New home insurance

How to get home insurance for new builds so you can move in with suitable cover

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A guide to new home insurance

Updated March 19, 2024
Written by Kenneth Young
Reviewed by Adrian Taylor

Expert tips for getting the most from your home insurance policy

Our resident home and contents insurance expert, Adrian Taylor, has helpful tips for those looking to insure their new home.

Adrian Taylor
Executive General Manager – General Insurance

Get an estimate for an insured value

If you’re unsure on how much to insure your property for, you could consider how much your new build cost you or ask a builder or valuer to provide an estimate. If you used a home loan to buy or build the house, your lender will usually send a valuer to inspect the home and give you a minimum amount to insure the property for. Don’t forget to regularly review and update your insured sum to avoid underinsurance.

Consider having flood and accidental damage

Cover for things like floods or accidental damage may not be automatically included in your home insurance and may need to be purchased at an extra cost as a policy add-on, but it can be worthwhile having this cover in place.

Consider some of the lesser-known insurance providers

Don’t overlook the lesser-known insurance brands. Quite often, these insurers are backed by well-known underwriters, meaning you can have peace of mind and possibly save some money.

Read the PDS of your policy

It’s really important to understand what’s in your home and contents insurance policy. The PDS might be boring, but it’s vital you read this carefully and understand what is and isn’t included in your home insurance policy.

Always be honest with your insurance provider

To help avoid disappointment, make sure you’re honest in the information you provide to your insurer and let them know of any change in your circumstances.

Home insurance for new homes

Building insurance

Contents insurance

Home and contents insurance

What your insurance does and doesn’t cover

What items can home and contents insurance cover?

What events are covered by home and contents insurance?

What are some common home and contents insurance exclusions?

Policy premiums

How much can home and contents insurance cost?

Can I pay my insurance premiums in instalments?

How much should I insure my home and contents for?

Important to know

Do I need home insurance cover to get a home loan?

Can I get home insurance for a new build while it’s under construction?

Can I get home insurance for an investment property?

If I live in a strata property, can I still get home and contents insurance?

What is underinsurance?

What’s the difference between sum insured and total replacement cover?

Meet our home and contents expert, Adrian Taylor

Adrian Taylor
Executive General Manager – General Insurance

As the Executive General Manager of General Insurance at Compare the Market, Adrian Taylor works to make it easier for homeowners, renters and landlords to protect their home and contents. He believes it’s important for all residents (whether they rent, own or lease) to have adequate financial cover for their property and belongings in case the worse should happen.