An RACQ report has revealed the scale of home and contents underinsurance in Queensland.

The Household Cover Index shows 10.8% of Queenslanders have no home insurance and 7.3% have reduced their level of cover in the past year.

Almost 35% are without contents insurance, with 8.5% dialling down their cover.

The study also finds 9.4% of householders don’t think they have sufficient cover to completely rebuild their home in the event of a total loss, and 15.8% say they don’t have enough contents cover.

“Nearly half of those surveyed (43%) hadn’t checked their level of home insurance over the past year and well over one-third (39%) hadn’t done so with contents,” said RACQ Executive Manager Insurance Communications Mike Sopinski.