Home and contents insurance for Australian households
A home changes over time, and the insurance should change with it. RMA Insurance Brokers helps households review the property, contents and cover options so the insurance reflects the home and the way it is used.
Cover shaped around your home, contents and the way you live.
Overview
Home & contents insurance at a glance
Home and contents insurance can protect the building, the contents, or both together. Building cover is generally arranged around the current cost of rebuilding the home, while contents cover is based on the current replacement value of the contents.
Another important choice is the basis of cover. Listed Events insurance responds to specific events named in the policy, while Accidental Damage cover is broader and may respond to other accidental damage as well. Both remain subject to exclusions, limits and conditions.
Who it is for
Who is this cover for?
Home and contents insurance may be relevant for homeowners, renters and households reviewing how their home and contents are insured, including:
- owner-occupiers in metropolitan and regional areas
- first home buyers arranging insurance around settlement
- renters arranging contents insurance
- families with jewellery, tools, collections or other valuable items
- apartment and unit owners reviewing contents and strata responsibilities
- rural households and lifestyle properties
- households where part of the home is used for business
A homestead on a working property may be better considered within Farm Insurance where the house, contents and rural assets need to work together. A property rented to tenants should be reviewed under Landlords Insurance rather than assumed to fit an owner-occupied policy.
If part of the home is used for business, domestic insurance may not address all business stock, equipment or liability exposures. Business Insurance may also need to be considered.
Cover
What can it cover?
Home and contents policies bring together several types of protection. What is needed will depend on whether the building, contents or both are insured, the cover basis selected and the property itself.
The areas below are a guide. Cover differs between insurers, so it is worth comparing how the available options work for the property.
Building cover
Building cover can protect the home and other permanent structures at the insured address, depending on how the policy defines the building. The sum insured should reflect the cost of rebuilding rather than the property's market value.
Rebuilding may involve demolition, debris removal, professional fees and current building requirements. How a building claim is settled can also differ between policies, including whether a replacement benefit applies, so the settlement basis is worth checking.
Contents cover
Contents cover can protect household items such as furniture, appliances, electronics, clothing and other personal items.
The value of household contents can increase over time and individual item or category limits may apply, so the overall contents value and higher-value items are worth reviewing separately.
Listed Events and Accidental Damage
Listed Events cover responds when loss or damage is caused by an event named in the policy, such as fire, storm, theft or certain types of water damage.
Accidental Damage cover is broader and may also respond to other accidental damage that does not fit a listed event. It is not unlimited cover, and exclusions, limits and conditions still apply.
Valuables and portable items
Jewellery, watches, artwork, collections, cameras, sporting equipment and other higher-value items may be subject to individual or category limits. Some items may need to be specified separately where higher cover is required.
Cover for items taken away from the home can also differ from cover at the insured address, so portable items should be reviewed rather than assumed to be automatically covered everywhere.
Temporary accommodation and additional costs
If insured damage means the home cannot be lived in, cover may help with temporary accommodation and other eligible costs while repairs are underway.
Some policies also provide cover for removing or storing contents after an insured event. The amount and period of these benefits vary between insurers.
Personal liability at the home
Home and contents policies commonly include personal liability cover for certain injury or property damage claims involving other people and connected with the home or its occupancy.
Business, professional and motor liability exposures sit separately, so running a business from home does not mean the domestic liability section automatically covers the business activity.
Worth checking
What should you review?
A home can change considerably between renewals. These are some of the areas worth checking when the insurance is arranged or reviewed:
the current rebuilding cost of the home and permanent structures
the replacement value of household contents
whether Listed Events or Accidental Damage cover is appropriate
how flood and other natural events are treated for the property
high-value items that may need to be specified
contents regularly taken away from the home
renovations, extensions, sheds, pools, solar or other improvements
occupancy and use of the property, including long absences, tenancies or home business activity
Useful tools
Check your building and contents values
Building and contents values can become outdated surprisingly quickly. Rebuilding costs have risen materially since 2020, while renovations, improvements and the contents of a home can increase over time.
For insurance purposes, the important figures are the current cost to rebuild the home and the current replacement value of the contents. These are different from market value, purchase price or what individual items originally cost.
Contents calculator
Estimate the current replacement value of your household contents.
Use the contents calculatorCalculator results are a guide only and are not a professional valuation. Properties with unusual construction, substantial improvements, difficult access or particular rebuilding requirements may need further consideration.
Limits
What may not be covered?
Some circumstances may fall outside the cover arranged or require a separate insurance solution. Areas worth checking include:
- wear, tear, rust, corrosion and gradual deterioration
- structural defects or faulty design and workmanship
- damage caused by pests, vermin or tree roots
- some water damage connected with defects, maintenance issues or building work
- flood, storm surge or actions of the sea where the particular policy does not provide cover
- loss occurring while the home is unoccupied beyond the period or conditions accepted by the insurer
- valuable or portable items outside the limits or scope of the cover arranged
- some accidental breakage, including fragile items while being used, cleaned or carried, depending on the policy
This is not a complete list. RMA Insurance Brokers helps explain the areas that need closer review when comparing or arranging cover.
When is it worth reviewing your cover?
Property values and household circumstances change over time. It is worth reviewing the insurance when:
- you buy, build or settle on a home
- renovations, extensions or a new shed are completed
- a pool, solar system or major landscaping is added
- jewellery, artwork or equipment is purchased or inherited
- the home is tenanted, left unoccupied or used for a home business
- you move to a different home or location
- rebuilding costs or construction standards change materially
- a significant claim occurs or the sums insured need to be revisited
Renewal is also a useful time to check whether the values, cover basis and important policy settings still reflect the property as it stands today.
Broker support
Why RMA Insurance Brokers?
Home and contents insurance can look straightforward until rebuilding values, cover options, item limits and the way different insurers treat the same property are compared side by side. RMA Insurance Brokers reviews the home and contents, explains the available options and compares insurer terms around the things that matter to the household.
As the home changes, we help update the insurance, including renovations, changes in occupancy and items that need specific attention. If a claim occurs, we assist with notification, supporting information and communication with the insurer.
RMA Insurance Brokers works with households across Australia. Through our relationship with rma network Livestock & Property Agents, we have connections throughout regional Australia. We also assist clients outside the rma network and across other parts of Australia.
What happens after you enquire?
We contact you
A broker from RMA Insurance Brokers will contact you to understand the home, its contents, how the property is used and what insurance is currently in place.
We confirm what is needed
We will explain what information is needed, answer your questions and confirm the next step before approaching insurers.
Useful information to have available
- current policy schedule and renewal date
- current building and contents sums insured
- details of recent renovations or property improvements
- high-value or specified items
- how the property is occupied and used
- any significant changes or claims since the last renewal
FAQs
What is the difference between Listed Events and Accidental Damage cover?
Listed Events cover responds when damage is caused by an event named in the policy, such as fire, storm or theft. Accidental Damage cover is broader and may also respond to other accidental damage.
Both remain subject to exclusions, limits and conditions, so Accidental Damage does not mean every mishap is covered.
What is the difference between home insurance and contents insurance?
Building cover relates to the home and permanent structures or fixtures included within the policy definition. Contents cover relates to household items such as furniture, appliances, electronics, clothing and personal items.
Some items can be treated differently between insurers, so the policy definitions are worth checking rather than relying on assumptions.
How much should my home be insured for?
Building sums insured are generally based on the cost to rebuild the home rather than its market value or the price paid for the property.
Rebuilding may involve demolition, debris removal, professional fees, current building requirements and access costs, so the amount should be reviewed as the property and construction costs change.
Are flood, storm and bushfire covered by Home & Contents Insurance?
Treatment of flood, storm and bushfire varies between insurers and properties. Flood cover may be included, optional or unavailable for a particular address, while storm surge, actions of the sea and other natural events can be treated separately.
RMA Insurance Brokers reviews how these events are treated for the particular property when comparing cover options.
Do I need to list jewellery, tools or other valuables separately?
Sometimes. Contents policies commonly apply limits to certain valuables and portable items. Jewellery, watches, artwork, collections, cameras, sporting equipment and tools may need to be specified where higher or broader cover is required.
Explore
Related insurance
Landlords Insurance
Insurance considerations for residential investment properties, including the building, landlord contents and selected rental-related exposures.
Private Motor Insurance
Cover considerations for private cars and family vehicles, including damage, theft and liability to others.
Farm Insurance
Insurance considerations for farm homesteads, sheds, machinery, livestock and rural liability exposures.
Caravan & Recreational Vehicle Insurance
Insurance considerations for caravans, motorhomes and other eligible recreational vehicles, whether touring or stored at a nominated site.
Travel Insurance
Cover considerations for domestic and overseas personal trips, including medical expenses, cancellation and baggage.
Review your home and contents insurance
RMA Insurance Brokers reviews your building and contents values, current policy and any changes to the home to see whether the insurance still reflects the property and household.
The information on this page is general information only and does not take into account your objectives, financial situation or needs. Cover is subject to the terms, conditions, limits and exclusions of the relevant policy. Insurance products and available cover vary between insurers. Please review the relevant policy documentation and obtain advice appropriate to your circumstances before making a decision.