Moving out of home can mean many firsts, including the first time you have to consider insurance. There are no ‘mandatory’ insurances as such that you have to get, but going without some key ones can be risky.

So, which insurances should you be thinking about when flying the coop?

Home and contents insurance

Home insurance covers the cost of rebuilding or repairing a home you own. If you’re renting you’re likely to be more concerned about contents insurance – this covers any damage or loss of possessions while they’re located in your home, including things like computers, furniture and clothes. It can also cover internal curtains and blinds, carpets and rugs, gas and electrical appliances that strata insurance typically does not cover.

Home and contents policies are often packaged together but they’re actually separate, so you don’t need to have one in order to have the other. 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 assume.

Car insurance

Now that you’re paying rent or a mortgage, the cost of any repairs to your wheels (or someone else’s) may be more difficult to manage, which is why car insurance can come in handy.

You may already have this if you own a car, however since you're moving you may need to update your policy. Keep in mind that if you need to make a claim and your policy isn’t up to date, this can void your claim. 

Health insurance

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.

Life 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.

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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. As this information has been prepared without considering your objectives, financial situation or needs. You should, before acting on this, consider the appropriateness to your circumstances.

A Product Disclosure Statement is available at all Commonwealth Bank branches, by downloading them from 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.