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Why take out home & contents insurance?

Home insurance protects homeowners, landlords, and tenants against property damage, loss or destruction. Policies cover events including fire, theft, and natural disasters (e.g. floods).

This type of policy usually insures your home to a predetermined amount, or the “sum insured”. Before you take out cover, you will need to calculate the costs required to rebuild your home following an accident or disaster.

A contents insurance policy (sometimes called ‘renters insurance’) safeguards you against the loss of, or damage to, your belongings. It’s a crucial purchase for anyone who cares about their personal effects.

Want to safeguard your home and contents? We’ve got your back.

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You don’t have to visit multiple websites. Just this one. In five minutes, you can get a range of quotes from some of Australia’s best home and contents brands. Learn more.

Explore your options

Our comparison tool lets you easily refine your quote, making sure you find the policies that have the right features, at the right price

Supported by experts

Got questions about your premium, policy features, or extras? We’ll answer them here, or direct you to a trusted partner who can help.

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Learn more about home and contents insurance

Landlord insurance

This type of policy gives investors financial protection from damage and costly repairs.

Renters insurance

‘Renters insurance’ is another name for contents insurance. It covers your belongings while you are a tenant.

Building Insurance

Building insurance protects the structure of your home, which includes fixtures. However, it excludes the contents inside it.

Personal effects

Personal effects cover protects your belongings (e.g. phones and jewellery) against loss, theft or damage when you are away from your home.

Flood insurance

Flood insurance provides financial protection against property damage or loss caused by flood. It is a crucial policy inclusion if you live in a flood-prone area.

Fire insurance

Australians are no strangers to the threat of property fires. Fire insurance is designed to take care of fire claims.

Storm damage

Your policy outlines several storm-related events that might affect your property, such as hail, water runoff, and land gales. These comprise ‘storm damage’.

Accidental damage insurance

‘Accident insurance’ gives you financial protection for unforeseen accidents in and outside of your home that results in damage.

Motor burnout

‘Motor burnout’ is a policy feature covering events such as the unexpected breakdown of the motor in your fridge, washing machine or dishwasher.

Factors that affect home & contents premiums

Your insurer will consider factors such as the estimate value of your home and contents, median suburb price, and home security when working out your monthly premium.

Accidental damage vs. defined events

A ‘defined events’ policy lists the risks that your property is insured for and excludes everything else, while ‘accidental damage’ is an additional policy benefit.

Exclusions & restrictions to look out for

When you take out a comprehensive home and contents policy, certain events might still not be covered. These are called ‘policy exclusions’.

Frequently asked questions

What’s included in home and contents insurance?

Home and contents insurance pays out a sum of money if your building or possessions are damaged, destroyed or compromised. This can include storms, fires, floods, burglaries and vandalism, but might exclude damage from vermin or movements of the sea.

We’ve put together a quick glance guide to show you what is typically covered by home insurance (also known as building insurance), contents insurance, or combined home and contents policies.

When using Compare the Market’s free home and contents insurance comparison service, you’ll see what’s listed under each specific policy when comparing results. You should always read the Product Disclosure Statement (PDS) of any insurance policy you’re considering purchasing before you buy so you know exactly what you are and aren’t covered for.

What is & isn’t covered?Home insuranceContents insurance Home & contents insurance
Storm damageYesYesYes
Fire damageYes, excluding damage from cigarette smoking, scorching or meltingYes, excluding damage from cigarette smoking, scorching or meltingYes, excluding damage from cigarette smoking, scorching or melting
Flood damageYes, but may be an optional extraYes, but may be an optional extraYes, but may be an optional extra
EarthquakeYesYesYes
Movement of the seaNoNoNo
VandalismYesYesYes
TheftYes, damage from burglary is coveredYesYes
Impact damageYes, but deliberate damage is not coveredYes, but deliberate damage is not coveredYes, but deliberate damage is not covered
Falling treesYes, excluding damage from tree loppingYes, excluding damage from tree loppingYes, excluding damage from tree lopping
Motor burnoutYes, but may be an optional extraYes, but may be an optional extraYes, but may be an optional extra
Damage from verminNo. This also includes damage from other animals including rodents and insectsNo. This also includes damage from other animals including rodents and insectsNo. This also includes damage from other animals including rodents and insects
War and uprisingNoNoNo
Accidental damage to glass and ceramicsYes, but may be an optional extraYes, but may be an optional extraYes, but may be an optional extra
Loss of liquidYes, but doesn’t cover repair or replacement to the item that leaked (such as a burst pipe)Yes, but doesn’t cover repair or replacement to the item that leaked (such as a burst pipe)Yes, but doesn’t cover repair or replacement to the item that leaked (such as a burst pipe)
Removing debrisYesYesYes
Damage from renovationsNoNoNo
Temporary accommodationYes, if the home is uninhabitable while being repaired after an eventNoYes, if the home is uninhabitable while being repaired after an event
N.B. Some events such as flood damage may be an optional extra or a separate policy you can purchase alongside building and contents insurance. Limits and additional exclusions may apply.

Do I need home and contents insurance?

If you’re looking to protect your belongings and home from a range of potential dangers, home and contents insurance can provide the cover you’re after. This type of insurance can help you and your family get back on your feet and minimise any costs involved. Comparing home and contents insurance with Compare the Market’s free home and contents insurance comparison tool can help you look for a policy that has the coverage you’re looking for.

young family at home enjoying peace of mind with home and contents insurance

What is the best home and contents insurance policy?

As everyone’s needs are different, there is no single best home and contents insurance policy. That’s why shopping around and comparing policies to find one that adequately covers your needs is important.

You can start your home and contents insurance journey by comparing policies for free with Compare the Market, to help you find the cover you need.

Here are some key points to consider when looking for home and contents cover:

  • Are you in a flood-prone area? It’s essential to see if flood cover is included in the PDS of a policy before you make a purchase.
  • Do you live in an apartment? If you’ve bought an apartment, strata insurance covers the building, but not your belongings. You will also have to take out contents insurance.
  • Own valuable belongings? Some items like jewellery, heirlooms and expensive gadgets may be worth more than what you’ll receive if they’re damaged or stolen and you submit a claim without having specified their value. If you specify the value of each item in your policy then these more expensive items will be covered for what they’re worth (at additional cost to premiums).
  • Do you need insurance if you’re renting? While building insurance isn’t your responsibility as a tenant, getting contents insurance (also known as renters insurance) is a step you can take to help protect your belongings.
  • As a landlord, how do I protect my investment? As a landlord, you can get landlords insurance to help cover damage to your rental properties, defaults (i.e. your renters can’t pay their rent), liability costs, and more.
  • Could you be underinsured? It’s important you provide your insurer with accurate values for your home and belongings. Otherwise, you risk undervaluing your belongings and your home, which means you won’t receive enough money to repair or replace them (in the event of a claim).

Home insurance frequently asked questions

What is home insurance?

Home insurance protects the ‘bricks and mortar’ of your house and sometimes outbuildings like garages, provided they are permanently fixed. There are two types of home insurance:

  • Total replacement cover. Covers the complete cost of replacing your house after a damaging event
  • Sum insured cover. Pays a pre-determined benefit towards repairing or rebuilding your home.

Looking for a policy to protect your home? Start the search with Compare the Market’s home insurance comparison service.

Why is home insurance important?

Buying a house may be one of the biggest investments you make in your life, so it makes sense to protect it accordingly. Storms, fires and accidents are all too common across the country, and such a calamity might mean thousands of dollars in repair, replacement or rebuilding costs.

Get a quote today with Compare the Market to find out how much your house could be covered for.

The cost of home insurance

The cost of home insurance takes into account various factors, such as your property’s age, building materials and location, just to name a few. Because of this, home insurance premiums vary greatly from state to state, postcode to postcode and perhaps even neighbour to neighbour.

If you’d like a price more accurate to your circumstances, head over to our home insurance comparison service to enter your details and get a quote.

What is included in home insurance?

While specifics vary between policies, home insurance can cover damage to your house caused by fires, storms, theft and more. Cover can also extend to outbuildings (e.g. garages, sheds).

Find out what’s covered by different policies with Compare the Market’s home insurance comparison service simply by entering details about you and your home. Otherwise, we’ve included a list of common inclusions and exclusions below.

What’s includedWhat’s excluded
  • Fire
  • Damage as a result of theft (relating to the physical house not its contents)
  • Hail/storm/lightning damage
  • Wind damage
  • Earthquakes
  • Damage caused by burst or leaking pipes
  • Cyclones
  • Damage caused by burst or leaking hot water systems
  • Rainwater damage
  • Oil leaks
  • Malicious damage
  • Damage caused by blocked drains
  • Legal liability
  • Leaving your house uninhabited for an extended period of time
  • Privately renting your house to someone while you’re away
  • Leaving your home unsecured, or not taking reasonable steps to secure it
  • Pre-existing damage (e.g. mouldy ceilings)
  • Animal damage
  • Renovations
  • Tree root damage
  • Termite damage
  • Structural defects

Please note: This list of inclusions and exclusions isn’t exhaustive and may change between policies and providers. Be sure to read the Product Disclosure Statement (PDS) of any home insurance policy before purchasing to find out what is and isn’t covered.

Home insurance providers in Australia

If you want to compare home insurance providers, you can use Compare the Market’s home insurance comparison service. Our service is free and easy to use, which means it only takes a few minutes to compare and purchase cover.

You can also take a look through the following list of home insurance providers in Australia.

  • 1300 Insurance
  • 1Cover (Home insurance only available to existing customers)
  • 1st for Women Insurance
  • AAMI
  • ACS Financial
  • AIG
  • Allianz
  • ANZ
  • Apia
  • Aussie
  • Australia Post
  • Australian Seniors
  • Australian Unity
  • Bank of Melbourne
  • BankSA
  • Budget Direct
  • Bupa
  • CCI Personal Insurance
  • CGU
  • CHU
  • Coles Insurance
  • Commonwealth Bank
  • COTA Insurance
  • Elders Insurance
  • Guild Insurance
  • Hollard
  • Huddle
  • IAL
  • ING
  • Insure Now
  • Insure That
  • Mansions of Australia
  • NRMA
  • Over Fifty Insurance
  • Ozicare Insurance
  • QBE
  • RAA
  • RAC
  • RACQ
  • RACT
  • RACV
  • Real Insurance
  • Resilium
  • SGIC
  • SGIO
  • Shannons
  • George
  • Suncorp
  • TIO
  • Vero
  • Virgin Money
  • Westpac
  • WFI
  • Woolworths Insurance
  • Youi

Information accurate as at 5 November 2019.

Contents insurance frequently asked questions

What is contents insurance?

Simply put, contents insurance protects the contents of your home, including your furniture, jewellery, appliances and electronics. Contents insurance is generally available as a standalone policy or combined with home insurance; you can compare either form of contents insurance through our free comparison service.

Why is contents insurance important?

It could cost you hundreds if not thousands of dollars to replace your belongings without contents insurance. For the same reason you insure your car, contents insurance is essential in protecting your belongings and valuables from the unexpected.

With contents insurance, you’ll be covered for the cost to repair or replace your belongings, up to the limits and scope of your policy. Get your quote today through our handy comparison tool to find out how much your belongings could be covered for.

How much does contents insurance cost?

Contents insurance premiums vary, depending on several factors like the cost of replacing your belongings, whether your house has a security alarm and where you live, to name a few. These factors obviously change from person to person, and so premiums do too.

If you’d like to know how much contents insurance may cost you, head over to our contents insurance comparison service and fill out a few details to receive your quote.

What’s included in contents insurance?

Generally, contents insurance cover things like furniture and appliances against loss or damage caused by fire, theft or other specified events. Though, specific cover may differ between policies and providers.

Some providers may also offer additional options like personal effects cover, which protects the belongings you take with you outside the house each day.

You can find out what your belongings may be covered for through our contents insurance comparison service. Alternatively, you can look through the following table. Please be aware that this list isn’t exhaustive and coverage may differ between policies and providers. Remember to always check the Product Disclosure Statement (PDS) before purchasing any contents insurance policy to find out what is and isn’t covered.

What may be coveredEvents typically covered
  • Furniture
  • Appliances
  • Electronics (e.g. laptops)
  • Clothing
  • Jewellery
  • Décor
  • Fire
  • Theft
  • Water leakage
  • Natural disasters

Contents insurance providers in Australia

If you want to compare contents insurance policies from some of Australia’s top insurers, try our contents insurance comparison service. Our service is free and easy to use, taking you only minutes to find a competitive policy.

You can also look through the following list of contents insurance providers.

  • 1300 Insurance
  • 1Cover (only available to existing customers)
  • 1st for Women Insurance
  • AAMI
  • ACS Financial
  • AIG
  • Allianz
  • ANZ
  • APIA
  • Aussie
  • Australia Post
  • Australian Seniors
  • Australian Unity
  • Bank of Melbourne
  • BankSA
  • Budget Direct
  • Bupa
  • CCI Personal Insurance
  • CGU
  • CHU
  • Coles Insurance
  • Commonwealth Bank
  • COTA Insurance
  • Elders Insurance
  • Essentials by AAI
  • GIO
  • Guild Insurance
  • Hollard
  • IAL
  • ING
  • Insurance 4 That
  • Insure That
  • Mansion of Australia
  • NRMA
  • Over Fifty Insurance
  • Ozicare
  • QBE
  • RAA
  • RAC
  • RACQ
  • RACT
  • RACV
  • Real Insurance
  • Resilium
  • SGIC
  • SGIO
  • Shannons
  • George
  • Suncorp
  • TIO
  • Tokio Marine Nichido
  • Vero
  • Virgin Money
  • Westpac
  • Woolworths Insurance
  • Youi

Information accurate as at 5 November 2019.

Stephen Zeller, General Manager

Meet our home and contents expert, Stephen Zeller

As the General Manager of General Insurance at Compare the Market, Stephen Zeller works to make the protection of a homeowners most significant financial assets, an easier and more efficient process. Stephen empowers people with choice and believes it’s important to have adequate cover in the event of the unexpected – fire, flood, storm, or vandalism.

Stephen has more than 30 years of experience in the financial services industry. He is an Allied member of the Australian and New Zealand Institute of Insurance and Finance (ANZIIF) and ensures any information about insurance products that we publish is accurate and comprehensive.

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