Home insurance usually refers to building insurance, contents insurance, or a combined policy covering both your home and belongings against listed events such as storms, fire, theft or water damage. Policies differ, so check the product disclosure statement for exclusions, limits, excesses and whether cover is on an agreed-value or sum-insured basis. Estimate rebuilding and replacement costs carefully, and tell the insurer about relevant circumstances such as renovations or security systems. A licensed insurance professional or the insurer can explain suitable options, but the policy wording determines whether a particular claim is covered.