Home and contents insurance
Building and contents policies are often packaged together but they are actually standalone products that you can purchase individually. If you own a home, you can bundle these covers together. If you’re renting or you live in a strata building, you can purchase a contents policy on its own.
Home insurance covers the cost of rebuilding or repairing a home damaged by an insured event like fire, storms and theft. Contents insurance offers the same cover, but for things like computers, furniture, clothes and white goods while they’re located in your home.
If you’re renting it’s important to consider contents insurance, because while you may not feel like you have any big-ticket items, the total value of all your possessions may add up to more than you think.
Now that you’re paying rent or a mortgage, any costs resulting from an accident that damages your car (or someone else’s) may be more difficult to manage. This is why comprehensive car insurance can come in handy.
Since you're moving address you may need to update your policy information. Keep in mind that if you need to make a claim and your policy information isn’t up to date, you may not be covered.
If your health is your wealth, then health insurance can be a worthwhile investment. Insurers typically let children who are full-time students stay on their parents’ own policy as dependants until they turn 25, although the cut-off is usually lower for non-students, so you may need to consider your own health insurance policy sooner than you think.
If you don’t have private health insurance by 1 July, following your 31st birthday you’ll pay a Lifetime Health Cover (PDF) loading tax of 2% for each year over age 30 that you don’t have health insurance.
Death isn’t something any of us like to think about. But if you have loved ones who depend on you financially, then life insurance may also be worth considering.
Life insurance can pay a lump sum amount should the insured person pass away, helping beneficiaries pay off any debts and also navigate the time after. Life insurance may not necessarily be something you need when you move out of home, but it’s worth looking into now so you can understand when might be the right time to consider life insurance later down the track.