Home Insurance Checklist for New Homeowners

Step 1: Calculate your structure sum insured correctly

Structure cover should be based on the construction cost per square foot to rebuild your home — not its market value, which includes land price that insurance doesn't need to cover. Using market value instead of rebuild cost is one of the most common overpayment mistakes new homeowners make.

Step 2: List and value your contents

Walk through your home room by room and note the replacement value of furniture, appliances, electronics and clothing. Many new homeowners underestimate this figure significantly, especially right after moving in when they've just purchased furniture and appliances at current, non-depreciated prices.

Step 3: Check natural disaster coverage

Confirm whether your policy covers flood, earthquake, cyclone and storm damage by default or as an add-on — this varies meaningfully by insurer and region. If you live in a flood-prone or seismic zone, this coverage isn't optional; verify the specific perils and sub-limits in the policy wording, not just the marketing brochure.

Step 4: Consider liability cover

Public liability cover protects you if someone is injured on your property and holds you legally responsible, or if your property accidentally causes damage to a neighbour's home (a burst pipe flooding downstairs, for example). It's often an inexpensive add-on worth including.

Step 5: Review exclusions before signing

Common exclusions include wear and tear, damage from pre-existing structural issues, and losses during vacancy beyond a specified period. If you plan to rent out the property or leave it vacant for extended periods, flag this to your insurer upfront rather than discovering an exclusion during a claim.