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Don’t under-insure

Home threatre

Are you financially prepared for a major disaster like a fire, flood or storm, or even a minor mishap like a flooded laundry room or a broken window? Prepare for the worst by choosing the best home and contents insurance to protect your hard-earned assets. To work out your ‘sum insured’ (how much it would cost to replace your home and contents) there are a number of calculators online to help you. Start by using the AANT sum insured calculator.


Go through every room of your home and estimate how much it would cost to replace each item. Include everything, such as commonly overlooked items like crockery and cutlery, bed linen, books, CDs and DVDs, clothing and footwear.

Contents policies usually set a limit for valuable items, such as up to $1000 per item and up to $5000 in total for jewellery. If you have items that exceed the limits, you need to list them separately with your insurer. If you choose not to do this, you won’t be able to claim any higher than the standard sub-limit regardless of how much your valuables are worth.

Home contents calculator >>


Consider expenses like removal of debris, building or architect’s fees, costs to comply with council regulations, increased cost of material in a widespread disaster, temporary accommodation costs and mortgage discharge fees to name a few. Check if these expenses are included in your sum insured amount or if they are covered on top of your sum insured amount.

During times of disaster, building services and temporary accommodation may be in short supply and prices will go up. If you live in an area that is prone to natural disaster such as flood or fire, consider purchasing extended or total replacement protection. Before you purchase or build a home, get a few quotes from insurers. Premiums may be unaffordable for flood-prone areas. Check with the local council to see if flood maps are available.

Home building calculator >>

Read more: Can you afford to lose everything? Choice

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