Home insurance in Western Australia (WA)

A home insurance policy (or building insurance) is a financial product for homeowners that covers damage to the insured property.

If you have a home in Western Australia, this insurance policy could cover the physical structure of your home, including any garages, fences or sheds on the property. However, please note that home/building insurance only covers structural damage to your property and excludes cover for damage or loss to personal belongings at the insured address.

When you take up a home insurance policy, these are typical insured and uninsured events:

Optional covers you may be able to add to your standard home insurance include accidental damage cover, flood cover and damage caused by motor burnout.

A contents insurance policy is a financial product that provides insurance for belongings kept within the insured property. If you live in Western Australia and are looking for cover for you personal belongings at home, contents insurance can protect the contents of your property from damage, theft, or loss. Some policies may also cover the cost of new for old replacement following an insured event, such as fire, flood, theft, or electric motor burnout. Depending which policy and insurer you choose, common inclusions and exclusions for your policy may be:

Cover for your personal belongings may be subject to limits and sub-limits so always consider the PDS and TMD to understand if the policy is right for you.

If you rent a property and want to ensure your belongings inside it are insured, you may consider getting a standalone contents cover (renters insurance) policy.

Some companies offer combined home and contents insurance. This insurance policy covers the home and its contents, combining the two policy types above. If you own a property in Western Australia rather than renting, this type of policy may suit you.

Cover can often be extended to include accidental damage, legal liability, and temporary accommodation if your home becomes uninhabitable. The specific terms and conditions can vary between different insurance providers.

Always read the relevant Product Disclosure Statement (PDS) and key facts sheet for any home and contents insurance plan you are considering to understand inclusions, exclusions, and limits. The Target Market Determination (TMD) can also help determine whether the product suits you.

Landlord insurance is a type of building and contents insurance explicitly for those renting out their investment properties. It is not mandatory in Western Australia, but if anything happens to a home building belonging to a landlord, it is generally the landlord’s responsibility to pay for the damage. This insurance policy can help landlords cover expenses related to these events based on the sum insured.

Landlord insurance can covers damage to the owner’s property and rent loss due to tenant default. It can also cover landlord-owned property, such as furniture. Landlords can choose a building insurance policy, a standalone contents policy, or a combined building and contents policy, similar to home insurance for homeowners.

If you own or manage a rental property or are part of a shared land strata plan, you will likely need strata insurance instead of standard home and contents insurance.

Strata insurance is designed to cover the entire building or shared property, including common areas. It usually covers loss of rent and temporary lodging costs when an insured event makes a property uninhabitable and is useful for providing cover for issues affecting multiple owners or tenants.