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Due to the increased frequency of natural disasters in Australia, house and contents insurance premiums have significantly increased. As a result, some homeowners may be inclined to under-insure or not insure their homes at all.
Your home may be your pride and joy, an asset with a big emotional attachment, but it is also usually the biggest financial commitment you will ever make.
It, therefore, makes sound financial sense to insure your home appropriately. Whether you are reviewing your current cover or insuring a new home, here are some tips to help you make the right decisions.
Determining the appropriate level of insurance is a relatively simple process:
Many insurance companies have contents checklists on their websites to help make this process easier.
Create a detailed contents checklist and record a video of your home and belongings to assist a claims assessor in case of damage or loss. Remember to update it regularly and after purchasing or replacing major items. Keep the checklist and video in a secure location, such as a fireproof safe or with a trusted friend or family member away from your home.
Make sure that you obtain a specialist valuation for any items of particular value so your insurance coverage can be adjusted accordingly.
Detailed below are some tips to assist you in getting the policy that perfectly suits your personal circumstances.
It is expected that damaging weather events will cost Australia $33 billion by 2050. Natural disasters such as bushfires, floods, and destructive storms are part of life in Australia:
Bushfires: Property losses are commonly experienced in most Australian states, typically between September and March. The direct cost of the 2019-20 bushfires has been estimated at over $4.4 billion.
Floods: Unprecedented wide-scale and repetitive flooding in recent years proves that no single area of Australia is totally safe from these disasters. The 2011 floods in Queensland which also affected New South Wales, still rank as one of the costliest disasters with the economic loss valued at $6 billion.
Cyclones and storms: Cyclones are common in northern Australia, especially between December and April, and over the decades have destroyed entire towns. However, in recent years, severe storms nationwide have caused damage on a more regular basis than cyclones.
If personally navigating your coverage options isn’t for you, ask for specialist help.
If your home is where the heart is, it’s crucial to protect it from potential harm.
The information contained on this website has been provided as general advice only. The contents have been prepared without taking account of your personal objectives, financial situation or needs. You should, before you make any decision regarding any information, strategies or products mentioned on this website, consult your own financial adviser to consider whether that is appropriate having regard to your own objectives, financial situation and needs.