Home insurance in Sydney

Although it’s a specific product, ‘home insurance’ is also commonly used a blanket term for the following levels of cover:

• Home insurance. Also known as ‘building insurance’ or ‘home building insurance’, home insurance covers the building and structures at the insured address of the owner-occupier.
• Contents insurance. Typically covers the possessions in your home. Some insurers may offer additional cover for portable items like laptops, mobile phones and other valuables.
• Home and contents combined. Offers the benefits of both home insurance and contents insurance in one policy.
• Landlord insurance. Typically provides cover for your rental property for insured events covered by a home insurance policy. Landlord contents policies are also available.
• Strata insurance. Covers damages to apartments and townhouses. Premiums are typically included in your body corporate fees.

Here’s a guide to what’s usually covered and excluded from each home insurance product.

Always read the relevant Product Disclosure Statement (PDS) for full details on insured events, exclusions and other policy conditions. The Target Market Determination (TMD) may also help you figure out if the home insurance product suits your circumstances.

Here are just a few ways living in Sydney might impact your home insurance premiums:

• The cost of rebuilding your home. If you have a larger home, it could cost more to repair or rebuild if an insured event damages it, which insurers will typically consider when calculating your premium.
• The crime rate of the suburb you live in. Living in an area in Sydney with a higher crime rate could increase your likelihood of claiming for malicious damages, theft or attempted theft.
• Weather events. At certain times of year, Sydney may be susceptible to storms, bushfires and floods. Insurers typically consider this when calculating your premiums – especially if you add flood cover to your policy.

There’s no law in NSW or Australia in general stating that you need home insurance. However, it may be worth getting a policy for peace of mind knowing your home is covered for damages that happen during weather events, accidental losses, attempted thefts and other unforeseen and insured events.

• Compare home and contents insurance quotes
• Home insurance in NSW
• Landlord insurance in NSW
• Building insurance
• Flood cover