A helpful home insurance checklist

05 Oct 2018

Home insurance is a policy that covers you financially if your building or contents are lost or damaged after an insured event.

“Fire or water damage are common insurance claims in the home which can be triggered by severe weather or accidents in the kitchen, but also from everyday appliances like a washing machine, leaky air conditioners or heaters,” says QBE National Householders Product Manager, Angelo Colosimo.

With so many variables at play, it’s often hard to grasp an understanding of the exact coverage you need in case you experience loss or damage.

Research shows the majority (81 per cent) of homeowners and renters in Australia are exposed to significant loss because their insurance doesn’t cover them to resume the same standard of living if a crisis happens¹.

Here’s a home insurance checklist of considerations to help steer you in the right direction.

The home insurance checklist

Could you afford to rebuild or replace your home without insurance?
Do you live in a location that may be at risk of events such as bushfire or flooding?
Can you bundle your home insurance with your contents?
Are you comfortable with the ‘Listed Events’ or ‘Defined Events’ outlined in the Product Disclosure Statement (PDS)?
Should you opt for cover up to a certain limit or total replacement to protect your home?
Have you estimated the value of your home? Use this online calculator as a guide
Have you considered the total costs of rebuilding including fixtures or fittings like lights and flooring?
Will your insurance policy cover structural additions or renovations such as a swimming pool or deck?
If you need to rebuild or repair your home, have you factored in extra costs such as debris removal or demolition and temporary accommodation?
How will you pay your premium to your insurance company? Monthly or annually?

Find out more about QBE's Home insurance

¹Understand Home Insurance Research Report. Prepared by Quantum Market Research for the Insurance Council of Australia. August 2014

This advice is general in nature and has been prepared without taking into account your objectives, financial situation or needs and may not be right for you. You must decide whether or not it is appropriate, in light of your own circumstances, to act on this advice. To decide if QBE’s products are right for you, please ensure you obtain and consider the Policy Wording or Product Disclosure Statements and Target Market Determinations, available online at QBE.com/au. Insurance issued and underwritten by QBE Insurance (Australia) Limited (ABN 78 003 191 035, AFSL 239545).

Home insurance and lifestyle articles

Fire safety at home: your room by room guide

26 Nov 2024

Almost 20,000 fires occur each year in homes in Australia – and within each room, danger can be lurking. Follow these tips to help keep your home safe.

Read article