Making sure you're covered

Why home and contents insurance matters

There’s something special about having a place to call your own. Whether it’s your first home, a family home or somewhere you’ve worked hard to make your own, it’s more than just a building — it’s where life happens.

For many Tasmanians, a home is also one of the biggest financial commitments they’ll ever make. That’s why having the right home and contents insurance is so important.

While no one likes to think about things going wrong, insurance can help provide peace of mind if the unexpected happens — from storm damage, fallen trees, burst pipes, landslides and bushfire to theft or accidental loss.

Even if you don't own your home, contents insurance may help protect your belongings, including furniture, electronics, clothing and other personal items.

Home insurance and your home loan

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

This helps ensure the property is protected and can be repaired or rebuilt if it’s damaged. Your insurance cover should reflect the cost to rebuild your home, not simply what you paid for the property.

Understanding home and contents insurance

Home and contents insurance usually includes two types of cover.

Home insurance

This covers the building itself, including things like:

• walls and roofing
• garages and sheds
• decks and fixed fixtures

Contents insurance

This covers the belongings inside your home, such as:

• furniture
• appliances
• clothing
• personal items

Some people choose separate cover, while others prefer a combined policy to help protect both their home and belongings together.

Tip: Consider taking photos of valuable items and keeping receipts where possible. Having an inventory can make the claims process easier if you ever need to make a claim.

Reviewing your level of cover

Having insurance is a great start, but it’s also worth reviewing your cover from time to time to make sure it still suits your needs.

Many Tasmanians are underinsured, meaning they may not have enough cover to fully rebuild their home or replace their belongings if they're damaged or destroyed. Rising building costs and inflation mean it's important to review your cover regularly.

 Things to consider include:

• Rebuilding costs: Would your policy cover the cost of rebuilding your home today?
• Contents value: Have you considered how much it would cost to replace your belongings?
• Renovations or upgrades: If you’ve renovated or purchased new items, your cover may need updating.
• Valuable belongings: Some items, like jewellery or electronics, may need to be listed separately.

Peace of mind when it matters most

Whether you're living by the coast, in regional Tasmania or in the heart of a city, every home faces different risks. Reviewing your insurance can help ensure your cover reflects your circumstances.

Insurance can’t stop unexpected events from happening, but having the right cover in place can make difficult situations easier to manage.

Taking a little time to review your home and contents insurance now could help protect what matters most in the future.

If you’d like to learn more about home and contents insurance, or review your current cover, get in touch. We offer insurance through our partner CGU. and we're always happy to talk through the options with you.

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.