CHECK YOUR HOME INSURANCE

In recent years in Australia, we've seen significant increases in construction costs across the country.   However, many home owners may not have yet increased their insurance cover in line with the rise in these costs, thereby leaving themselves vulnerable in the event of a fire, accident or natural disaster.  In addition, many home owners are unaware of just what their insurance policy covers. 

Some standard home insurance policies cover a property for an agreed replacement cost, not the cost of replacing your home at today's prices, which may leave an unexpected shortfall in the amount your home is insured for, and its actual replacement cost.

In addition, some policies will not automatically cover you against natural disasters such as flood, hail damage and bushfires, or if you live in an area of the country regarded as at-risk to bushfire.

There is no excuse for having inadequate property insurance.  Many people claim their property is under insured because they either don't have time to update their policy or they were not aware that they needed to amend their policy.

If you're unsure of what your insurance policy covers, read it.

If you're still confused, take five minutes to contact your insurance company and ask them exactly what your policy covers.  This is especially important if you are going away over the holidays leaving your home empty and vulnerable.

Five minutes of your time on the phone could potentially save you thousands of dollars in the future.  It is always better to be safe than sorry.

(Information courtesy of Quartile Research)

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