
These circumstances can include:
fire
explosions
lightning
earthquakes and tsunamis
storms
escape of liquid
theft or attempted theft
impact damage, like falling trees
vandalism and malicious damage.
You might have started to pick up on a theme here – coverage is generally limited to ‘surprise’ events and causes unrelated to your own actions (unless you’re an experienced rainmaker or can claim Thor as a parent).
It’s one thing to hope your contents insurance covers you, it’s another to actually be covered. So, although it can depend on your policy, you might find it tough to nail down a contents insurer who’ll cover:
intentional damage by you (the policyholder)
wear and tear
business activity
contamination or pollution (like if something went radioactive)
vermin, like termites and rodents.
Your policy may have other exclusions too, so you might want to take a look at the product disclosure statement (PDS) to get the full story.
While you’re unlikely to find cover for ‘I swear I put it down here’ losses, you might be able to purchase optional extras to expand your coverage further. Extras tend to include things like:
motor damage cover, like the motor breaking or burning out in your fridge
commercial storage if you keep valuables in a commercial storage facility and they are lost or damaged
portable contents insurance (also known as personal effects cover).
Your policy’s product disclosure statement (PDS) will outline what’s covered and under what circumstances. It may also list limits and exclusions.
From whitegoods to electronics to clothing and jewellery, contents insurance may help you repair or replace your valuables in a range of circumstances, as covered by the terms of your policy.
These circumstances can include:
fire
explosions
lightning
earthquakes and tsunamis
storms
escape of liquid
theft or attempted theft
impact damage, like falling trees
vandalism and malicious damage.
You might have started to pick up on a theme here – coverage is generally limited to ‘surprise’ events and causes unrelated to your own actions (unless you’re an experienced rainmaker or can claim Thor as a parent).
It’s one thing to hope your contents insurance covers you, it’s another to actually be covered. So, although it can depend on your policy, you might find it tough to nail down a contents insurer who’ll cover:
intentional damage by you (the policyholder)
wear and tear
business activity
contamination or pollution (like if something went radioactive)
vermin, like termites and rodents.
Your policy may have other exclusions too, so you might want to take a look at the product disclosure statement (PDS) to get the full story.
While you’re unlikely to find cover for ‘I swear I put it down here’ losses, you might be able to purchase optional extras to expand your coverage further. Extras tend to include things like:
motor damage cover, like the motor breaking or burning out in your fridge
commercial storage if you keep valuables in a commercial storage facility and they are lost or damaged
portable contents insurance (also known as personal effects cover).
Your policy’s product disclosure statement (PDS) will outline what’s covered and under what circumstances. It may also list limits and exclusions.
What are the different types of contents insurance?
When you make a claim against your contents insurance, providers typically approach the cost of replacing your belongings in two ways:1Moneysmart – Contents insurance
New for old
Even if your items were looking a little worse for wear when they were damaged or spirited away, this cover could help you replace them with a brand new equivalent. This privilege may mean higher premiums, though.
Replacement at value
This is your like-for-like replacement, down to how much your items were worth at the moment they were damaged, lost, or stolen. Essentially, these policies take into account the depreciating value of your valuables.
How to compare your home insurance
Get started
Tell us about your home and what you’re after, and we’ll get the ball rolling.
Compare your options
We’ll show you policies side by side, including their premiums, inclusions, exclusions, and extras you can add on, so you can easily compare.
Take your pick
Tell us which policy you fancy and we’ll lock it in for you. That means you can not only compare, but also get the new policy through us. And the best bit? There’s no extra cost from us – zilch!
Start fresh
The final step? Let your old insurer know you’re saying goodbye. It’s time to enjoy your new cover!
Why buy home insurance with iSelect
Our service doesn’t cost you a cent
Instead of charging you anything, we get a commission from our partners.
Same price, no mark-up
We don’t mark up the price of our products, so you’ll pay the same as buying direct.*
*Excluding corporate discounts and exclusive retail offers
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The right coverage is only a few clicks away. You can compare home insurance policies in just a few minutes.
We’ve been around the block
We know our stuff, with over 25 years’ experience helping Aussies compare, switch, and save.
What items does contents insurance typically cover?
Contents insurance typically covers items inside the home. While the contents included may vary between insurers, the following things are typically covered up to a certain amount (unless they’re listed or specified) in the policy:
camera
carpets
furniture and furnishings
household electrical appliances.
Now, if you also want coverage for stuff you often take everywhere with you – say your laptop, camera, or your luxury watch – portable contents (or personal effects) cover can protect them wherever you go. Again, it’s worth checking your policy, as portable contents cover might have limitations.
Contents insurance
with iSelect
Thinking about how to protect your belongings? This video gives you the lowdown on contents insurance and how it can help cover the financial value of your belongings if they’re damaged or pinched – whether it’s your prized Seinfeld box set or high-ticket items like your power tools.
What factors can affect the cost of contents insurance?
While it’s not as complex as any calculation that NASA makes every day, your premium is affected by a fair few factors. This can include:
the value you’ve insured
the scope and limits of your cover, including optional cover
your excess
your home’s location and its associated likelihood of severe weather and crimes
which security features you have at home
your claims history.
At its heart, your premium amount is based on the likelihood of you claiming and the value of your insured belongings.
Now, if you’re wondering whether contents insurance is worth it, here’s our two cents. If replacing your stuff out of pocket would be a financial strain, contents insurance can provide peace of mind and financial security. If you ask us, a good night’s sleep is worth it.
That said, it’s important to weigh the cost of premiums against the value of what you’re insuring. If you own high-value items or have a lot of belongings, insurance is often a smart move. On the other hand, if you don’t have much to insure or can easily replace your items, it might not be as essential.
Ultimately, it all boils down to assessing your needs, budget, and how much risk you’re comfortable taking on. If you’re unsure, comparing policies can help you decide if it’s the right fit for you.
What is the average value of contents in a household?
The value of your contents can vary based on things like your property type, number of rooms, and how many people live there. Click the dollar signs in the examples below to see how much the contents might be worth.
Helpful tip
Don’t forget to check your contents insurance policy every now and then. Life changes, and so does the value of your stuff.
Have a think: Over the last few months, did you purchase any snazzy gadgets, upgrade your furniture, or inherit a family heirloom? A regular review of your policy can help you make sure it still covers everything you want to insure.
And remember, if you’ve got high-value items like jewellery or collectibles, they might need extra cover. Doing your homework now – aka reviewing your current policy – could save you a lot of stress down the track!
Adrian Bennett
General Manager for General Insurance
How can I save on contents insurance?
Times are tough, but that doesn’t mean you should skimp on contents insurance, especially if you have high-value items or possessions that are deeply meaningful to you. If you want to keep your wallet happy, here are a few ways you can save on contents insurance:
Shop around
Even if you receive a good-enough first quote, that doesn’t mean you should stick with it. You can compare a few insurers to see who’s offering the best bang for your buck.
Raise your excess
If you’re willing to pay a bit more out-of-pocket when you claim, your premiums could drop. But it’s worth making sure you can afford the excess in the unfortunate event that you need to make a claim.
Skip the guesswork
Make sure your coverage matches the actual value of your stuff – or try to get as close as you can. Consider going room by room to estimate each item’s worth, or using online calculators. Doing this can help avoid over- and underinsurance, which can both hurt your wallet!
Pay annually
Fortnightly or monthly payments can come with extra fees. If you can swing it, paying up-front for the whole year could save you a few bucks.
How do I figure out the value of my contents?
There are a couple of ways you can reach this magic number.
If you’re feeling a little time-poor or just want to get it done and out of the way, you can use an online calculator to estimate your contents’ worth based off of your address. It also factors in other variables, like how many rooms you have and the average quality of your items, like if they’re low-cost IKEA staples or bespoke, expertly crafted options.
Alternatively, if you’re up for a bit of legwork (figuratively and literally), you could try option two. This is where you work your way through each room of your house, making an inventory complete with photos and assessing the value of every item you want to insure. If you happen to be the kind of person who keeps all your receipts, you can also match these up to your valuables for a more accurate estimate of their worth.
While the second approach can take a little more time, it could also be a way to kill two birds with one stone if you’ve been looking to declutter or just find where you put your favourite ring.
Frequently Asked Questions
Which providers offer contents insurance in Australia?
We’ve partnered with contents insurance providers to help you compare policies.
- ahm
- Budget Direct
- Coles
- Everyday Insurance
- Huddle Insurance
iSelect does not compare all providers in the market or all policies offered by our partners in your area. Not all policies or special offers are available to all customers and some may only be available over the phone or on the website. Learn more.
Here are some other insurers available in the market today:
- 1300 Insurance
- 1Cover
- AAMI
- Allianz
- Ansvar
- ANZ
- APIA
- Assetinsure
- Aussie (AHL Investments Pty Ltd)
- Australian Seniors Insurance Agency
- Bank of Melbourne
- BankSA
- BOQ
- Bupa
- CBA Insurance
- CCI Personal Insurance
- CGU
- CHU
- COTA Insurance
- Defence Service Home Insurance Scheme
- Dodo
- Elders Insurance
- Flex Insurance
- FM Global
- GIO
- Guild Insurance
- Hollard Australia
- Honey
- ING
- InsureLite
- MHIA
- National Seniors Insurance
- NRMA
- Over Fifty Insurance
- Ozicare
- QBE
- RAA Insurance
- RAC
- RACQ
- RACT
- RACV
- Real Insurance
- RentCover Landlord Insurance
- Retirease Insurance
- SGIC
- SGIO
- SGUA
- ShareCover
- St. George
- Strata Community Insurance
- Suncorp Insurance
- Terri Scheer Landlord Insurance
- Territory Insurance Office
- Westpac
- WFI
- Youi
Will contents insurance cover things in my garage or shed?
You wouldn’t be the first to keep things like mowers and tools in your shed or garage. However, this could affect your ability to claim them on your contents insurance. For instance, your insurer may only cover theft from your garage if it’s clear someone forced their way in. If you’d like to store valuables outside your home or in a commercial storage facility, you might want to see what conditions are listed in the product disclosure statement (PDS). Otherwise, you could be in for a shock when you go to make a claim.
How does excess work for contents insurance?
Your excess is like the gap you pay when you visit the doctor. While the idea behind contents insurance is to cover the cost of your contents when disaster strikes (or less extreme events, like deciding the white carpet rather than the coffee table is the best place to rest your wine glass), it may not cover you until you hit a certain limit. The excess is the money you’ll have to pay out of pocket.
Depending on your policy and insurer, you may be able to choose your excess to an extent. If so, it could be a way to keep your premium lower thanks to choosing a higher excess. Of course, you may want to factor in whether you can handle the higher excess if something were to happen. After all, while low premiums can be great, if you can’t afford to cover the excess to make your claim, your contents insurance could all be for naught!
Is there a limit to how much my contents insurance will pay?
A successful insurance claim, unfortunately, isn’t like winning the lottery. For one, the odds are far better of getting your claim approved. You also won’t be dealing with seemingly unlimited cash. In fact, there may be limits on how much you can claim for certain items. For instance, even if a dragon’s love for jewels and gold is nothing on yours, you might only be able to claim up to a few grand in total for multiple pieces and as much as $1,000 for a single piece. To figure out the specifics, it could be worth getting familiar with your policy’s product disclosure statement (PDS).
If there’s something you really want to insure over the specified limit, you might want to investigate listing it as specified contents. This could help increase that claim limit but may also bump up your premium.
Can I combine my contents insurance with building insurance?
Getting a combined home and contents insurance policy may not be as tempting as burgers, chips, and a drink, but it could be convenient and even great value. Many insurers offer bundled home and contents insurance to cover your property and your possessions in one simple premium. That premium could even be discounted.
However, it might not always be the way to get the biggest savings or the cover you’re looking for. Doing your research and seeing what else is out there, combo or not, may help you get cover that better meets your budget and insurance goals.
What happens if I move house?
Since your contents insurance is tied to the property, you may want to look into letting your insurer know about your move. Then, they can update the policy with your new address, or you could even check out getting a new policy altogether. Giving your insurer the heads up on the move will also mean they know where to send the next bill!
Additionally, it might be worthwhile double checking whether your existing policy covers your possessions during the move (you’d like your stuff to make it to the new house, after all). The policy may even cover contents at both your new and your old address for a limited amount of time, giving you the space to get new contents insurance sorted out after dealing with the Wi-Fi.
What about contents insurance for renters?
You don’t have to own your home to protect your valuables with contents insurance – as long as the contents you’re insuring are yours, you’re generally good to go. Insurers may even have dedicated renters insurance that covers your valuables in a range of defined events, along with temporary accommodation to help you if you can’t stay in your rental property for certain reasons.
While the additional premium on top of your rent might not always agree with your budget, you could find yourself extremely grateful for it when a pipe bursts in your apartment and the body corporate is taking its time picking a repair quote.
What if I share my home with housemates?
Having housemates might restrict you from all-night loungeroom raves or just keeping your good chocolate in the fridge, but it won’t necessarily limit you from getting contents insurance. Depending on the policy, there may be conditions about how many unrelated roomies you share with when it comes to just insuring your goods. Alternatively, you might want to get single-room insurance to make sure your personal belongings are protected.
Can landlords get contents insurance for their rental property?
Renting is a two-way agreement with landlords and tenants ideally aiming to do right by one another. Still, accidents can happen, along with arguments about who’s going to cover the cost. But your contents insurance could clear things up, looking after fixtures that get a little tough love from time to time, like carpets and blinds.
If you want to level up your coverage, you might want to look into landlord insurance. It may be a way to take some of the risk out of your investment, like helping out if your property ever becomes uninhabitable and can’t be rented for a time.
Get started on comparing home and contents today!
Save time and effort by comparing a range of home and contents insurance policies with iSelect
iSelect General Pty Ltd (ABN 90 131 798 126. AFSL 334115) has partnered with Compare the Market (ABN 83 117 323 378. AFSL 422926) to compare a range of home insurers and policies. Not all providers in the market or all policies offered by the partners are compared and not all policies or special offers are available to all customers.
A number of our participating general insurance brands are arranged by Auto & General Services Pty Ltd ACN 003 617 909 on behalf of Auto & General Insurance Company Limited 111 586 353, both of which are related entities of iSelect Limited. Our relationship with those companies does not impact the integrity of our comparison service. Click here to view iSelect’s range of providers.
Any advice provided by iSelect is of a general nature and does not take into account your objectives, financial situation or needs. You need to consider the appropriateness of any information or general advice iSelect gives you, having regard to your personal situation, before acting on iSelect’s advice or purchasing any policy. You should consider iSelect’s Financial Services Guide which provides information about our services and your rights as a client of iSelect. iSelect receives commission for each policy sold that is a percentage of the premium or a flat fee. Ask us for more details before we provide you with any services.