According to Understand Home Insurance Research Report August 2014, more than 80% of Australians are underinsured for their home and contents. This means, in the unfortunate event due to a flood or fire, you may risk losing everything and the amount of cover you have might not be sufficient to replace your valuable assets.
Imagine if you are underinsured, you might experience significant financial loss when making a claim in the event of a loss or damage. Reason being, the amount you need to replace what you have lost will exceed the amount your insurer can pay out.
Here are some top tips to minimise the risk of underinsurance:
• Ensure that you have read and fully understand your Product Disclosure Statement (PDS) and policy documents.
• Carefully identify the types of risks you are exposed to, the chances of these risks happening, and their potential impact.
• Review the building costs of your property. You would be surprised at how much prices can increase, even in a short period of time. Replacing the items in your home might cost more than you think.
• List down your expensive items separately on your contents policy (in order to be insured for their correct value)
• Compare the total amount with your sum insured to see if there are any shortage when you go through the items in your home.
• Find out the cost of rebuilding or renovating your property through a valuer.
It’s important you take the time to ensure you are adequately covered and knowing what’s covered means you know where you stand in the event of a catastrophe.
Our aim is to help and support you in the event of an unexpected situation. We know that having that extra layer of protection for your home and personal belongings will ensure your peace of mind. Our brokers have the experience to guide you through the available options on home & contents insurance.
Learn how you can keep your business safe, secure, and protected. Take the time to talk to us, you’ll be glad you did:
P: 1800 809 132
*Please note all insurance policies have exclusions. Please refer to the Product Disclosure Statement or Policy Wording before deciding whether the insurance policy meets your needs.