Home insurance usually covers the building, your contents, or both, so check exactly what the policy includes and excludes. Work out a realistic sum insured, including rebuilding costs, removal of debris and replacing belongings, and review it when your circumstances change. Pay attention to excesses, cover for floods, storms and accidental damage, and whether valuables have individual limits or need to be listed. Answer application questions accurately and read the Product Disclosure Statement; an insurer can decide claims based on the policy terms and your circumstances.