Single-item insurance: contents insurance of the future

The traditional notion of bundling your home and contents insurance is being turned on its head with single-item insurance now an option for the customers of a number of top Aussie insurers.

Mozo Experts Choice winners SGIO and SGIC recently launched Insurance4That on their websites and now offers you the flexibility to protect just your most prized possessions, allowing you to insure as little as one item at a time for an affordable price.

The rise of this form of contents insurance taps into the desire of 70% of tech-savvy customers who want the ability to customise their policy features, according to the 2017 World Insurance Report.

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These types of policies are available for a range of items including your laptop, desktop, mobile, tablet, camera, home entertainment systems, gaming consoles, appliances, instruments, medical devices and furniture.

In a similar fashion to many of the more traditional contents insurance policies, these items will be covered in the event of theft, storm, fire, cyclone or flood and for an additional premium you’ll be covered for theft outside of your home and accidental damage while you’re on the road.

Apart from having the power to choose exactly what you want to insure, you’ll also enjoy the speed and convenience of an online process for both claims and applications, allowing you to receive a quote in just 30 seconds.

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With this form of insurance, Aussies will also be afforded the flexibility to pay their premiums on a weekly, fortnightly, monthly or annual basis, with desktop computers insured for as little as 58 cents a week.

So far, Insurance4That has partnered with Aussie insurers such as CGU, SGIO, SGIC, Swann, WFI and Lumley Insurance and last year insured $1,420 billion worth of assets, paying almost $7,000 million in claims.

The move follows in the footsteps of Aussie insurance giant, Suncorp who introduced the Trov app earlier in the year, offering entirely mobile-based single-item insurance policies for your electronics but also giving you the added option to switch your cover on and off.

If you’re in the market for a more comprehensive home and contents insurance policy, but don’t know where to start, check out our recently released Experts Choice awards. But if you’re keen to start comparing a range of options on the market, check out Mozo’s home insurance comparison tool.