It takes a lot of effort to make your house a home. And if you’ve recently renovated, upgraded your appliances or redecorated with new furniture, you’ll know it also takes a lot of money.

But what would happen if an unexpected event damaged your home – or if your new items were stolen? If you haven’t reviewed your home insurance lately, check to see if your existing policy will adequately cover you.

Have you made changes to your home?

Any renovations or improvements that increase the value of your home – or its cost to rebuild – should be reflected in your home insurance’s building sum insured. So if you’ve upgraded your kitchen or bathroom, or added a deck or other room, it may be time to review your home insurance.

When deciding how much extra building cover you need, consider the current total cost to rebuild, including GST and all improvements. You should also include the costs of demolition and debris removal, complying with any new building standards, and paying architectural, engineering, surveying, construction and legal expenses. These can all add to the rebuilding costs if your home is damaged or destroyed.

Bought new things?

Whether it’s a new lounge or dining table, carpets, technology or sporting equipment, your belongings can add up to more than you think.

The theft of expensive items could set you back if they need to be replaced. And a fire or flood could see you having to replace all your contents – including fixtures and fittings like carpets and window furnishings – so it’s important to have the right amount of contents cover.

To understand what your contents are worth, do a room-by-room inventory of items including your storerooms and the garage. Then work out how much it would cost to replace everything.

Getting the right home insurance

If you already have building and contents insurance in place, remember to review it regularly to make sure it’s still up to date. 

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Things you should know

This article is intended to provide general information of an educational nature only. It does not have regard to the financial situation or needs of any reader and must not be relied upon as financial product advice.

Home Insurance is provided by CommInsure, a registered business name of Commonwealth Insurance Limited ABN 96 067 524 216 AFSL 235030 (CIL). CIL is a wholly owned non-guaranteed subsidiary of Commonwealth Bank of Australia ABN 48 123 123 124 (The Bank). The Bank does not guarantee the obligations or performance of CIL or the products it offers. Where we refer to 'we', 'us' and 'our', we mean CIL. This information has been prepared without considering your objectives, financial situation or needs. Before acting on this you should consider the appropriateness to your circumstances.

A Product Disclosure Statement is available at all Commonwealth Bank branches, by downloading them from or by calling 13 2423 and should be considered before making any decisions about this product. You should also read the Home Insurance Key Fact Sheet, Financial Services Guide and Privacy Policy which are also available by calling 13 2423.