Home & Contents Insurance Tips and Traps

Whether you’ve built it from scratch or picked it up at an auction, our home is the most expensive thing we own. So the last thing you want is to find out you’ve forgotten to add or misjudged something on your home and contents insurance policy, like underinsurance.
That’s why we’ve pulled together this guide to make sure you’re understand all the ins and outs of home insurance, so you’re not left out of pocket. Check it out.
Home insurance tips to remember
- Read through your policy product disclosure statement (PDS) with care. It will take hours out of your life you’ll never get back, but it’s well worth it to understand exactly what you're covered for and what's excluded from your policy.
- Regularly reassess your level of cover. Make sure this takes into account any changes you have made to your property, like renovations or pool installations.
- Avoid automatically renewing your policy. Get a few quotes (including one from your current insurance provider) and ask them to match the deal they offer for new customers, or find a better offer and make the switch.
- Check what may not be covered by your home insurance. And then check for optional extras – sometimes you can get extra cover for an additional amount.
- Keep good records. You can do this by taking photos and compiling an inventory of your home’s contents and store it somewhere safe, so you can give them to an insurance assessor if you ever have to make a claim.
- Think twice before you make a claim. Insurance claims, big or small, all affect your future insurance quotes as it increases your risk profile.
Home insurance traps to watch out for
- Many insurance providers won't cover events which occur if your home is unoccupied for more than 60 days. Be sure to tell your provider if your home will be left unoccupied for an extended time and figure out an agreed solution.
- Not all contents insurance providers cover you when you’re moving house. Some will, but only in certain situations, for example, if they’re damaged in a car accident.
- Contents that's kept outdoors may not be covered to the same level as indoors items.
- Watch out for water damage. This is a really problematic area of fine print for home and contents insurance. Premiums are very expensive for flood-prone areas as insurance providers often know more than you do about the risks to your intended home. Check with the local council to see if flood maps are available. Leaky roofs are a common cause for claims-denial, so make sure your property is properly maintained.
- Home insurance policies won’t always cover business activities and assets. If you work from home or store work-related equipment or inventory at home, you may need a separate business insurance policy.
- Underinsurance can hit your wallet hard. This is the industry term used to describe when your home isn't insured for its full value. For example, if it would cost $500,000 to rebuild your house, but you've only insured it for $400,000, or 80% of its value, then the insurance company can apply averaging to any partial claim. This means if your $10,000 shed burns down, your claim will be 'averaged' at 80%, and your payout will only be $8,000 – leaving you to pay the rest of the cost of rebuilding it.
Ready to find the policy that’s right for your home? Check out our home insurance comparison page to see what’s on offer.
Home Insurance Comparison Table - rates updated daily
Home & Contents Insurance
Get award-winning Home and Contents Insurance at a price you can afford from Budget Direct. Save a huge 30% on your first year’s premium when you purchase a new combined Home and Contents Insurance policy online.
- Main events covered
- Fire
- Theft
- Storm
- FloodOptional Extra
- Monthly payments
cost extra - Yes
- Underinsurance protection
- Optional ExtraUp To 25% Of Building Sum Insured
- New for old
replacement - Yes
- General contents
- Yes
- Cash
- Up to $800 in total
- Cd dvd and electronic files
- Up to $3,000 combined with computer software
- Computer software hardware
- Hardware yes, software up to $3,000 combined with CDs/DVDs
- Camera and accessories
- Yes
- Carpets
- Yes
- Antiques and valuables
- Up to $5,000 per item for artwork, up to $12,000 in total, up to $2,000 for collections
- Jewellery
- Up to $1,000 per item or set, up to $5,000 in total
- Replacement of documents
- No
- Tools of trade
- Up to $2,000
- Contents while moving
- Up to 20% of sum insured
- Lock replacement
- Up to $1,000
- Temporary accommodation
- Up to 10% of sum insured, up to 12 months. Combined with temporary accommodation for pets.
- Debris removal
- Up to 10% of sum insured combined with demolition cost and emergency storage
- Demolition cost
- Up to 10% of sum insured combined with debris removal cost and emergency storage
- Accidental loss and damage
- Optional Extra
- Accidental breakage of glass
- Yes
- Lightning
- Yes
- Earthquake
- Yes
- Storm surge
- No
- Buildings and structural improvements
- Yes
- Building materials
- Up to $1,000
- Landscaping
- No
- Gates and fences
- Yes
Terms, conditions, exclusions, limits and sub-limits may apply to any of the insurance products shown on the Mozo website. These terms, conditions, exclusions, limits and sub-limits could affect the level of benefits and cover available under any of the insurance products shown on the Mozo website. Please refer to the relevant Product Disclosure Statement and the Target Market Determination on the provider's website for further information before making any decisions about an insurance product.
Read our Mozo Review to learn more about Budget Direct Home & Contents Insurance
Everyday Comprehensive Home and Contents Insurance
Huddle Everyday Home & Contents Insurance, up to 20% off Home & Contents Insurance (T&Cs apply). Increase your basic excess to suit your budget and reduce your premium. Lodge claims easily 24/7, and in some cases you'll get a decision within minutes.
- Main events covered
- Fire
- Theft
- Storm
- Flood
- Monthly payments
cost extra - Yes
- Underinsurance protection
- No
- New for old
replacement - Yes
- General contents
- Yes
- Cash
- Up to $500
- Cd dvd and electronic files
- $1,000 per item, up to $5,000 per collection
- Computer software hardware
- $1,000 per item, up to $5,000 per collection
- Camera and accessories
- Yes
- Carpets
- Yes
- Antiques and valuables
- $1,000 per item,. up to $5,000 per collection
- Jewellery
- $1,000 per item,. up to $5,000 per collection
- Replacement of documents
- Up to $1,000
- Tools of trade
- Only Home Office contents, up to $5,000
- Contents while moving
- Yes
- Lock replacement
- Up to $1,500
- Temporary accommodation
- Up to 12 months, up to 10% of sum insured
- Debris removal
- Up to 10% of sum insured combined with demolition cost
- Demolition cost
- Up to 10% of sum insured combined with debris removal cost
- Accidental loss and damage
- Yes
- Accidental breakage of glass
- Yes
- Lightning
- Yes
- Earthquake
- Yes
- Storm surge
- No
- Buildings and structural improvements
- Yes
- Building materials
- Yes
- Landscaping
- Up to $1,500
- Gates and fences
- Yes
Terms, conditions, exclusions, limits and sub-limits may apply to any of the insurance products shown on the Mozo website. These terms, conditions, exclusions, limits and sub-limits could affect the level of benefits and cover available under any of the insurance products shown on the Mozo website. Please refer to the relevant Product Disclosure Statement and the Target Market Determination on the provider's website for further information before making any decisions about an insurance product.
Read our Mozo Review to learn more about Huddle Everyday Comprehensive Home and Contents Insurance
Home & Contents Insurance
When change happens to you, like a new home or contents, think Youi - a home insurer that’s all about you and where your life’s at right now. Start a quote with Youi today to see what you could save. Mozo People’s Choice Most Recommended Home Insurance award winner in 2021^.
- Main events covered
- Fire
- Theft
- Storm
- Flood
- Monthly payments
cost extra - Yes
- Underinsurance protection
- No
- New for old
replacement - Yes
- General contents
- Yes
- Cash
- No
- Cd dvd and electronic files
- Yes, excludes electronic files
- Computer software hardware
- Yes
- Camera and accessories
- Yes
- Carpets
- Yes
- Antiques and valuables
- Yes
- Jewellery
- Optional Extra, choose $0 to $100,000
- Replacement of documents
- No
- Tools of trade
- Optional Extra, up to $1,000 per item , up to $5,000 in total
- Contents while moving
- Up to 20% of sum insured
- Lock replacement
- Up to $1,000
- Temporary accommodation
- Up to 12 months, up to 12% of sum insured
- Debris removal
- Up to 20% of sum insured combined with demolition and professional fee costs.
- Demolition cost
- Up to 20% of sum insured combined with debris removal and professional fee costs
- Accidental loss and damage
- Optional Extra
- Accidental breakage of glass
- Yes
- Lightning
- Yes
- Earthquake
- Yes
- Storm surge
- No
- Buildings and structural improvements
- Yes
- Building materials
- Up to $1,000
- Landscaping
- No
- Gates and fences
- Yes
Terms, conditions, exclusions, limits and sub-limits may apply to any of the insurance products shown on the Mozo website. These terms, conditions, exclusions, limits and sub-limits could affect the level of benefits and cover available under any of the insurance products shown on the Mozo website. Please refer to the relevant Product Disclosure Statement and the Target Market Determination on the provider's website for further information before making any decisions about an insurance product.
Read our Mozo Review to learn more about Youi Home & Contents Insurance
Home & Contents Insurance
Get covered in just 3 minutes. Receive complimentary $250 smart home sensors to help alert you to avoidable mishaps like fire, theft & water damage. Get rewarded for being smarter, by keeping your sensors active, with a discount of up to 8% every year (T&C’s apply).
- Main events covered
- Fire
- Theft
- Storm
- Flood
- Monthly payments
cost extra - No
- Underinsurance protection
- No
- New for old
replacement - Yes
- General contents
- Yes
- Cash
- Up to $300
- Cd dvd and electronic files
- Up to $5,000
- Computer software hardware
- Hardware yes, software up to $5,000 combined with CDs/DVDs
- Camera and accessories
- Up to $2,000
- Carpets
- Yes - limits apply for carpets over 10 years old
- Antiques and valuables
- Up to $2,000 per item, up to $12,000 in total
- Jewellery
- Up to $2,000 per item, up to $6,000 in total
- Replacement of documents
- Up to $1,000
- Tools of trade
- Up to $2,000
- Contents while moving
- Yes
- Lock replacement
- Up to $1,000
- Temporary accommodation
- Up to 12 months, up to 10% of sum insured
- Debris removal
- Up to 20% of sum insured combined with demolition cost
- Demolition cost
- Up to 20% of sum insured combined with debris removal cost
- Accidental loss and damage
- Optional Extra
- Accidental breakage of glass
- Yes
- Lightning
- Yes
- Earthquake
- Yes
- Storm surge
- Yes
- Buildings and structural improvements
- Yes
- Building materials
- No
- Landscaping
- Up to $1,000 for plants
- Gates and fences
- Yes - Up to 50% of the total cost, up to 2km
Terms, conditions, exclusions, limits and sub-limits may apply to any of the insurance products shown on the Mozo website. These terms, conditions, exclusions, limits and sub-limits could affect the level of benefits and cover available under any of the insurance products shown on the Mozo website. Please refer to the relevant Product Disclosure Statement and the Target Market Determination on the provider's website for further information before making any decisions about an insurance product.
Read our Mozo Review to learn more about honey Home & Contents Insurance
* Terms, conditions, exclusions, limits and sub-limits may apply to any of the insurance products shown on the Mozo website. These terms, conditions, exclusions, limits and sub-limits could affect the level of benefits and cover available under any of the insurance products shown on the Mozo website. Please refer to the relevant Product Disclosure Statement and the Target Market Determination on the provider's website for further information before making any decisions about an insurance product.
^See information about the Mozo Experts Choice Home Insurance Awards