Building insurance can cover your residential building for loss or damage caused by insured events, such as fire, flood, storm, theft and power surge burnout. As well as your house, building insurance could help protect a whole range of other permanent structures, from sheds and granny flats, to in-ground pools and fixed water features.
Contents insurance can protect your personal belongings such as furniture, appliances, clothes and electronics. It could also cover the cost of repairing or replacing your content items on a new-for-old basis for loss or damage caused by fire, flood, theft and electric motor burnout.
Building insurance and contents insurance are designed to work together, to provide comprehensive protection for your home and belongings. Building and contents insurance (often known as Home and Contents insurance) could cover both your building and contents from loss or damage caused by fire, flood, theft and burnout of electric motors and power surges.
However, if you’re renting, you won’t need building insurance, as you don’t own the home. You may still take out contents insurance to cover your belongings, as they’re unlikely to be covered under your landlord’s insurance policy.
Many insurance providers offer optional extra coverage for an additional premium. Some common examples are damage caused by an accident, Domestic Workers Compensation, to loss of rent in an investment property. Portable contents cover is available for items including laptops, jewellery and sporting equipment you take with you when you are away from home. You should check what is offered under your insurance policy as cover differs between insurance providers.
Things you should know
This article is intended to provide general information of an educational nature only. It does not have regard to the financial situation or needs of any reader and must not be relied upon as financial product advice.
Home Insurance and Car Insurance are provided and issued by Hollard Insurance Partners Limited ABN 96 067 524 216, AFSL 235030 (Hollard) and distributed by the Commonwealth Bank of Australia ABN 48 123 123 124, AFSL 234945 (CBA). Hollard is not part of the CBA Group. CBA and its related entities do not sell, issue or guarantee the obligations or performance of Hollard or the products Hollard offers and these insurance products do not represent a deposit with or liability of either CBA or any of its related bodies corporate. If you purchase a Home Insurance and/or Car Insurance policy, CBA is paid a commission which is a percentage of your premium.
For products issued by Hollard, information about the target market can be found within the product’s Target Market Determination available here.
This information has been prepared without considering your objectives, financial situation or needs. You should, before acting on this, consider the appropriateness of the product to your circumstances. A Product Disclosure Statement (PDS) is available at all Commonwealth Bank branches, by downloading them from commbank.com.au or by calling 13 2423 and should be considered before making any decisions about this product. You should also read the Premium, Excess and Discount Guide (PEDG), Key Facts Sheets (KFS), and Financial Services Guide (FSG) by clicking on the links, or by calling 13 2423 for a paper copy.
