Is your home fully insured?

Your family home is almost certainly your most valuable asset. Yet it is more than a financial investment; it is a place filled with memories and belongings collected over a lifetime. 

However, natural disasters, accidents, criminal acts, and other unforeseen events can cause serious damage to your home and its contents. And you don’t want to wait until something happens to discover that your insurance is not sufficient. 

Being fully insured means having enough cover to repair or rebuild your home and replace your possessions if something happens. 

One of the most common issues is underinsurance, where the amount insured falls short of the real cost of recovery. This can lead to significant out-of-pocket expenses during an already stressful time. 

Home insurance should be based on the cost to rebuild your home, not its market value. Rebuilding costs can include demolition, debris removal, labour, building materials, and professional fees such as architects or engineers. 

In some cases, homes need to be rebuilt to meet updated building standards. With construction costs rising across Australia, particularly after widespread extreme weather events, a policy that was adequate several years ago may no longer cover the costs of rebuilding. 

Contents insurance is equally important and often underestimated. When you add up furniture, appliances, clothing, electronics, household items, tools, and personal effects, the total replacement might be much higher than you imagine. 

Contents insurance should reflect the cost of replacing items with new equivalents, rather than their original purchase price or what they might be worth second-hand. 

Some policies place limits on high-value items such as jewellery, artworks, or collectibles, which may need to be listed separately to ensure adequate coverage. 

It is also important to understand what events your policy does and does not cover. Not all insurance policies automatically include protection for floods, storm surge, or accidental damage. If you live in an area prone to extreme weather, these details matter. 

Policies may also differ in whether they cover temporary accommodation if your home becomes unliveable, and for how long that support applies. 

Insurance is not something to set and forget. Reviewing your policy at least once a year – as welllas after renovations, downsizing, or major purchases – helps ensure your cover remains appropriate.  

Take the time to read the Product Disclosure Statement and don’t be afraid to ask questions to clarify what protection you really have. 

You can’t prevent the unexpected, but ensuring your home and belongings are properly insured can protect your financial security and provide peace of mind when it matters most.

Looking for home or contents insurance? 

Did you know that National Seniors Insurance is part of National Seniors Australia? The modest profits from the sale of your policy help us create real change and a better future for all older Australians.  

Discover the National Seniors Insurance difference: 

• Speak to a real person – call 1300 50 50 99 to speak to our customer care team

• Unparalleled customer service – our friendly Australian-based customer care team are not bound by average call handling times, so they can take the time to answer all your questions – providing you with personalised quality service

• Save up to 10%* - on your first year’s premium when you quote and buy a new policy online

• Flexible payment options – you can pay by the month at no extra cost and enjoy the flexibility to adjust your excess which may reduce your premium 

• 24/7 claims assistance – 24/7 online claims lodgment or call 1300 55 50 30 to speak to a real person 

• Creating a better future for older Australians – your policy helps fund our advocacy work and improve outcomes for seniors.