Start by deciding whether you need building insurance, contents insurance, or both, then estimate the replacement cost of your home and belongings rather than their market value. Check what events are covered, such as storm, fire, theft and flood, and read the exclusions, excesses and limits in the product disclosure statement (PDS). Make sure valuable items, temporary accommodation and accidental damage are covered if you need them, as these may be optional or subject to limits. Compare policies carefully and confirm the appropriate cover and sum insured with the insurer or a licensed adviser.