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How much home insurance cover do I need

As precious as your home is, you may be like many Australians who undervalue it when it comes to insurance. Particularly if you’ve been in the same place for a while.

Think back to the last time you moved house – boxes, boxes and more boxes. With all the things you can’t bear to part with, there’s always more to pack than you thought – and hence more for your insurance to protect. Then there’s often furniture or equipment upgrades, other purchases and presents you’ve received. By the time you factor in your home itself if you’re an owner, and any recent renovations or extensions, it quickly adds up.

How much should you insure your building for?

In insuring your house, think about what it would cost to rebuild it today using the same materials and the same style of fittings and fixtures. The amount you insure for is known as your building sum insured.

  • The cost to rebuild your house depends on things like size, design, features, materials, and ground slope
  • It includes any permanent features such as timber floors, verandahs, carports and pools
  • But it shouldn’t include the land value.

To help you estimate the replacement value of your home, you can check what's covered and use the Building value calculator.

How much should you insure your contents for?

When determining how much to insure your contents for, add up the cost to replace them today and not what you paid for them. Ask yourself, how much would it cost if I had to buy all new contents today? The amount you insure for is known as your contents sum insured.

  • An easy way is to go room by room, and make a list of all the items and their replacement costs
  • Your Contents includes carpets, rugs, curtains, internal blinds and shutters, and even the food in your freezer.

To help you estimate the value of your contents, you can check what's covered and use the Contents value calculator.

Keep your sum insured up to date

You can change your sum insured at any time to ensure you remain adequately covered. We recommend you review your cover regularly, to take into account things like:

  • Upgrades or renovations
  • Changes to the costs of labour and materials to repair or rebuild
  • Changes to building codes and regulations
  • Increases in the replacement value of your belongings
  • New purchases and gifts.

You’ve got a safety net just in case

Your Building and Contents cover includes extra protection, in addition to your sum insured, just in case there are unexpected costs to rebuild, repair or replace your building and contents. For example, construction costs often increase after a widespread storm, flood or bushfire because the demand for labour and building materials is higher.

Things you should know

*Quote and buy online and save 15% off your annual premium for the first year with promotional code COVER. Plus, save 10% when you combine home and contents at the same address under the one policy.


Westpac Retail and Business Banking Financial Services Guide, Credit Guide and Privacy Statement (PDF 85KB)

Home and Contents Insurance Product Disclosure Statement and Supplementary Product Disclosure Statements (applicable to policies issued or renewed on or after 1 July 2019) (PDF 339KB)

Home and Contents Insurance Product Disclosure Statement and Supplementary Product Disclosure Statement (applicable to policies initially issued in the period between 30 June 2018 and 30 June 2019; or renewed in the period between 30 July 2018 and 30 June 2019) (PDF 328KB)

View the Home and Contents Insurance Key Fact Sheets.

Home and Contents Insurance is issued by Westpac General Insurance Limited ABN 99 003 719 319 (except workers compensation cover where applicable). Westpac Banking Corporation ABN 33 007 457 141 distributes the 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.