Guide to Sums Insured for Home Building & Contents Insurance

In order to have adequate sums insured for your home building and contents, it is useful to know which parts of your home are covered under ‘building’ and which are covered under ‘contents’ in an insurance policy.

We have put together this handy guide to help you understand what is included in each section.

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What is included under the ‘Building’ section?

There is more to Home Building Insurance than just the materials and labor required to rebuild your home.  As well as covering your principal place of residence, ‘Building’ may also include:

–       Fixtures and fittings e.g. Bathroom taps, built in cabinets and fixed appliances

–       Demolition and removal of debris

–       Fees, plans and permits associated with the rebuilding of your home

–       In-ground swimming pools and spas

–       Landscaping & paving

–       Outbuildings e.g. Sheds & gazebos

–       Services to your property for which you are liable

If your property is rented to tenants, ‘Building’ may also include carpets, curtains and light fittings.

What is included under the ‘Contents’ section?

Home Contents Insurance covers the contents of your home which you own or are legally responsible for, while they are inside your home or domestic outbuildings (such as the garden shed).

Also included under ‘Contents’ are:

–       Contents which are on your property but outside of the home (often referred to as ‘in the open air’)

–       Carpets, curtains and blinds

–       Office & surgical equipment used in the home for your business (limitations apply)

–       Some equipment such as golf buggies, motorised wheelchairs & small, unregistered motor cycles

–       If you are renting your home, ‘Contents’ may also cover the fixtures and fittings of the building for which you are legally liable.

What are ‘Personal Valuables’?

‘Personal Valuables’ cover is available in addition to your Home Contents Insurance.  It provides cover for items which are designed to be worn or carried such as jewellery, watches, camping equipment and portable computers, whilst they are away from your home.

*This is a guide only.  The information provided in this guide is not exhaustive.  All insurance companies have their own definitions written into policies and it is important that you read your policy carefully to understand these definitions. 

For more information and a competitive quote on your Home Building & Contents Insurance, contact us on 1300 PROFIN (1300 776 346).