What insurance do I need for a new home in Australia?

Buying a home is huge, equal parts exciting and “wait, did I forget something?”.

Insurance is one of those essentials that’s easy to leave until the last minute, but a smart plan can save you money and protect you from nasty surprises.

Here’s a simple, homeowner-friendly guide. (And yes, we can help with all of these.)

Why use a broker?

A good broker does the heavy lifting by comparing policies across insurers, explaining Product Disclosure Statements in plain English, tailoring cover to your suburb and property type, and helping at claim time (when you most need an advocate). We also time the start of your cover for settlement, check lender requirements, and look for smart bundle discounts without you spending weekends on hold.

Home insurance (building & contents)

Your will usually require building insurance from the day you become responsible for the property (often at settlement, unconditional or sometimes earlier under the contract).

Key things to check:

Sum insured:

Use a rebuild calculator and factor in demolition, debris removal, and today’s construction costs.

Hazards:

Make sure flood, storm, bushfire and cyclone risk are correctly covered for your address.

Temporary accommodation:

Useful if the home is unliveable after an insured event.

Legal liability:

Protects you if someone is injured on the property.

If you’re moving straight in, add contents insurance for your belongings and set higher limits for valuables like jewellery or tech where needed.

If you’ll rent it out: landlord insurance

Standard home insurance won’t cover tenant-specific risks. Landlord policies can include:

Loss of rent due to insured damage

(and, on some policies, default or eviction events).

Malicious or accidental tenant damage and theft

Liability cover

for incidents involving tenants or visitors.

Even short-stay/Airbnb setups need the right specialty wording.

Protect the mortgage: life insurance

Ask yourself: if one income stopped, could the household keep the home? Life insurance cover can be set to clear the loan and provide a buffer for costs like school fees or renovations. Couples often choose a joint strategy so either partner can keep the roof overhead without selling the property.

Protect your cashflow: income protection

If illness or injury keeps you off work, income protection can replace a chunk of your earnings, helping cover repayments, rates and everyday bills. Choose a waiting period that fits your sick leave/emergency fund, and a benefit period that gives real peace of mind.

Next steps

Tell me how you’ll use the property (live-in or rental), your lender/settlement date, and your budget. I can compare options, line up start dates, and get your home, landlord, life and income protection sorted so you can focus on the keys, not the fine print.

by lauren

Informed Consent Changes

Informed Consent in Insurance Broking: What’s Changed and Why It Matters

As of 10 July 2025, a major shift has taken place in how insurance brokers operate in Australia. The Australian Securities & Investments Commission (ASIC) has introduced new informed consent obligations that directly affect how brokers disclose commissions and obtain client approval.

What Prompted the Change?

Historically, brokers disclosed commissions after a product was recommended. But ASIC’s new rules require brokers to seek client consent before receiving any commission, even if the product hasn’t been finalised. This change is designed to:

Increase transparency
Reduce conflicted remuneration
Strengthen trust between brokers and clients

It’s part of a broader push to ensure clients understand not just the product, but how their broker is compensated and why that matters.

What Brokers Must Now Disclose

Before placing cover or receiving commission (ONLY IF ITS A RETAIL CLIENT, A RETAIL PRODUCT, AND PERSONAL ADVICE HAS BEEN GIVEN) , brokers must clearly explain:

The name of the insurer (if known)
The commission rate or range
The frequency and duration of commission payments
The services provided in relation to the product
A statement that client consent is legally required
A note that once given, consent cannot be withdrawn

This must be done in plain English, either in writing, verbally, or via a secure digital process, and documented for at least five years.

What This Means for Clients

For insurance broking clients, this change is empowering. It means:

You’ll know upfront how your broker is paid
You can make more informed decisions about your cover
You’ll be protected from hidden incentives or biased advice

Consent Is Ongoing

This isn’t a one-time formality. Brokers must seek new consent each policy period if personal advice is provided and commission is paid. That includes renewals, changes in insurer, or updates to payment terms.

Why It’s a Good Thing

Informed consent isn’t just a compliance box, it’s a sign of a broker who values transparency and puts your interests first. It helps you:

Understand the value of the advice you’re receiving
Compare brokers more fairly
Build a relationship based on trust, not assumptions