Hi. I’ve recently purchased and renovated an apartment and want to get home contents insurance and unsure how much to get. The renovation was fairly high end as it’s my forever home. All the internal walls were removed and mostly replaced with joinery, oak flooring and false ceiling was put in, a lot of electrical work, bathrooms and kitchen renovated — around 500k. Does contents insurance generally cover these kinds of fixtures and fittings or just furniture, appliances, objects etc? (The woman at AAMI was very unsure!)

Does it make sense to insure for replacement value (in case the whole flat burns down) or just enough to cover for ‘f*ck ups’, like my son turning on the bath and then going out the front door, or the dishwasher leaking and destroying the floor?

The building structure is covered by strata. AAMI say the most they’ll insure contents for is $499,999 which makes me think I’m taking the wrong approach wanting to insure eveything. What do people do who have very high end renovations or an art collection etc? (Def not me!)

Thanks in advance! 🙏