Federal Treasury has released the last submissions on key facts sheets (KFS) for people buying home building and/or contents insurance.

The 10 submissions received contain the views of the Insurance Council of Australia, the Consumer Action Law Centre, Assetinsure, BT Financial Group, the Financial Ombudsman Service, the National Insurance Brokers Association, RACQ Insurance, Suncorp and two individuals.

Most of the submissions say the KFS should be regarded a document setting out information that consumers should consider before deciding to buy insurance.

Some insurers feel the wording, format and content of the sheets need more attention, and call for further consumer testing.

They say more clarity is needed around the “what is covered” and “what is not covered” sections.

“Robust guidelines” are also called for, and the insurers have concerns regarding the practical challenges involved in including all the exclusions in the “what is not covered” section.

They say more clarity on accountability for compliance is also necessary.

BT suggests policies should be classified into three broad types – sum insured, sum insured plus margin and total replacement.

RACQ Insurance says consumers often assume their home insurance policies operate in a similar way to motor vehicle policies, which can create confusion around the scope of cover provided.