Home & Contents Insurance

Home and contents insurance is important cover and should be considered by all consumers. It seeks to cover the insured for damage to their home as well as the contents of the home.  

Consumers should ensure they have appropriate level of cover for their home to ensure they are not underinsured. Insurance cover should always match the replacement cost of the property. Underinsurance could result in consumers paying the gap between their insurance pay-out and the building costs.

Contents insurance should be considered by all consumers, including tenants and renters, who often neglect to insure their household items. It has its limits and consumers should contact their insurer if they have any special items they would like insured separately, such as expensive jewellery or works of art. The Product Disclosure Statement (PDS) will outline the limits and exclusions of the policy.

Consumers should regularly review their contents and update their policy where appropriate. Maintaining an inventory of household items can assist if the policyholder does need to make a claim.

Estimated building and contents value

Many insurance policies will require consumers to evaluate the value of their contents. To receive appropriate cover, consumers must provide an honest appraisal of the cost of their contents and insure for the full value of their contents.

Consumers often underestimate the value of their contents. They should re-evaluate their contents at least once a year and update their policy accordingly.

View our contents calculator

Estimated building value

Underinsurance is a serious issue for any policyholder and could result in consumers paying the gap between their insurance payout and the cost of rebuilding. Consumers are responsible for the appropriate valuation of their property for their insurance policy and should contact their insurer if they have any questions.

Any renovations or alterations could affect the insurance value of a property, therefore property owners should review their policy each year and update it if appropriate, and ensure their property is well maintained.

View our building calculator