Many of us 'set and forget' our insurance policies, which means we often don’t increase the replacement value of our home and contents when we renovate, refurbish or make big-ticket purchases, leaving us easily under-insured.  

Our sums insured should reflect the rebuilding and replacement costs in today's prices. That’s why it’s important to regularly assess your cover to make sure you’re adequately protected. If it’s been some time since you reviewed your insurance, here are three simple steps to help determine the right amount of cover for you.  

  1. Check your policy

 Whether you’re a homeowner, investor or renter — reviewing your insurance is an important part of protecting your home, investment and valuables, now and into the future.

Start the process by checking your most recent policy renewal notice or insurance certificate. This will set out the details of your cover, including how much your home and contents are insured for and any special valuables covered.  

  1. Calculate your replacement value

 The next step is to ensure that the replacement value of your home and contents matches your existing level of cover. Consider any home improvements or purchases you’ve made since you last reviewed your insurance and factor this into the increased value of your home and contents. You can use CGU’s online calculators to help work out the replacement value of your home and contents. These calculators will take about 10 minutes to complete and are available at

  1. Review and update your policy

Insurance works best when you have the right level of protection for you. If the true replacement value of your home and contents in today’s prices is not reflected in your current level of cover, then it’s time to contact your insurer and update your policy.

If you need some help understanding exactly what you’re covered for, remember that your insurer will be able to demystify the language, explain your policy limits and what is covered. Most policies also offer a variety of optional extras, so it’s worth getting in touch with your insurer and evaluating which options are best suited to you and your family.   

Know your true worth

As your life changes, so will your insurance needs. That’s why you should consider reviewing your insurance cover whenever your situation changes - such as when you:  

  • Complete renovations
  • Upsize or downsize your home
  • Purchase new furniture or fixtures
  • Add new infrastructures – such as a shed, outdoor deck or pool

Did you know?

CGU’s Building Insurance can provide payments, in addition, and at no extra cost, to your building sum insured for:

  • Debris removal and demolishing – up to 10% of the building sum insured
  • Rebuilding fees – up to 10% of the building sum insured
  • Alternative accommodation for you and your pets – up to 12 months or up to 10% of the building sum insured

Plus, if yearly insurance payments are stretching your budget, you can pay fortnightly or monthly at no extra cost with CGU.

Time for an insurance check-up?

Visit or contact us on 1300 362 216 today

Insurance is issued by Insurance Australia Limited ABN 11 000 016 722 AFSL 227681 trading as CGU Insurance. Any advice is general and does not take into account your personal circumstance. Consider the Product Disclosure Statement, available at or by calling 1300 362 216, to see if the product is right for you.