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We’re all guilty of ‘setting and forgetting’ things in life, even our insurance. 

Whether you’ve recently renovated, upgraded your contents, or just haven’t reviewed your home and contents insurance in a while – consider if now’s a good time to check your policy and make sure you’re not underinsured. 

Future you will thank you for it.

What happens if you are ‘underinsured’?

Being underinsured means that your policy cover doesn’t reflect the replacement value of your home and contents. If you’re underinsured, you could be left in the lurch should the worst happen to your home.

While it may be tempting to skimp on premiums for short-term savings, it’s important to think long term and make sure that you have the coverage you need if the unexpected happens.

Reasons you might be underinsured

  • Renewing your policy without reviewing it – it’s important to check each year that your policy covers any new additions or improvements to your home
  • Renovating your home without contacting your insurer to update your policy 
  • Undervaluing your home and contents which may have appreciated over time or not allowing for upgrades to furniture, electricals, etc.
  • Underestimating the cost to rebuild or replace your home and contents, including the cost of demolition, debris removal, labour, materials, surveyors, etc.
  • Living in fire or flood prone areas – the costs to repair or rebuild damage to home and contents may be significantly higher for those living in bushfire or flood regulated zones

What household items can be insured?

  • Depending on your level of cover, here are just some of the contents that you may be able to add to your policy:
  • Jewellery and watches
  • Clothing 
  • Devices – like mobile phones, tablets, and laptops 
  • Cameras & photography equipment 
  • Collections – like stamps, money, or medals
  • Indoor plants 
  • Art or furniture pieces 

Find out more about what might be covered by our home and contents insurance here. If you have questions about what’s protected under your policy, have a chat to our friendly team.

How to check if you’re underinsured 

Check your policy

Your policy should cover the cost of your home to rebuild from scratch, as well as the value of all the items inside. Make sure to regularly check in on your policy to make sure it’s up to date with the value of your home and loved possessions. 

Insurance calculators

Our contents insurance calculator can give you an estimated replacement cost of your home’s contents. To work out the rebuilding costs for your property, use our Building Insurance Calculator. 

Contact us 

If you’d like to chat through your current policy with our friendly team, you can reach us on 13 11 82, or visit your nearest branch.


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