Published: 01/12/2016
Category: Member Benefits
Published: 01/12/2016
Category: Member Benefits

Here’s a rundown of the top 3 things to check for on your home insurance policy every year to avoid nasty surprises in the event of a claim.

1. The sum of contents insured – is it really enough?

In most cases, you may have accounted for the big ticket items like your furniture, appliances, electronics and valuables.
Many of us really underestimate what it would cost to replace all of our stuff – from clothing, to kids toys, bedding, tools, sporting equipment and basics like cutlery and crockery.

TIP – Walk through your home and do a room by room calculation of replacement costs for everything. And, don’t forget to account for what’s tucked away in cupboards and drawers.

2. The cost to rebuild

Would you believe that 80% of homeowners are underinsured according to the Insurance Council of Australia#? The reasons may be because we’ve simply guessed the amount or based the value on the council rates notice. We may have forgotten to change our insurance after we’ve renovated or landscaped.

It’s important to reassess your rebuilding cover. It may be worth getting a professional evaluation, or by using a building calculator like the one in the resources tab at

TIP – Once you’ve decided on a figure, add a bit extra because if your home was completely destroyed there might be other associated costs such as the removal of debris, architects fees and temporary accommodation.

3. What you’re covered for

When it comes to insurance often what one insurer provides standard cover for, another will charge extra for. There may be different limits that apply to your cover. So the cheapest policy, may not necessarily provide you with the cover you need.

You may want to check if the following are included in your policy:

  • Flood cover – Even if you don’t live in a flood prone area.
  • Accidental damage – Accidents happen which can be expensive to repair. Accidental damage cover can cover you for unexpected breakages like damage caused by a picture falling off a wall, a broken TV, or a smashed phone screen. It can be a particularly good option if you have children.
  • Valuables – the things that leave the house with you. These days the possessions we carry around can cost thousands of dollars to replace. With valuables cover you’re covered for the loss or theft of things like your tablet, jewellery, sunglasses, laptop and watch.

TIP – To make sure you’re adequately covered, you should check through the limits for your valuables items. Often cheaper insurance policies will not provide cover for your valuables.

This article was brought to you by ISinsured – Insurance for Industry Super Fund and Union members.

As a Union member you can take advantage of ISinsured’s more flexible and competitive home, landlord and car insurance.
Getting a quote online is easy. Simply visit or call 1800 827 502.

[#] Quantum Market Research for the Insurance Council of Australia August 2014, The Understand Insurance Research Report

Important information
The insurance products and services offered as part of the ISinsured range are issued by QBE Insurance (Australia) Limited ABN 78 003 191 035 AFS Licence 239545. ISinsured is a registered trademark of IFS Insurance Solutions Pty Ltd ABN 16 070 588 108 AFSL 241 506. QBE uses this trademark under a license from IFS Insurance Solutions. Before making a decision about your insurance needs please refer to the Product Disclosure Statement available online at or by calling 1800 827 502.

Home Insurance up for renewal?

Home Insurance up for renewal?