Contents insurance covers belongings kept in your home, such as furniture, electronics, clothing and appliances, against insured events like theft, fire or storm damage. You choose a sum insured, and your policy may pay to repair or replace items, subject to limits, exclusions and the excess you agree to pay. Accidental damage, portable items taken outside the home and high-value valuables may require optional cover or separate limits. Check the product disclosure statement and ask the insurer how it calculates replacement value before choosing a policy.