Insurance review checklist: What to look for before renewing your policy

Make sure your home, contents, or investment property is fully protected this storm season.

As weather events become more unpredictable and intense, reviewing your insurance policy before it renews is crucial. Use this checklist to avoid gaps in your cover and give yourself peace of mind.

1. Check what events you’re covered for

Not all home insurance policies automatically include:

• Flood cover
• Storm damage (wind, hail, lightning)
• Temporary accommodation if your home becomes uninhabitable
  Make sure these are included – or that you’ve opted in if they’re optional.

Look for terms like “defined flood”, “storm surge”, and “flash flooding”.

2. Review your sum insured

This is the maximum your insurer will pay to repair or rebuild your home. Underinsuring is common and risky.

Ask yourself:

• Would your current sum insured be enough to completely rebuild at today’s prices?
• Have you renovated, added solar panels, or upgraded fixtures recently?

Tip: Use your insurer’s online calculator or speak to a broker to get an updated estimate.

3. Update your contents cover

Contents insurance should reflect:

• New purchases (electronics, furniture, appliances, jewellery).
• Items of high individual value (may need to be listed separately).
• Adequate total value – many people underestimate what they own.

Take photos or a video walkthrough of your home as a record for future claims.

4. Check for exclusions and waiting periods

• Some policies exclude storm or flood damage in the first 72 hours.
• Others may not cover certain types of water damage or roof leaks.
• Read the Product Disclosure Statement (PDS) and check for common exclusions.

Embargoes: Once a severe weather warning is issued, insurers may restrict new policies or changes.

5. Know your excess amounts

Check:

• How much you’d need to pay upfront if you make a claim.
• Whether different events (e.g., flood vs theft) have different excess amounts.

6. Check landlord insurance (for investment properties)

Landlord insurance should cover:

• Storm and flood damage.
• Loss of rental income due to tenant default or property damage.
• Liability cover if someone is injured on the property.

Also check if your strata insurance covers the building or if you need additional cover.

7. Consider add-ons or optional covers

Depending on your location and property type, you might want to add:

• Accidental damage cover
• Motor burnout
• Portable contents (for items outside the home)

8. Speak to an insurance broker or provider

Unsure what’s included in your policy or how to increase cover? An insurance broker can help compare policies or answer questions.

Final tip: don’t leave it too late

Review your policy at least 2–4 weeks before renewal. Once extreme weather is forecast, you may not be able to update your cover until the event has passed.

Need help?
While Nectar brokers don’t provide general insurance, we can help you:

• Understand what to look for.
• Refer you to a trusted insurance advisor.
• Connect with your lender for financial support options during a disaster.

Stay protected this storm season – being proactive now could save you time, stress, and money later.

Sources:

• Insurance Council of Australia – http://www.insurancecouncil.com.au
• MoneySmart by ASIC – http://www.moneysmart.gov.au
• Australian Financial Complaints Authority (AFCA) – http://www.afca.org.au