Though most home owners know insurance is essential for their home and possessions, many are unsure about what their policies cover, whether they have enough or what they need.

A 2014 Insurance Council of Australia report identified that 81% of homeowners and renters are exposed to significant financial loss because their insurance does not cover them to resume the same standard of living in the event of a crisis^.

It’s likely that part of this is because they’ve underestimated the cost of rebuilding their property or replacing their belongings.