Underinsurance may expose you to serious financial loss if a claim occurs. It is your responsibility to make sure your home and contents are insured for their full 'new for old' replacement value. 'New for old' means that if your home is damaged, or your contents are damaged beyond repair or stolen, you will be able to replace or repair your home or contents with new items or new materials regardless of age.

You need to ensure your sums insured are accurate when you first insure your home and contents and each time you renew your policy. To ensure your sums insured are adequate it is important to review them regularly, being mindful of items purchased recently and ask your insurer to change the sum insured when required.

To help you calculate the replacement value of your home and contents, use our Building Calculator and our Contents Calculator.