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Do you know what you’re covered for?
Do people really understand what their home and contents insurance covers?
When taking out insurance, no matter what it’s for, it can be easy to get overwhelmed by complicated language and just take out the first policy we see without even understanding what it covers.
To get a better understanding of how much people know about their policies, the home and contents insurance comparison service iSelect has asked people across Australia, Canada and the US just how much they know about their home and contents policies, and their habits regarding it.
Americans have the best understanding of their cover
It turns out that Americans have the highest understanding of their home and contents cover, with 44.7% of American respondents reporting a strong understanding of their policies, only just edging out Canadian respondents (43.3%). Australian respondents had the weakest understanding of their policies, with only 37.0% declaring they had a strong understanding.
Australians also reported the highest number of people without a home and contents insurance policy, with 11.8% of Australian respondents having no coverage at all. The USA followed with 10.9% lacking coverage and just 8.9% in Canada.
Australians value their excess/co-payment
Funnily enough, while Australians have confessed to largely not having a strong understanding of the ins and outs of their home and contents insurance, they have easily topped the survey for their knowledge of their policy excess, with 40.8% of Australian respondents knowing the exact amount, compared to 27.1% of Americans and 23.4% of Canadians. While most people across each country reported only a general idea of their excess (Australia (45.1%), Canada (45.6%), USA (37.7%)), only 14.1% of Australian respondents confessed to not knowing their home and contents insurance excess – a percentile far lower than both Canada (31.0%) and the USA (35.2%).
Updating your home and/or contents policy
Most respondents across each country reported reviewing or updating their home and/or contents policies within the past year (Australia (60.0%), Canada (54.7%), USA (51.3%)).
The USA was the laxest with their policies, with 15.1% confessing to never reviewing their policy since taking it out. Canadian (11.1%) and Australian (9.3%) audiences tended to be slightly more vigilant with their policies.
Revisiting your policy valuation
Respondents across each country surveyed reported similar behaviours when it comes to updating contents valuations following large purchases. American respondents reported being the most active in updating their policies (30.3%), barely edging out Canadian (30.2%) and Australian (26.4%) respondents.
Australian respondents tended to be the most likely to update their valuation when they renew their policies (29.5%), while American respondents were the most likely to set and forget their content valuation and not update it at all (45.6%).
“Home and contents insurance is a level of peace of mind for your home and your belongings. It’s important to ensure that your contents valuation is up to date so that, should something unexpected happen, you’re properly covered.
At iSelect, we compare policies from a range of providers to help you look for one that’s a great fit for your home, your lifestyle and your budget.”
Adrian Bennett
General Manager – General Insurance
Written by:
Sarah Grealy
Digital Public Relations Specialist
0413 363 690
Sarah is our Digital Public Relations Specialist, and brings more than a decade of experience in the insurance comparison industry to iSelect.
With a passion for storytelling through data-driven insights, Sarah strives to empower Aussies with practical guides and tips.
About the data
iSelect commissioned PureProfile to survey 1,012 Australian, 1,009 American and 1,005 Canadian adults in July 2025
Values may not add to 100% due to rounding .
iSelect does not compare all home insurance providers or policies in the market. The availability of policies will change from time to time. Not all policies available from its providers are compared by iSelect and due to commercial arrangements, your stated needs and circumstances, not all policies compared by iSelect are available to all customers. Some policies and special offers are available only from iSelect’s contact centre or website. Click here to view iSelect’s range of providers.
About 
At iSelect, we’re passionate about making Aussies’ lives easier by saving them time, effort and money. We are Australia’s go-to destination for comparison across insurance, utilities and personal finance products made available from our range of providers. Our service is provided at no cost to the customer.
iSelect General Pty Ltd (ABN 90 131 798 126. AFSL 334115) has partnered with Compare the Market (ABN 83 117 323 378. AFSL 422926) to compare a range of home insurers and policies. Not all providers in the market or all policies offered by the partners are compared and not all policies or special offers are available to all customers.
A number of our participating general insurance brands are arranged by Auto & General Services Pty Ltd ACN 003 617 909 on behalf of Auto & General Insurance Company Limited 111 586 353, both of which are related entities of iSelect Limited. Our relationship with those companies does not impact the integrity of our comparison service. Click here to view iSelect’s range of providers.
Any advice provided by iSelect is of a general nature and does not take into account your objectives, financial situation or needs. You need to consider the appropriateness of any information or general advice iSelect gives you, having regard to your personal situation, before acting on iSelect’s advice or purchasing any policy. You should consider iSelect’s Financial Services Guide which provides information about our services and your rights as a client of iSelect. iSelect receives commission for each policy sold that is a percentage of the premium or a flat fee. Ask us for more details before we provide you with any services.