What is the difference between Home and Contents Insurance?

Overview

NRMA offers both Home Insurance and Contents Insurance to protect different aspects of your property. Understanding the differences between these policies can help you choose the right coverage for your needs.

Home Insurance (Buildings Insurance)

Home Insurance, also known as Buildings Insurance, covers the physical structure of your home and any permanent fixtures. This includes:

• The house itself (walls, roof, floors)

• Built-in kitchens and bathrooms

• Fixed appliances

• Garages, sheds, and outdoor structures (e.g., fences, driveways, retaining walls)

• Solar panels and water tanks

Home Insurance protects against events such as fire, storm damage, theft, and vandalism.

Contents Insurance

Contents Insurance covers the personal belongings inside your home. This includes:

• Furniture and home appliances

• Electronics (TVs, computers, gaming consoles)

• Clothing and personal items

• Jewelry and valuables (subject to policy limits)

• Portable items (bicycles, cameras, musical instruments)

Contents Insurance provides coverage for loss or damage due to fire, theft, storms, and other insured events. Some policies may also cover accidental damage and portable valuables outside the home.

Key Differences

Combined Home and Contents Insurance

NRMA offers a combined Home and Contents Insurance policy, which provides full coverage for both your home’s structure and personal belongings under a single policy. This option can be more convenient and may offer cost savings compared to purchasing separate policies.

Choosing the Right Coverage

• If you own your home, you may need both Home Insurance and Contents Insurance.

• If you rent, you typically only need Contents Insurance, as the landlord is responsible for building coverage.

• Consider a combined policy for comprehensive protection.