Home and contents insurance cover different risks. Building insurance concerns the home and structures; contents insurance concerns possessions. Compare the policy wording, limits, excesses and exclusions rather than relying on a ranking of claim types.
Events and exclusions
A policy may cover events such as storms, fire or theft, but flood, accidental damage, gradual deterioration and maintenance issues can be treated differently. Cover is not automatic merely because damage occurred. Check the product disclosure statement and ask the insurer about the specific property and risks.
Choose cover for your situation
Estimate rebuilding and replacement costs, check valuables and limits, and consider whether landlord or strata insurance is relevant. Compulsory third-party motor insurance is legally required in the applicable registration system; comprehensive car insurance is a different product. There is no universal order in which every household must buy insurance.
