When applying for home or landlord insurance you’ll be asked to nominate a sum insured for your building and contents. These should be as accurate as possible because they’re the most that you will be paid in the event of a claim plus:
- Up to 25% Gap Cover (this additional benefit applies to Home Building & Contents Cover: Plus or Landlord Building & Contents).
Gap cover does not apply to Home Classic cover or Portable valuables cover, Items with a maximum claim limit and Legal liability.
Use the building insurance calculator and contents insurance calculator to help you estimate your sum insured.
Make sure your sum insured reflects the full costs of rebuilding your home. This should include any improvements you’ve made – like garages, driveways, verandas, or extensions. Don’t forget to factor in extra costs that come with rebuilding, such as:
- demolition and debris removal
- architect, engineering, and surveyor fees
- construction and legal costs
It’s also a good idea to check if local council or building regulations could impact your rebuilding costs.
Your contents sum insured should equal the current total cost of replacing all of your contents, including GST.
Special Items
Jewellery and watches (including smart watches).
Cover for jewellery and watches is limited to a percentage of your Contents sum insured.
- Classic Cover contents limit: Up to 10% of the Contents sum insured
- Plus Cover contents limit: Up to 25% of the Contents sum insured
There is no cover for jewellery (including watches) with a retail value of more than $20,000 per item while not being worn unless they are kept in a locked and fixed safe in the home.
Consider Portable valuables cover to insure your items for their full value if needed, or to cover these or other personal items if you take them outside the home.
Distributed by Commonwealth Bank
Important Information: Home Insurance and Landlord Insurance are provided by Hollard Insurance Partners Limited ABN 96 067 524 216, AFSL 235030 (Hollard) and distributed by the Commonwealth Bank of Australia ABN 48 123 123 124, AFSL 234945 (CBA). Hollard is the insurer of these general insurance products. Hollard is not part of the CBA Group. CBA does not guarantee the obligations or performance of Hollard or the products Hollard offers.
Neither CBA, nor any of its related bodies corporate accepts liability or guarantees payment of any claim or benefit in respect of these general insurance products issued by Hollard. CBA may be paid a commission if Hollard issues you with a Home and/or Landlord Insurance policy. Details are provided in the Financial Services Guide (FSG) by clicking on the link, or by calling 13 1361 for a paper copy.
For products issued by Hollard, information about the target market can be found within the product’s Target Market Determination.
This information has been prepared without considering your objectives, financial situation or needs. Before making any decision about this product you should consider this information in relation to your own circumstances. A Product Disclosure Statement (PDS) is available at all Commonwealth Bank branches, by downloading them from commbank.com.au or by calling 13 1361 and should be considered before making any decisions about this product. You should also read the Premium, Excess and Discount Guide (PEDG), Key Facts Sheets (KFS) and Financial Services Guide (FSG) by clicking on the links, or by calling 13 1361 for a paper copy.