The verdict is in: Australians love to travel. According to the Australian Bureau of Statistics, residents took an average 5 overnight trips per person in the year 2004. Australian travel and tourism comprises an estimated 4.5% of Australia's annual economy, with 75% of that figure representing domestic travel within the country's borders. Whether travelling for business or pleasure, it's clear that most Australians spend a considerable amount of time away from home each year. While your home contents insurance should provide coverage for the possessions you leave behind, adding optional portable contents coverage to your policy can extend that coverage to include the items that travel along with you.

Travel property risk
While there are a limited number of events that can damage your property or possessions at home, travelling with valuables can significantly increase the risk of theft, damage or loss. Approximately 36% of property crimes, including robbery and burglary, occur outside of Australian homes and home communities. The anonymity of hotel rooms, unattended luggage and the relaxed vigilance that accompanies vacationers can make easy targets for thieves on the prowl. Aside from theft, the possessions that travel with you are also much more prone to damage or loss. As careful as you may be in protecting your possessions, it's impossible to control every circumstance. The unfamiliar environments and distractions of travel increase the chances of losing or damaging the property you bring with you. Items such as laptop computers, digital cameras, cell phones and valuable jewellery can add up to a considerable financial hit if they are not covered by portable contents insurance.

Portable contents and insurance coverage
Unfortunately, most home contents insurance policies do not cover your personal effects while travelling, unless you specifically opt to include portable contents insurance as an additional fee. The good news is that many insurance companies can offer you comprehensive portable contents coverage for a minimal charge that is well worth the investment. Before travelling, it's a good idea to review your home contents policy to find out whether or not you have portable coverage (sometimes termed personal effects coverage) for the items you plan to bring with you.

Benefits of portable contents coverage
Individual insurance companies offer portable contents coverage in a variety of ways. While most coverage is intended as an addendum to your existing home contents policy, benefits for portable contents can include:

• Specified valuable coverage - With specified valuable portable content coverage, you are required to list each item you wish to insure along with the item's value. Should any listed item be stolen, lost or damaged, the insurance company will compensate you for the cost of replacement or repair. It's important to check each policy specifically as some items or some events may not be covered
• Unspecified valuable coverage - Rather than listing individual items, the insurance company will ask you to choose a total amount of coverage you wish to employ for all non-specific portable contents. The amount of coverage you choose will affect the additional fee for the optional coverage

Some insurance companies will allow you to carry both specified and unspecified portable contents coverage, while others will ask that you choose one or the other. Depending on the insurance company, it is also possible that only one of these options will be available. Where you travel can also influence the benefits you can recoup on portable contents. Most insurance companies provide unlimited insurance while travelling within Australia, but impose some restrictions on overseas travel. Finding the optional coverage that best suits your needs requires some comparison shopping across various home contents insurance policies and this is best achieved using a qualified broker.