There are two main types of home insurance: Buildings Insurance and Contents Insurance. Buildings insurance covers the actual structure of your property, such as the roof and walls, whilst contents insurance covers the items found in your home, such as audio equipment and furniture. Many insurers will provide both types of insurance in one policy, reducing the need for separate cover. Some insurance providers will automatically provide free contents insurance when you take out their buildings insurance policy.
In addition to these two main types of cover, many insurers offer specialised home insurances, each of which aims to cater for a specific kind of need. For example, renter`s or tenant`s insurance is a low-cost contents policy for tenants that provides limited cover for events such as fire and theft, while landlord`s insurance covers the risks associated with renting out a property and strata insurance covers financial losses associated with damage or loss to a property that operates under a strata-title, company title or torrens title arrangement with multiple units. These are types of specialised insurance and provide you with appropriate cover to better insure your property based on specific needs.
For more details about the different types of home insurance available see:
