Are You Under-Insured?
11th December 2017
Many homeowners within Australia have under-insured their property and their contents, are you one of them?
Karl Sullivan, General Manager Risk at the Insurance Council of Australia provided a report to the NSW/ACT Chapter Meeting in Sydney this month and revealed that it is very common for homeowners to undervalue their home and contents during the insurance process and suffer when they have to make a claim after a disaster event.
Being under-insured can occur for a number of reasons including being unaware of the real value of your contents and what they would realistically cost to replace, not updating the value of your property as the market moves and being unaware of changes to rebuilding requirements in areas such as high-bushfire risk zones.
While the issue is very common and can be difficult to overcome when faced, it can be easily rectified before the fact simply by informing yourself of the details of your existing policy.
Insurance Council of Australia has a wealth of information available at understandinsurance.com.au, which includes insurance calculators and tools, case studies and extensive material with the aim of helping you understand your insurance policies clearly and avoid underinsurance.