Home & Contents Insurance Guide

Home & Contents Insurance Guide — guidance and information from Ipswich Insurance Brokers, a Steadfast and CBN member broker.

What is home and contents insurance?

Home and contents insurance covers private residential dwellings and the personal property within them. It is typically structured in two components — a building section covering the structure, and a contents section covering moveable personal items. The key risk for most homeowners is underinsurance — where the sum insured does not reflect the true cost to rebuild.

What this cover may include

Cover availability and terms vary between insurers and depend on individual circumstances. Subject to acceptance, a policy may include:

• Building — walls, roof, floors, fixtures and permanent structures at replacement cost
• Contents — furniture, appliances, clothing and household items
• Storm and weather events (subject to definitions)
• Fire and smoke
• Theft and malicious damage (subject to security conditions)
• Homeowner liability

Common exclusions to be aware of

The following are commonly excluded under standard policy wordings. Specific exclusions vary between insurers — always review the Product Disclosure Statement before purchasing.

• Flood (unless specifically included — definitions vary)
• Gradual deterioration and maintenance-related damage
• High-value items above per-item limits (need to be specified)
• Occupancy changes not disclosed
• Investment properties (landlords insurance is appropriate)

How to arrange home and contents insurance through Ipswich Insurance Brokers

1. Submit a quote request or contact us directly to discuss your requirements
2. We collect relevant information and approach appropriate markets
3. We compare policy terms and conditions across insurers and present options
4. We arrange binding and issue documentation once you confirm instructions

As a Steadfast and CBN member broker, Ipswich Insurance Brokers has access to a broad panel of approved insurers. We act on your behalf — not on behalf of any insurer. Our remuneration is disclosed in our Financial Services Guide.

General guidance — not personal advice

The information on this page is general guidance only. It does not constitute personal advice and does not take into account your individual circumstances. Before arranging any insurance, you should consider your specific needs and read the relevant Product Disclosure Statement. Our Disclaimer applies to all content on this site.

Frequently asked questions

Should I insure my home for its market value or rebuild cost?
Rebuild cost. Market value reflects what a buyer would pay for the property — it includes the land and factors in current market conditions. Rebuild cost reflects the actual cost to demolish the existing structure, remove debris and construct a replacement to current standards at current labour and materials prices. These figures can differ substantially. Insuring for market value can result in significant underinsurance.

Do I need to tell my insurer about renovations?
Yes. Renovations that increase the value of the building — extensions, kitchen or bathroom upgrades, new structures — should be notified to the insurer. Failure to disclose material changes can affect coverage. Contact us when planning or completing significant renovation work so we can confirm whether the sum insured needs to be updated.

Are my contents automatically covered away from home?
Some policies include limited portable contents cover away from the home. The extent, sub-limits and conditions vary. High-value portable items — laptops, cameras, jewellery — typically need to be specifically listed for meaningful away-from-home coverage. We review portable items coverage during placement.

What to look for when comparing home and contents insurance policies

When reviewing options, the following points are worth considering. This is general guidance — the right approach depends on your specific situation.

Confirm that the building sum insured reflects current rebuild cost — not market value. Consider using a professional building cost estimator or quantity surveyor report if the rebuild cost is uncertain. Review flood and storm definitions for your specific address. List high-value items — jewellery, art, cameras, musical instruments — separately. Confirm that occupancy type is correctly declared. Review the homeowner liability limit and whether it is appropriate for your circumstances.

For more detailed information, see our Home And Contents Insurance page.

About Ipswich Insurance Brokers

Ipswich Insurance Brokers is a Steadfast and CBN member broker operating under an Australian Financial Services Licence. We act on your behalf — not on behalf of any insurer. We compare options across a broad panel of approved insurers, arrange cover, provide documentation and support claims. We are remunerated by commission from the insurer, disclosed in our Financial Services Guide. All information on this page is general guidance only — see our Disclaimer.

Home and contents insurance is often purchased with less scrutiny than business insurance. Yet underinsurance is more common in residential properties than in any other category. An annual review of sum insured — particularly following renovations, significant purchases or changes in construction costs — is one of the most valuable things a homeowner can do. See our Home & Contents Insurance page for more detail.

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