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.       Home and contents insurance

Home and contents insurance is designed for people who own their own homes (including those paying off a mortgage), and is also known as combined cover for home building and contents.

This type of policy could cover your building from loss or damage 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.

Different home and contents insurance policies have different benefits and exclusions – so it’s important to make sure the policy you choose meets your needs. For example, some policies include additional cover for 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

You can also take out building cover as a standalone insurance policy.

Standalone building insurance will cover the damage to your home caused by events like storm, fire or a flood. It may also cover external permanent structures like a pool or tennis court, but it won’t cover your belongings or items (i.e. contents) that are permanently fixed or fitted to the building.

3.       Standalone contents and renters insurance

Standalone contents insurance covers your belongings or items like your TV, jewellery and furniture – and even curtains, artwork or clothing. 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 belongings or items.

Renters insurance is a type of standalone contents policy, that’s been designed with renters in mind. It covers the things you own – like appliances, furniture and other valuables. It could even cover your belongings while in transit if you need to move within Australia.

4.       Landlord insurance

The Australian Bureau of Statistics reports that 20% of households own an investment property and these properties can be insured with landlord insurance. 

Landlord insurance covers the building, contents or both – and may protect you against loss of rent if your investment property becomes unliveable as a result of an insured event like a storm, fire or flood. It may also include optional covers to protect against accidental building damage or malicious damage or theft by tenants.

5.       Portable contents cover

You often take everyday portable items like sunglasses, watches, jewellery, laptops and sporting goods with you when you’re out and about or on holidays – and these items may be covered with Portable contents cover

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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 and Car Insurance is provided by CommInsure, a registered business name of Commonwealth Insurance Limited ABN 96 067 524 216 AFSL 235030 (CIL). CIL is a wholly owned non-guaranteed subsidiary of Commonwealth Bank of Australia ABN 48 123 123 124 (The Bank). The Bank does not guarantee the obligations or performance of CIL or the products it offers. Where we refer to 'we', 'us' and 'our', we mean CIL. This information has been prepared without considering your objectives, financial situation or needs. Before acting on this you should consider the appropriateness to your circumstances.

A Product Disclosure Statement 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 these products. You should also read the Home Insurance Key Fact Sheet, Financial Services Guide and Privacy Policy which are also available by calling 13 2423.