Update your home insurance

For many of us, home insurance is something that’s set up once and then left untouched for years. 

While this is understandable, regularly reviewing your insurance is one of the most important steps you can take to protect your home, belongings, and financial security. 

One key reason to review your policy is rising rebuilding costs. Home insurance is meant to cover the cost of repairing or rebuilding your home after an insured event, not its market value. 

Over time, construction costs increase due to higher labour, materials, and compliance requirements. If your sum insured hasn’t been updated for several years, it may no longer be enough to fully rebuild your home, leaving you exposed to significant out‑of‑pocket costs. 

Changes to your home are another important consideration. Renovations such as new kitchens, bathrooms, extensions, or outdoor structures like decks and sheds can increase the value of your home and the cost to rebuild it. 

Unless these changes are reflected in your insurance policy, your coverage may fall short. Even smaller upgrades can make a difference to replacement costs. 

Your contents also tend to change over time. New furniture, appliances, electronics and personal items can significantly increase the total value of your belongings. Many people underestimate how much it would cost to replace everything they own with new equivalents. Regular reviews help ensure your contents sum insured keeps pace with what you actually own.

Insurance policies themselves can change. Insurers may update definitions, exclusions, excesses or optional extras over time. Reviewing your policy helps you stay informed about what is and isn’t covered, particularly for weather-related events such as storms, floods or accidental damage. This is especially relevant as extreme weather becomes more frequent in many parts of Australia. 

Life changes can also affect your insurance needs. Downsizing, retiring, having adult children move out, or spending extended periods away from home can all influence the type and level of cover that’s appropriate. Some policies may even have conditions related to how long a home is left unoccupied. 

Finally, reviewing your insurance provides peace of mind. Knowing that your cover reflects your current circumstances and today’s costs can reduce stress if you ever need to make a claim. Experts generally recommend reviewing home insurance at least once a year and after any major change. 

Regular checks don’t take long, but they can make a significant difference 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 one of our friendly Australian 

• 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 personalized 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