Home and contents insurance explained, with Canna Campbell

Insurance is one of those things you know you need, but may not really understand. It’s there to protect your home and belongings from damage or theft, and to give you peace of mind – but it can be confusing trying to work out exactly what you need.

Here, we chat to insurance expert Canna Campbell about the ins and outs of home and contents insurance, to help you make the right decision for your situation.

What is home and contents insurance?

Home and contents insurance is a type of insurance that covers your home and belongings against loss or damage. It’s important to have because it can help you cover the cost of repairs or replacement if your home or belongings are damaged or stolen.

What does home and contents insurance cover?

Home and contents insurance can cover a range of things, including:

Your home – for example, if your home is damaged by fire, storms or floods

Your belongings – for example, if your furniture is damaged or stolen

Your legal liability – for example, if someone is injured at your home and sues you

How much does home and contents insurance cost?

The cost of home and contents insurance can vary depending on a range of factors, including:

The value of your home and belongings

The level of cover you need

The excess you’re willing to pay

Any discounts you’re eligible for

It’s important to compare home and contents insurance policies to make sure you’re getting the right cover at a price that suits your budget. You can compare policies online or speak to a broker for help finding the right policy for you.

What are the different types of home and contents insurance?

There are two main types of home and contents insurance: building insurance and contents insurance.

Building insurance covers the structure of your home, including the walls, roof and floors. It can also cover things like permanent fixtures and fittings, such as built-in wardrobes and kitchen cabinets.

Contents insurance covers your belongings, including furniture, appliances, clothing and electronics. It can also cover things like paintings and other pieces of artwork.

You can choose to buy building insurance, contents insurance or both. It’s important to think about the value of your home and belongings when deciding how much cover you need.

How can I save on home and contents insurance?

There are a few things you can do to save on home and contents insurance, including:

Compare policies – Use an online comparison service like iSelect to compare a range of policies and find the right cover at a price that suits your budget.

Choose a higher excess – Most policies have an excess, which is the amount you have to pay towards a claim. Choosing a higher excess can help to lower your premium.

Pay annually – Many insurers offer a discount if you pay your premium annually rather than monthly. This can be a good option if you have the cash available to pay up front.

Look for discounts – Some insurers offer discounts for things like having a security system or being a member of a certain organisation. It’s worth checking to see if you’re eligible for any discounts before you buy a policy.

Making a claim on your home and contents insurance

If you need to make a claim on your home and contents insurance, the process can vary depending on your insurer. However, most insurers will require you to: