Content insurance is important for international students who rent or share accommodation with others. Household contents insurance covers the contents of your home against loss due to theft, fire or water damage.
Contents insurance covers the cost of replacing or repairing your unfixed household items and possessions. This includes furniture, clothes, appliances and jewellery.
When working out how much home and contents insurance you need, start by listing all your belongings and working out how much it would cost to replace them. Taking photos and doing it room by room is sensible because you may be surprised by how much you have.
The type of cover you choose will affect the premium you pay. Some policies cover you for defined events (e.g. burglary and fire) while others cover you for any accidental event. Others give you only limited cover if you take an item (e.g. a laptop) outside your home.
For more information, read Money Smart at moneysmart.gov.au/managing-my-money/insurance/home-and-contents-insurance or visit Consumer Affairs Victoria at consumer.vic.gov.au