Home insurance can cover your building, contents, or both, depending on the policy you choose. Check whether the sum insured would realistically cover rebuilding your home and replacing belongings, and understand the excess, exclusions and optional extras. Common exclusions or limits may apply to flood, storm damage, valuable items and wear and tear, so read the product disclosure statement carefully. Compare policies and confirm details with the insurer, as cover, premiums and claim decisions depend on your circumstances.