Home & Contents Insurance

Home and contents insurance protects your home, its contents and your liability as a homeowner. The biggest risks are underinsurance, incorrect building details and assumptions about what events are actually covered. Ipswich Insurance Brokers is a Steadfast and CBN member broker — we compare options across a panel of insurers and help you understand what you are actually buying.

What is home and contents insurance?

Home and contents insurance is a general insurance product that provides cover for private residential dwellings and the personal property within them. It is typically structured in two components — a building section covering the structure and fixed elements, and a contents section covering moveable personal items — though these can be purchased separately or combined depending on the insurer and your situation.

As a broker, Ipswich Insurance Brokers does not sell insurance products directly. We act on your behalf, comparing policy wordings, terms and conditions across a panel of approved insurers and helping you make an informed choice. We are remunerated by commission from the insurer, which is disclosed in our Financial Services Guide.

What home and contents insurance may include

Cover availability and terms vary between insurers. Depending on the policy selected, cover may include some or all of the following sections, subject to policy terms and acceptance:

• Building: The main structure — walls, roof, floors, ceilings, fixed fixtures and permanently installed elements. Cover is typically on a replacement cost basis, subject to the declared sum insured being adequate.
• Contents: Furniture, appliances, clothing, sporting equipment and household items. Specified high-value items — jewellery, watches, artwork, cameras, musical instruments — may need to be separately listed.
• Storm and weather events: Wind, rain and impact damage, subject to how “storm” is defined in the policy. Water ingress and flood are frequently handled under separate definitions.
• Fire and smoke: Structural and contents damage from fire, including associated costs such as debris removal — terms and sub-limits vary.
• Theft and malicious damage: Subject to evidence requirements and security conditions. Forced entry requirements differ between insurers.
• Accidental damage: Available as an extension under some policies — conditions and exclusions apply.
• Temporary accommodation: Reasonable alternative accommodation costs where the home is uninhabitable following an insured event — limits and duration caps apply.
• Liability as a homeowner: Cover for third-party injury or property damage claims arising from the property — limits vary.

Understanding underinsurance

Underinsurance is the single most common issue in residential property claims. If the sum insured — the amount you are covered for — is less than the actual cost to rebuild or replace, many policies apply a proportional reduction to any settlement. This means a claim for partial damage can result in a payout well below the loss amount, because the insured value did not reflect the real replacement cost.

Rebuild cost is not the same as market value. It includes demolition, removal of debris, compliance with current building codes, labour and materials at current rates. For older homes, certain building types or properties with non-standard construction, the gap between market value and true rebuild cost can be significant. We discuss sum insured adequacy as part of every review.

Common gaps and claims issues

• Underinsurance: As above — the most common issue at claim time.
• Incorrect building details: Construction type (brick, timber, steel), roof type, year built and any recent renovations affect underwriting. Inaccurate details can affect claim response.
• Water event definitions: Flood, stormwater and water ingress are often defined separately and may respond differently. Understanding which events are and are not covered at your property is important — particularly in areas near waterways or drainage lines.
• High-value items not specified: Standard contents policies apply per-item limits. Jewellery, watches, art and collections above those limits need to be individually listed to be fully covered.
• Occupancy changes: Owner-occupied, rented, holiday let, or vacant — each occupancy type affects acceptance, cover terms and premium. Changes in occupancy should be notified to the insurer.
• Security and maintenance: Theft claims can be affected by whether doors and windows were secured. Maintenance exclusions can apply to gradual damage or preventable deterioration. Understanding these conditions in advance reduces surprises.
• Liability limits: Standard homeowner liability limits vary. Where the property is used for any commercial activity, standard residential liability may be insufficient.

Landlords and investment properties

Investment properties have different cover requirements from owner-occupied homes. Standard home insurance is generally not appropriate for rental properties. A landlords policy is designed specifically for rented dwellings and typically includes building cover, loss of rent following an insured event, liability as a landlord, and tenant-related damage (where available). We arrange landlords insurance separately — see our Landlords Insurance page for details.

How we work with you

1. Property details: We collect accurate information about your home — construction type, year, size, renovation history, security and contents.
2. Sum insured discussion: We discuss rebuild cost and contents value to ensure sums insured are realistic and defensible at claim time.
3. Market approach: We compare options across a panel of approved insurers and present those suited to your property and situation.
4. Placement and documentation: We arrange binding and issue your policy documentation.
5. Renewal review: We review your program at renewal and flag any changes — renovations, new high-value items or occupancy changes — that should be notified.

Making a claim

Following an insured event, prompt notification with photographs, receipts or valuations for damaged or stolen items, and a clear account of what occurred supports an efficient claims process. We assist with claim notification and follow up with the insurer where needed. Claim outcomes are determined by the insurer based on policy terms — we cannot guarantee results, but we ensure your policy was correctly structured and your situation is clearly represented.

Frequently asked questions

Do I need a broker for home insurance?
Direct home insurance is widely available and appropriate for many straightforward situations. A broker adds value where the property has non-standard features, where flood or storm risk is a concern, or where previous claims or occupancy changes have made direct insurance difficult to obtain.

Is flood covered?
Flood cover under home insurance policies is available from some insurers but is not universal. Definitions, conditions and pricing vary. For properties in areas with any flood exposure, understanding exactly what is and is not covered is important before a weather event occurs — not after.

What is the difference between market value and rebuild cost?
Market value is what a buyer would pay for your property in the current market. Rebuild cost is the actual cost to demolish, clear and reconstruct the structure to current standards. These figures can differ substantially. Sum insured for building insurance should reflect rebuild cost, not market value.

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

Related pages

Flood risk and home insurance

Flood cover under residential home insurance has become more complex in Australia following significant weather events in recent years. Some insurers now include defined flood cover as standard; others offer it as an optional extension; some restrict or exclude it entirely. Premium, definitions and conditions vary significantly between insurers — particularly for properties in areas identified as having any flood exposure.

The National Flood Insurance Program and standard definitions frameworks used by insurers define flood specifically — typically as water from rivers, creeks, lakes and drainage systems rising above their normal levels. This differs from stormwater (rainwater flowing over ground surfaces) and water ingress (water entering through openings in the building). Understanding which events are covered and which are not — at your specific property — is important before a weather event occurs.

We specifically discuss flood risk and definitions for each residential property we place. Where flood cover is available and relevant, we ensure it is properly documented. Where it is not available or is excluded, we make this clear so clients understand their actual position.

Home insurance and the duty of disclosure

When arranging home insurance, you are required to disclose all matters that a reasonable person in your circumstances would know are relevant to the insurer’s decision — including property construction details, any previous claims, any existing damage to the property, and how the property is occupied or used. Providing inaccurate information — even unintentionally — can affect claim response.

Important disclosures for home insurance include: whether the property is rented, vacant or used for short-stay accommodation; the construction type (brick, timber, steel, mixed); whether there have been any renovations; any previous claims in the past five years; and any existing damage or maintenance issues. We assist with completing these declarations accurately during placement.

Home insurance at renewal — what to review

Home and contents insurance is often treated as a set-and-forget product. In practice, renewal is an opportunity to ensure the cover remains appropriate. Key things to review at renewal include: whether building sums insured still reflect current rebuild costs (not market values); whether any new high-value items need to be specified under contents; whether any renovations have changed the building value or construction type; and whether occupancy has changed. We raise these points during renewal review rather than assuming last year’s figures remain correct.

Key questions to ask before finalising home and contents insurance

• Does my building sum insured reflect the current cost to demolish, clear and rebuild — not the market value or purchase price?
• Does my contents sum insured reflect what it would actually cost to replace everything in the home at today’s prices?
• Are high-value items — jewellery, watches, artwork, cameras, collections — specifically listed, and at current insured values?
• How does the policy define flood and storm, and does it cover the events most likely to affect my property?
• Is the property’s construction type — brick, timber, steel frame — correctly stated on the policy?
• Have any renovations, extensions or improvements been made that change the building value?
• Is the occupancy type correctly declared — owner-occupied, rented, holiday let or vacant?
• Does the policy include homeowner’s liability cover, and is the limit appropriate?
• Are there security conditions that affect theft cover — and do I meet those conditions?

We discuss each of these points during the placement process. The objective is to ensure sums insured are realistic, declarations are accurate, and the cover will respond correctly when it is needed.

Body corporate and strata properties

Owners of apartments, townhouses and units in a strata scheme do not arrange their own building insurance — the building is insured by the body corporate under a strata insurance policy covering all owners collectively. What individual unit owners need to consider is contents cover for their own belongings, and any improvements or renovations made to the interior of the unit that may not be covered under the body corporate policy.

Understanding the boundary between what the strata policy covers and what an individual owner needs to arrange separately is an important step in ensuring there are no gaps. We arrange both strata insurance for bodies corporate and individual contents cover for unit owners — see our Strata Insurance page for details on the body corporate side.

For investment properties held in a strata scheme, landlords insurance for the unit interior and rental income protection may be appropriate alongside the body corporate coverage. We can advise on how to structure these layers correctly so that all relevant risks are addressed without significant overlap or gap.

Sum insured calculators and professional valuations

Various online tools and calculators are available to assist homeowners in estimating rebuild costs. These can be a useful starting point but should not be treated as definitive. Rebuild cost calculators use general assumptions about construction type, size and specification that may not reflect the specific features of your home — unusual construction materials, heritage features, steep block access, custom finishes or recent renovations that increase rebuild complexity and cost.

For homes with unusual features or where underinsurance is a particular concern, a professional building replacement valuation from a qualified quantity surveyor provides a more defensible figure. The cost of a professional valuation is typically modest compared to the potential impact of underinsurance at claim time. We can discuss when a professional valuation is appropriate and how to factor it into the coverage review.

Your rights as an insurance client

General insurance in Australia is regulated under the Corporations Act 2001, the Insurance Contracts Act 1984 and ASIC’s licensing framework. Insurers who are members of the Insurance Council of Australia also subscribe to the General Insurance Code of Practice, which sets standards for sales processes, claims handling, complaints resolution and communication with policyholders.

As a client of an AFSL-licensed broker, you have specific rights — including the right to receive a Financial Services Guide before advice is given, a Product Disclosure Statement before a financial product is purchased, and a Statement of Advice where personal advice is provided. You also have the right to access a complaint and dispute resolution process — including escalation to the Australian Financial Complaints Authority (AFCA) if a complaint cannot be resolved directly.

Our obligations as a broker under the Corporations Act include acting in your best interests, disclosing remuneration and conflicts of interest, providing accurate and complete information, and maintaining adequate records of advice and instructions. We take these obligations seriously — not because they are regulatory requirements, but because they are the foundation of a working professional relationship.

Our Financial Services Guide, Duty of Disclosure statement and Complaints and Dispute Resolution process are all available on this website. If you have a complaint about our service, we encourage you to contact us directly in the first instance. Details of our complaints process are on the Complaints & Dispute Resolution page.

About Ipswich Insurance Brokers

Ipswich Insurance Brokers is a general insurance broker operating under an Australian Financial Services Licence (AFSL). We are a member of the Steadfast Group — Australia’s largest insurance broker network — and also a member of CBN (Community Broker Network). These memberships provide access to a broad panel of approved insurers, exclusive policy wordings and a support network that extends throughout the claims process.

We act on your behalf — not on behalf of any insurer. Our obligation is to understand your situation accurately, approach appropriate markets, compare policy terms and conditions, and present options that suit your needs. We are remunerated through commission paid by the insurer at the time of placement. Where additional fees apply, these are disclosed upfront and in our Financial Services Guide, which is available on this site.

We do not make promises about premiums, coverage outcomes or claim results. Insurance is a financial product governed by policy wordings and terms — our role is to ensure those terms are appropriate for your situation, accurately declared, and clearly understood before you commit. Clients who understand their cover are better placed to manage risk and better prepared when they need to make a claim.

We work with clients across a range of industries and personal insurance categories. Our panel access through Steadfast and CBN means we are not restricted to a single insurer’s product range — we compare across multiple markets for each risk we place.