Moving out of home can mean many firsts, including the first time you have to consider insurance. There are no ‘mandatory’ insurances 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

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.

Car insurance

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.

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.

Life Insurance provided by AIA Australia (Life Insurance) and Income Protection provided by AIA Australia (Income Protection), as described on this website, are provided and issued by AIA Australia Limited ABN 79 004 837 861, AFSL 230043 (AIA Australia) and distributed by the Commonwealth Bank of Australia ABN 48 123 123 124, AFSL 234945 (CBA). AIA Australia is not part of the CBA Group. CBA and its related entities do not sell, issue or guarantee the obligations or performance of AIA Australia or the products it offers and these insurance products do not represent a deposit with or liability of either CBA or any of its related bodies corporate.

The target market for this product will be found within the product’s Target Market Determination.