Portable contents insurance
Expert tips for adding portable contents cover
Our home and contents insurance expert, Adrian Taylor, has some helpful tips for insuring your belongings.
Adrian Taylor
Executive General Manager – General Insurance
Check your cover
Ensure you read the PDS for what’s included and what isn’t covered by your policy. Inclusions, exclusions, types of cover and limits can vary across insurers, so it’s doubly important to understand your home and contents policy and know what you’re covered for.
Be honest with your insurance provider
To avoid disappointment, make sure you’re honest in the information you provide to your insurer and let them know of any change in your circumstances. Otherwise, you might find future claims rejected.
Switch and save on your insurance today
You don’t have to wait for your renewal to save money – you can cancel your existing policies at any time and switch insurers. Just be aware of any cancellation fees that may apply. If you’ve paid your premium in full, your insurer may provide you a pro-rata refund for the remaining period of your cover.
Inclusions and exclusions
What is portable contents cover and what does it cover?
Portable contents cover (also known as ‘portable valuables’ or ‘personal effects’ cover) is an optional extra you can add to your contents insurance policy.
While your standard contents insurance may cover the possessions kept under your roof, portable contents covers the items you take outside of your home against accidental loss or damage. These are usually things that you wear or carry with you. Insured items may be covered wherever you go in Australia and New Zealand, as well as other overseas locations for a set period of time.
Like the contents covered by your standard policy, personal effects could also cover the portable items in your home for the following insured events:
- Storm damage
- Fire damage
- Earthquake
- Malicious damage
- Theft
- Impact damage.
Always read the relevant Product Disclosure Statement (PDS) for terms and conditions of your policy. The Target Market Determination (TMD) could also help you understand if it’s the right product for your situation.
What’s excluded from portable contents cover?
Like the contents covered by your standard policy, personal effects cover has general exclusions. Insurers typically won’t accept claims in the following instances:
- Illegal activity or lawful confiscation
- Fraudulent claims
- General wear and tear
- Uninsured flood damage
- Pre-existing damages.
Keep in mind that this isn’t an exhaustive list of exclusions. Always read the PDS for full details.
Items insured by portable contents cover
Unspecified cover
Unspecified cover is generally for portable items that are worth under $1,000 each. These items are not required to be individually listed on your policy.
You’ll typically have set limits your insurer will pay for each item and claim, which will be listed on your Certificate of Insurance (COI). For example, some policies may cover up to $1000 per item, with a maximum limit of $5000 per claim.
Here are some items that may be included under unspecified personal effects cover:
- Handbags
- Medical aids
- Musical instruments
- Portable electronic devices
- Wallets.
Specified cover
Specified cover is typically for valuable items that might require more cover, which are generally worth over $1,000. These items are listed individually on your COI with a set amount of cover for each item. You may consider listing the following items:
- Bicycles
- Musical instruments
- Clothing
- Photographic and sporting equipment (while not in use)
- Watches and jewellery.
Since these specified items can be worth more than the unspecified items cover limit, insuring them individually for a higher amount may incur an additional premium. Always read the PDS for full details on what items could be covered.
The value of portable contents cover
Is portable contents cover worth it?
Not all of our most valuable items just stay in the home. With portable contents cover, you could take things like smartphones, laptops and engagement rings with you and have the peace of mind knowing they’re insured.
How much does portable contents cover cost?
Like with any contents insurance policy, the amount you might pay for portable contents cover depends on the things you wish to cover and their value. Since portable contents cover is an optional extra, adding it will generally increase overall contents insurance premiums.
Meet our home and contents insurance expert, Adrian Taylor
As a General Insurance expert with over 13 years’ experience in financial services, Adrian Taylor works to make it easier for homeowners, renters and landlords to protect their home and contents. He believes it’s important for all residents (whether they rent, own or lease) to have adequate financial cover for their property and belongings in case the worse should happen.