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Time for a home insurance health check?

Making sure you’ve got the right insurance cover isn’t just a one-time proposition. Not only is your life constantly changing, the cost of replacing or rebuilding tends to go up over time as well.

To make sure your insurance cover is right for you, it’s important to review your insurance regularly. Here are some key times when it makes sense for you to take a look at your cover.

When you renovate

If you’ve just put in the kitchen of your dreams or completed a major extension, your existing cover may no longer be right for you. Having recently completed the renovation, it might be a good time to check your cover, to see if you need to increase the level to take into account the work you’ve just done to your home.

When you’ve made a big ticket purchase

Whether it’s a new set of golf clubs or an engagement ring, make sure you consider updating your cover to ensure your new purchase is covered. Keep in mind that most policies will have limits on individual items, so if you’ve bought something of value (such as a diamond ring), you may need to itemise it separately.

When you’ve started using your home or vehicle for different purposes

Most policies only cover you for certain events and circumstances. So if you change the way you use your home or vehicle – such as using your vehicle for work or setting up a home office – your cover could be affected. It’s important to get in touch with your insurer if your situation changes.

When you’ve moved

If you’ve moved into a new home, it may not have the same security features as where you used to live. Likewise, your new neighbourhood could be considered at higher risk of crime for example, or perhaps the area is more prone to flooding, or at risk of bush fires. Make sure you let your insurer know you’ve moved so you know if you need to make any adjustments to your cover.

When it’s time to renew  

Most insurance policies run for 12 months, with some exceptions such as travel insurance that covers specific events. Your insurer will let you know when your policy is due for renewal (you can find details of exactly when in the PDS); take the time to check you’ve still got adequate cover and that all the original information you supplied is still correct. You should also make sure you pay your premium on time to ensure you don’t run the risk of being without cover.

When you've been in the same place for a while

Rebuilding costs generally go up over time and building codes change, the result being if you’ve lived in the same place for a while, the costs associated with rebuilding may have changed significantly. Let’s say for example when you first moved in your home it was insured for $250,000. Fast forward to the present day and it could cost $400,000 to replace. If you haven’t updated your insurance, that’s a big gap in your cover.

Rather than estimating what the current rebuild cost would be, it’s a good idea to get a professional valuer in to give you a realistic replacement cost.  Not only will they take the rebuild in to account, they’ll also be able to consider other costs such as architect fees, demolition and debris removal.

Insurers often have building calculators on their websites that can help you work out how much you should insure your home for.

Read more

How much home insurance cover do I need?

When it comes to insurance, many of us undervalue our home and all the things we've collected over the years, so it pays to invest a little time in working out their value accurately and keeping it up to date. Knowing what to include in valuing your home and contents can help you determine the right amount of cover.


What type of insurance do you need for your home?

Wondering what sort of insurance you need for your place? The insurance that’s right for you will depend on the type of home you have, and whether you own or rent it.


Things you should know

The information contained in this article is general information only and is not specific to any product.  

It does not take into account your personal objectives, financial situation or needs and so you should consider its appropriateness, having regard to your personal objectives, financial situation and needs to these factors before acting on it.

Terms, conditions and exclusions apply to any insurance product. Please read the disclosure documents for your selected product or service, including the Terms and Conditions or Product Disclosure Statement, before deciding.

Cover is subject to your application for insurance being accepted.

Home and Contents Insurance is issued by Allianz Australia General Insurance Limited ABN 99 003 719 319, which is a corporate authorised representative of Allianz Australia Insurance Limited ABN 15 000 122 850 AFSL 234708 (Allianz Insurance). Westpac Banking Corporation ABN 33 007 457 141 AFSL 233714 arranges the insurance under a distribution arrangement with Allianz Insurance, but does not guarantee the insurance. This information does not take into account your personal circumstances. Read the Product Disclosure Statement to see if this insurance is right for you.

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