Found the perfect home? Don't forget to protect your house and belongings with home and contents insurance.

  • Many homeowners are underinsured
  • Why home and contents insurance is important
  • What to consider when choosing a policy
  • BankVic can help you with home and contents insurance

If you've just purchased a new home - congratulations! There's nothing quite like the feeling of picking up the keys to your new property - whether it's your first home, or your fifth.

Or maybe you've just refinanced, or renovated, or even bought a new bedroom suite? All of these milestones are part of owning your own home. They are also great reasons to think about whether you have the right home and contents insurance.

Are you underinsured?

According to Canstar, a recent survey conducted by the Insurance Council of Australia (ICA) revealed that 83% of Australians believed they were underinsured for their home and contents. This means they may not be covered for a full rebuild of their home, or full replacement of their contents, in the event of a claim.

If you're thinking of taking out a new policy, or updating your current home and contents insurance - here are some considerations to help guide your decision.

What does home and content insurance cover?

Home and contents insurance provides cover for loss or damage to your building or your possessions.

There are different covers available for home and contents insurance to suit your individual circumstances. Optional covers can also provide additional protection for an extra premium. For instance, you may opt to take out optional Accidental Damage cover to protect you in the event of accidental mishaps, or you may opt to take optional Portable Contents cover should you need cover for your items outside of the home.

Why do I need home and contents insurance?

Not only does home and contents insurance help provide peace of mind should anything happen to your home or belongings, but it is usually mandatory if you have a loan against the property.

How do I know how much to value my building and/or contents cover?

In general, the amount covered should reflect what it would cost to rebuild your house using the same materials in the same style. It should also reflect the cost to replace your possessions. At BankVic, our insurance consultants can guide you through how to calculate the value of your home and possessions.

Can I get home and contents insurance with my bank?

Absolutely. For instance, BankVic offers a quality range of home and contents insurance products, whether you have a loan with us or not. Learn more about why you should consider insuring through your bank.

To explore your home and contents insurance options, contact BankVic today on 13 63 73 or apply for a quote online.

Police Financial Services Limited ABN 33 087 651 661 AFSL and Australian Credit Licence 240293 trading as BankVic arranges this insurance as agent for the insurer Allianz Australia Insurance Limited ABN 15 000 122 850 AFS Licence No. 234708. We do not provide any advice based on any consideration of your objectives, financial situation or needs. Policy terms, conditions, limits and exclusions apply. Before making a decision, please consider the Product Disclosure Statement and key fact sheets available from or by calling 13 63 73. The relevant Target Market Determination is available by calling 13 63 73. If you purchase this insurance, we will receive a commission that is a percentage of the premium. Ask us for more details before we provide you with services.