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Guidance

Do you have enough insurance for your building and contents?

Do you have enough insurance for your home?

We explain how to avoid being underinsured for some of the most valuable things you own.

Every few months it’s a good idea to look back on what you may have recently accumulated, whether it was new clothes, appliances, an upgraded phone or tablet or some furniture. You may have even made some home improvements during the year, like renovating your bathroom or finally installing your dream kitchen.

Your home and its contents are likely to be among the most valuable assets you own, so it’s important to make sure your current home insurance policy is up to date and covers these new items.

How much cover do you need?

Having the right amount of home insurance will help prepare you for the unexpected, and can help protect the value of your building and contents against events such as natural disasters and theft.

To help determine how much cover you need, start with your building. Consider the cost to rebuild your home in today’s market, including complying with current building standards plus any architect and engineer fees and advice as these can add to the rebuilding costs if your home is damaged or destroyed.

Compare this new cost to your building sum insured on your current policy, and if there is a gap, you may want to consider updating your policy.

For your contents cover, spend some time carrying out a room-by-room inventory of your items, and think about how much it would cost to replace them with new ones. Once you have a total replacement cost, compare this amount with the sum you are currently insured for to see if there’s a gap.

If you have your home insurance with CommInsure you can get help estimating the replacement cost of your building and contents using these online calculators as a guide:

What next?

Find the right policy and get a quote today if you don’t yet have home insurance, or if you’re already a CommInsure customer and would like to amend your policy, please contact our insurance specialists on 13 2423 from 8am-8pm Monday-Friday, or 8am-5pm Saturday (AEDT/AEST).

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.