Home & contents insurance in Queensland (QLD)

A home insurance policy (also known as building insurance) is an insurance policy designed to provide financial protection against damage to the insured building. This will typically also include any garages or carports located at the insured address.

Home/building insurance will typically cover you for damage to your building, like damaged walls or broken windows caused by an insured event. It generally won’t provide any cover for the contents of your home as this doesn’t form part of the building(s) itself.

If you want to insure your belongings, especially inside a building that isn’t yours, a standalone contents insurance (sometimes referred to as renters insurance) policy could be the solution.

Contents insurance can provide you with financial protection for insured events which may include damage, theft or loss of your building’s contents . This insurance can often be a suitable option for renters (hence the name), and others who don’t own the building they live in.

Need to insure a building and its contents? You may like to consider a combined home and contents insurance policy, which combines two types of cover. A combined home and contents insurance policy is typically appropriate for those who’ll generally own both the building and all or some of its contents.

Landlord insurance is a specific type of building and contents insurance designed for those with investment properties being rented out. It can provide cover against damage to the owner’s building and any furniture or fixtures owned by the landlord. Some policies may even cover loss of rent due to tenant default.

Landlords can choose to take out a standalone building insurance policy or a standalone contents policy, or combine the two into a landlord building and contents insurance policy.

If you own or manage a building with rental units or are part of a shared land strata scheme via a body corporate, you’ll typically need to have the benefit of a strata insurance policy rather than typical home and contents insurance.

Strata insurance typically provides cover for an entire building or shared piece of land, and can cover loss of rent and temporary accommodation costs if one or several units cannot be lived in following an insured incident.

If you take out a home and contents insurance policy in Queensland (or anywhere in Australia), you’ll typically be covered for damages to your building and contents due to the following insured events:

• Storm and rainwater damage
• Fire and smoke damage
• Theft or attempted theft
• Escape of liquid causing damage
• Lightning damage
• Explosion damage
• Earthquake or tsunami damage
• Breakage of glass

Additionally, depending on the insurer and policy, you may be able to add some or all of the following optional covers to your policy for an extra cost:

Always read the relevant Product Disclosure Statement (PDS) for any insurance policy you’re considering for full details on inclusions, exclusions and annual limits. The Target Market Determination (TMD) could also guide you on whether the product is right for you.

The cost of home and contents insurance in QLD will vary based on several different factors, including:

• Your chosen level of cover. You’ll typically pay more for building insurance than contents insurance, and more again for a combined home and contents insurance policy. You’ll also pay more in premiums if you add optional cover to your policy.
• Where the building is located. Different parts of Queensland will have a higher insurance risk rating than others based on their risk of flooding, bushfire damage or the likelihood of a claim resulting from a break-in or theft. If you live in an area with a high risk rating, your premiums will likely be higher as a result.
• The insured amount you choose. The insured amount you nominate will typically be the estimated cost of rebuilding your home and any structural improvements on the site. For contents, your sum insured should be enough to replace the belongings you kept at the insured address.

Home and contents insurance policies taken out in Queensland or elsewhere in Australia will typically provide cover for damage or loss caused by bushfire as a standard inclusion. If your home is located near bushland, this will likely drive up the cost of your insurance premiums.

You’ll want to ensure you’re adequately insured for bushfire damage and select an insured amount that will be enough to fully replace your building and belongings.

Flood insurance isn’t compulsory in Queensland, but many insurers will include it as part of their standard home and/or contents insurance policies. Depending on where you live, your policy may be more or less expensive based on the area’s flood risk.

Some insurers will offer the option to remove flood cover from your policy to reduce the cost of your home and contents insurance premium – this is known as ‘opt-out flood cover’.