Our homes offer us shelter, safety, comfort and security. So whether you’re a homeowner, a renter or a landlord, it makes sense to insure your home with cover that suits your needs. To help you decide which policy is best for you, here’s a breakdown of 5 different types of home insurance, and what they cover.
1. Building and contents insurance
Most homeowners, including those paying off a mortgage, can combine building and contents cover under the one home insurance policy. This type of policy provides cover for loss or damage to your building due to a wide range of insured events – including fires, storms and theft. It also protects the things that make your house a home, like carpets, furnishings and personal belongings.
Building and contents insurance policies have different benefits and exclusions depending on the insurance provider – so it is important to make sure the policy you choose suits your needs, budget and circumstances. For example, some policies include features like alterative accommodation if your home becomes unliveable because of an insured event, so you won’t be left with extra costs at a challenging time.
2. Standalone building insurance
Depending on your needs, budget and circumstances, you may only want building insurance as a standalone insurance policy.
Standalone building insurance provides cover for damage to your home caused by insured events like storm, fire or a flood. It usually also covers external permanent structures like a pool or granny flat, but it won’t cover your personal contents belongings.
3. Standalone contents insurance
Standalone contents insurance covers your personal belongings like TVs, jewellery, furniture, curtains, artwork and clothing while they are at your home. However, it won’t cover any damage to the building itself. If you’re a renter, your landlord’s responsible for insuring the building – but you’re responsible for your own personal belongings and items.
4. Landlord insurance
Landlord insurance can provide cover for the building, contents or both. In addition to cover for loss or damage caused by insured events like a storm, fire or flood, you can also cover the rent loss if your investment property becomes unliveable because of these events.
Most insurers also offer additional optional cover to protect against tenant specific events like accidental building damage or malicious damage caused by tenants.
5. Portable valuables insurance
For everyday portable items that you take with you when you’re out and about or on holidays, there is Portable valuables insurance. This includes items like sunglasses, watches, jewellery, laptops and sporting goods. Portable valuables insurance policies range is depending on the insurance provider – so it is important to choose the one that suits your needs, budget and circumstances.
