Do I need building insurance if I have a mortgage?
Yes — virtually every lender requires building insurance as a condition of a home loan, and will usually want to be listed as an interested party on the policy.
Is flood cover included automatically?
No. Flood is a separate risk that some insurers exclude, price higher, or apply a distinct excess to. Always check explicitly rather than assuming it's bundled with fire and storm cover.
What's the difference between 'total replacement' and a fixed sum insured?
A total replacement policy rebuilds your home regardless of the final cost, while a fixed sum insured pays out only up to the amount you nominated — meaning you carry the underinsurance risk yourself if rebuild costs rise.
Does contents insurance cover items outside the home?
Only if you've added 'portable contents' cover, which extends protection to items like laptops, jewellery and cameras while they're away from your home — a standard contents policy alone typically doesn't.
How much can I actually save by switching insurers?
Canstar's 2026 research found switching from a higher-priced to a lower-priced policy could save up to $865 a year at the national average — though it's worth comparing the sum insured and inclusions, not just the premium.
Will my premium go up after I make a claim?
It can, particularly for weather-related or repeat claims, though a single small claim on a long-held policy with a good history usually has less impact than several claims in a short period.
This page is for educational purposes and isn't personalised financial advice. Premiums, terms and eligibility vary by insurer, state and individual circumstances — always check the Product Disclosure Statement (PDS) before buying.