Single item insurance

With single item insurance, you can cover one or more individual items in your home. It's slightly different from traditional contents insurance because it lets you pick and choose specific items you want to protect, such as your laptop and camera. It can cover you for events including fires, theft or accidental damage.

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What is single item insurance?

Single item insurance is a new type of insurance that covers individual items, such as your camera or laptop, rather than whole categories, in the way that contents insurance does. You can insure more than one item and examples of what it can cover include:

Malicious damage

Lightning

Fires

Earthquake

Explosion

Who offers single item insurance?

As its popularity increases, there are now a number of providers offering single item insurance. Some of these providers are:

• Raiz
• Bendigo Bank
• Insurance4that
• NRMA

Is there a difference between single item insurance and portable contents?

Yes. Here's what they both do:

• Single item insurance. This functions like contents insurance, except it only covers individual items inside your home, as opposed to everything in your home.
• Portable contents insurance. This protects your items when you take them away from your home. It's usually only available as an add-on with single item and home insurance policies, which means you'll need to pay extra to get it included.

Should I get single item insurance or contents insurance?

Here's the pros and cons of a single item insurance policy.

What's covered by single item insurance?

Single item insurance generally lets you insure the same items that would ordinarily be covered in a contents insurance policy. These items include:

What's not covered by single item insurance?

There are some items that single item insurance ordinarily won't cover. These include:

Our expert says

"Single item insurance can be a convenient way to protect specific valuables you own but it's not always the most cost effective option compared to contents insurance – which protects all, not just some, of the items in your home."

Gary Ross Hunter

Journalist

Frequently Asked Questions

• How much does single item insurance cost in Australia?

  The cost of single item insurance varies significantly depending on several factors. These include the item's value, the type of item you are insuring, the level of cover you choose, your excess and the insurer you select. Generally the more valuable or risky an item is the higher the premium will be.

• How do I make a claim on my single item insurance?

  If your insured item is lost, stolen or damaged you should contact your insurer as soon as possible. You will typically need to provide details about the incident including the date, time and circumstances. For theft or malicious damage you will need a police report. Providing photos receipts or valuations of the item can help speed up the claims process.

• Does single item insurance offer new for old replacement?

  Whether your single item insurance policy offers new for old replacement depends on the specific insurer and policy terms. Some policies will replace a damaged or lost item with a brand new one or provide the funds to purchase a new equivalent item. Other policies may only cover the item's current market value taking into account depreciation. It is important to check your Product Disclosure Statement to understand how your item will be valued during a claim.

• Can I insure a second hand item with single item insurance?

  Yes, you can generally insure second hand items with single item insurance. When you apply for cover you will need to provide an accurate valuation of the item. For second hand goods this valuation is typically based on the item's current market value or the price you paid for it. Be prepared to provide proof of purchase or a recent valuation if requested by the insurer.

• What is the excess for single item insurance?

  The excess for single item insurance is the amount you agree to pay towards a claim before your insurer contributes. For example if your item is valued at $1,000 and your excess is $250 you would pay $250 and your insurer would pay $750. The excess amount varies between policies and insurers and choosing a higher excess can sometimes reduce your premium. You will pay the excess each time you make a successful claim.

Written by

Gary Ross Hunter

Journalist

Gary Ross Hunter has over 6 years of expertise writing about insurance, including life, health, home, and car insurance. Having reviewed hundreds of product disclosure statements and published over 800 articles, he loves simplifying complex insurance topics for everyday readers. Gary has contributed to major outlets like Yahoo Finance, The Sydney Morning Herald, and news.com.au, and holds a Bachelor of Arts (Honours) in English Literature from the University of Glasgow, along with a Tier 2 General Advice certification, ensuring his work adheres to ASIC’s RG146 standards. See full bio

Gary Ross's expertise

Gary Ross has written 572 Finder guides across topics including:

• Health, home, life, car, pet and travel insurance
• Managing the cost of living