Are you properly insured?

In a world of unpredictable weather and unforeseen accidents, having the right level of insurance coverage is crucial for protection and peace of mind.

On 24 January 2024, the Insurance Council of Australia advised over 79,000 insurance claims had been lodged following the severe weather events that impacted Queensland, New South Wales and Victoria in December 2023 and January 2024. These weather events serve as a stark reminder to ensure our assets are properly covered.

In June 2023, CHOICE conducted a nationally representative survey of home and contents insurance policyholders. The report mentions that two in five (39%) of policyholders reported that their home had been impacted by an extreme weather event in the past five years, and a staggering 32% of respondents who had been affected by bushfire did not have enough insurance to cover all their costs.

The risk of not enough

You've worked hard to buy some of your biggest assets, but do you have the right cover to protect them? Under-insurance can lead to heartbreak. In the event of a disaster, such as a fire or flood, insufficient coverage can leave you with substantial out-of-pocket expenses, potentially leading to financial hardship, or the inability to rebuild your home and replace your contents. This is why it's crucial to consider your coverage.   

To help get you started, we've put together some tips and tricks that may help you navigate your insurance, and safeguard your valuable possessions. 

Finding that sweet spot

Regularly reviewing your policy can help ensure your coverage meets your needs, without being excessive. To help you assess your coverage requirements, take a look at the tips below: 

• Use the online home and contents calculators to help guide you with deciding your coverage amount.

• Consider getting your jewellery and antiques valued.

• Start a contents inventory. You'd be surprised how fast your assets add up.

• Our contents insurance provides new-for-old replacement, so keep that in mind. As an example, if your ten year old discontinued couch needed to be replaced, it would be replaced with today’s equivalent.

• Consider if you need additional coverage, such as Accidental Damage or Portable Items.

• Read your Product Disclosure Statement to understand what your policy does and doesn't cover.

• Check your renewal documents to ensure the information is accurate and your sum insured is correct.

We're here for you

We urge all insurance members to check their policies regularly, and ensure their cover is appropriate to their needs. To make any changes to your policy, including adjusting your sum insured, phone us on 13 27 22 or pop in and see us at one of our branches.