Making sure you're covered

Why home and contents insurance matters

There’s something pretty special about owning your own home. No more renting, no more house inspections, and no more worrying about the landlord selling up. Instead, you’re building something of your own — a place to call home and an asset that can grow in value over time.

For most of us, buying a home is one of the biggest financial commitments we’ll ever make. That’s why protecting it with the right insurance is so important.

Home and contents insurance helps provide peace of mind. If the unexpected happens — whether it’s storm damage, fire, theft or another setback — having the right cover in place can make a difficult situation much easier to manage.

Home insurance and your home loan

If you have a home loan, your lender will usually require you to have home building insurance as part of your loan agreement.

This means you need to insure the building itself for enough to cover the cost of rebuilding or repairing it if something goes wrong. If your cover isn’t adequate, you could be in breach of your loan contract — something no homeowner wants to deal with.

Your lender may also ask to see proof that your home is insured. This is known as a Certificate of Currency, which confirms that your policy is active and up to date.

Understanding home and contents cover

Home and contents insurance generally includes two types of cover.

Home insurance protects the structure of your property — things like walls, roofs, garages, decks and permanently attached fixtures.

Contents insurance covers the belongings inside your home, such as furniture, appliances, clothing and personal items.

You can choose to insure your home, your contents, or both. Many homeowners choose a combined policy so they’re protected both inside and out.

Making sure you have the right cover

Taking out a policy is a great first step, but it’s just as important to make sure the level of cover suits your needs.

A few things worth considering include:

• Rebuilding costs: Make sure your home is insured for enough to rebuild it, not just what you paid for the property.
• Contents value: Think about how much it would cost to replace everything in your home if you had to start again.
• Valuable items: Some policies allow you to specify high-value items, such as jewellery or electronics, so they’re covered for their full value.
• Policy updates: If you renovate, buy new furniture or upgrade appliances, it may be worth reviewing your cover.

Peace of mind when it matters most

No one likes to think about things going wrong, but having the right insurance in place can make a big difference if they do.

Taking the time to review your home and contents cover now can help ensure your home — and everything in it — is protected when you need it most.

If you’d like to learn more about home and contents insurance, or review your current cover, the Bank of us team is always happy to help.

Bank of us ABN 32 087 652 088, AFSL 236870 acts under its own AFSL and under an agreement with the issuer Insurance Australia Limited ABN 11 000 016 722, AFSL 227681 under the CGU brand. Any advice provided is general advice only and does not take into account your individual objectives, financial situation or needs (your personal circumstances). Before using this advice to decide whether to purchase a product, you should consider your personal circumstances and the relevant the Product Disclosure Statement and Target Market Determinations from CGU Insurance.

Bank of us does not guarantee any claim or benefit payable under the insurance policy. We receive commission on insurance products details can be found in our Financial Services Guide.