What is home insurance and how does it work?

It’s true what they say - home is where the heart is. It’s a place we spend a lot of our lives with the things we care about most, but what if an unexpected event were to damage your home? The cost of replacing or repairing it could financially set you back. Taking out home insurance can offer peace of mind in these situations - you just need to choose a cover that may be suitable for your needs.

What is home insurance?

Home insurance is a type of insurance policy you can buy to help alleviate the financial costs of damage to your building and/or contents. You can choose to insure both your building and contents combined, or separately. Landlords Insurance is specifically designed for homeowners that want to protect their property while tenants rent it.

How does home insurance work?

Whether you own your home or are renting, it’s important to choose a policy that may be suitable for your living arrangement, especially if your property is vulnerable to specific risks. Woolworths Insurance offers sum insured cover, that covers your home (building) for loss or damage up to a selected amount.

Calculate the cost to rebuild my home

Here’s a breakdown of each type of home insurance policy and what it might cover:

Buildings and Contents Insurance

Building and Contents Insurance (sometimes called Home and Contents Insurance) offers combined cover for your property and contents. Building and Contents Insurance is likely suitable for homeowners and may help cover you for things like - loss or damage caused by water damage (burst pipe), theft, and storm damage.

Building Insurance

Building Insurance offers cover for your property (excluding strata properties) and is suitable for homeowners. Building Insurance is likely suitable for homeowners and may help cover you for things like - storm damage, flood damage, fire damage, removal of debris, and accidental glass breakage.

Contents Insurance

Contents Insurance offers cover for personal belongings inside your home, like furniture. Contents Insurance is likely suitable for homeowners and people renting, and may help cover loss or damage for things like - water damage (burst pipes), theft, and fire damage.

Landlords Insurance

Landlords Insurance offers cover for a landlords’ property while a tenant rents it.  Landlords Insurance may help protect property owners against malicious damage and loss of rent following damage.

For more information, view full details of our Target Market Determination.

Do I need home insurance?

Deciding which home insurance is right for you can be tricky, especially if you’re renting but want to protect your furniture and belongings. Consider some of these factors before you take out a policy:

Owning a home

If you own a home, it may be the biggest asset you have. Unexpected damage without insurance can be costly and may leave you in financial strife. For example, if you live in an area prone to unpredictable weather conditions, home insurance may offer peace of mind if your property or contents is damaged by flooding or storms.

pet insurance premiums

Renting a home

If you’re renting, you might be concerned about the contents of your home. Unfortunately, theft might happen, and if someone were to break into the property, it might be expensive to replace stolen items. Renters Insurance (also known as contents insurance) may help you in the event of a burglary and other incidents like unexpected fire or water damage to your contents.

Renting your home to tenants

If someone is renting your property, you want to know it’s protected while you’re away from it. Landlord insurance may help cover your asset for loss or damage from unexpected weather events like storms and fires.

How do I get home insurance?

Now that you know a bit more about different types of home insurance, you might be looking at how to find some. Woolworths Insurance offers flexible, affordable Home Insurance and Landlords Insurance with optional extras available to tailor a policy to your needs.

Get a Home Insurance quote online today and see how much you could save

Why pick Woolworths Home Insurance?

Great Woolworths value

Save up to 20%= when you buy a combined Woolworths Home and Contents policy online

24/7 emergency claims assistance

Our friendly claims team is available around the clock to help with emergency make safe to prevent further damage to your home plus lodge home insurance claims

Flexible cover, tailored to you

Pick from Standard or Comprehensive cover, adjust your policy excess to reduce your premiums and choose the flexible payment option that suits you best
 

Award-winning Home Insurance

Pick the winner of Mozo Experts Choice Awards Exceptional Value Standard Home & Contents Cover (2019) and Exceptional Value Comprehensive Home & Contents Cover (2020)
See our awards
 

More information about home insurance

Want to learn more about home insurance? Take a look at some of our resources below:

= New policies only. The up to 20% discount consists of 2 parts. A 10% discount when you apply online, applies to the first policy year only. Receive a further 10% discount when you purchase a combined Building and Contents policy, applies for the life of your combined policy. Not to be used in conjunction with any other offer. Minimum premiums and standard underwriting criteria apply. Woolworths reserves the right to withdraw or extend this discount at any time.  

Benefits are subject to the terms and conditions including the limits and exclusions of the insurance policy. Any advice provided is general only and may not be right for you. Before you purchase this product you should carefully read the Home Insurance Product Disclosure Statement and consider the Target Market Determination to decide if it is right for you.