Have You Got Enough Home And Contents Cover?

Do you have enough coverage for your home and contents?

When was the last time you really looked at the cost of replacing your home and contents?

Have you simply just renewed your insurance year after year?

Under insuring might not seem like an issue if you only need to replace a stolen laptop or tv, but it could be a big problem if you need to rebuild your home from the ground up. If you are not fully covered, you may end up with a shortfall at a time when you can least afford it.

Some common causes for underinsurance

Guessing how much it would cost to repair, rebuild or replace property and contents – our top tip to prevent this is to use a building insurance calculator and a contents insurance calculator which can be found online at www.insurancecouncil.com.au

Not accounting for upgrades to your home and belongings – Many people invest in renovations, new furniture, and upgraded appliances. However, it’s common to forget to update your insurance following upgrades to home or contents, causing big problems if you need to make a major claim.

Increased building costs – this may be caused by the need to meet updated building codes, building on difficult sites, or rising labour and materials costs.

Not accounting for all your assets – you probably own a lot more than you realise. What about the contents of your garden shed like the lawnmower and your tools? Even something as simple as a full wardrobe could cost a lot more than you think to replace as new.

Now might be the right time to review your insurance coverage and ensure you have enough cover. And if you’re keen for a quote, contact our team today who can point you in the right direction.

*Sources: insurancecouncil.com.au/resource/know-your-worth-and-avoid-underinsurance/