Contents Insurance

If you live in a share house and plan to insure your personal possessions you may come across some difficulties. This page will hopefully make things easier.

Most insurance companies offer contents insurance. They don't usually issue separate policies for each individual's contents. Many will also restrict the number of 'unrelated residents' allowed on the policy.

Insurance companies may require the property to have home security measures such as deadlocks, keyed window locks, smoke detectors or a burglar alarm system. This is especially so in 'high-risk' suburbs.

The cost of an insurance policy depends primarily on how much your contents are worth. The more your contents are worth the more insurance you pay.

To be fully covered, you must provide evidence of the value and ownership of items. Evidence can include receipts, instruction manuals, warranties, photos and serial numbers.

Keeping a valuables checklist will help you understand the correct replacement value of your contents and assist you in recovering your stolen goods.

Visit each room in your house and write down the serial or model numbers of valuables as well as how much you paid for them.

Better still, take a photograph or use a video camera to record these details.

It's easy to underestimate the value of your belongings. Many insurance companies will have home contents calculators to assist you in working out the value of your possessions.

It's a good idea to shop around and compare the costs and coverage. The Insurance Council of Australia website offers advice on things to consider as you shop for the best insurance policy for you.

Our 'Contents Insurance' brochure provides more information and a list of insurance companies. Check out our 'Publications' page to download a copy.