Have you got your Personal Insurances in check?May 18, 2021
Have you got your Personal Insurances in check?
In this busy world we live in, it is so easy to just accept your house insurance renewal and make payment without taking the time to read it, let alone review it.
Insurance is peace of mind that should the worst occur, you are protected, and your policy will look after you. So, it is important you take the time to review your cover and if need be, contact us to discuss your situation.
Some of the things you may need to consider –
Is your Building Sum Insured adequate to allow for a total rebuild of your house in your area?
Insurance Companies offer renewal yearly, generally with a small percentage increase of sums insured to account for inflation. Every property is unique and your Insurer may not understand the needs for your particular area or property. Eg They do not necessarily know the costs of rebuilding after a home insurance claim in Geelong or Werribee , if you are on a steeper than normal block, or whether you have done additions or renovations to your property . It is up to you to make sure your sum insured is adequate to replace your property.
The good news is we have a tool available to help you establish your sum insured.
Is your home near any bushland and will it be subject to new bushfire re- building codes?
The Bushfire Attack Level (BAL) system has been introduced for homes in bushfire prone areas. This is a measure of the level of the potential exposure to ember attack, radiant heat and direct flame contact by a building.
BAL establishes the requirements to construct a bushfire resilient building and it also sets out the materials and measures that must be considered when building or re building in a bushfire area.
If you live in a bushfire prone area it may now cost significantly more to rebuild your home.
We recommend you assess your BAL and also investigate the current building standards from your local building authority. You should then review your insurance building sum insured and increase it accordingly.
Have you bought any new items that need to be covered and are they automatically covered or should they be specified?
The Contents sum insured you elected years ago may no longer be adequate. You may have since bought more furniture and electronics, jewellery or sports gear.
Insurance policies have limits on some items and it would be worth asking one of our household insurance brokers to advise you of these. You don’t want any surprises at claim time.
Again the good news is there are tools available to help you
Home Contents Insurance Calculator
A few other things you should review –
Are you planning renovations to your property in the next 12 months?
If so, you need to contact our office and provide the details of the works. We may need to refer to your Insurer to ensure that your insurance is suitable for you.
Is your property going to be unoccupied for more than 90 days at a time?
If so, you need to contact our office so we can extend your cover.
Do you operate a business from your home?
If so, you need to contact us so we can review your insurance and advise if any alterations are required to your insurance program.
Is your home located on acres? Do you have farm animals or horses? Do you perform farming activities from your home?
Your current policy may not be suitable and you may need to take out a small farm policy. Please contact our office to discuss
Do you rent out any part of your house ?
Your current policy is most likely not suitable to cover this kind of activity. You need to contact our office if you are considering this and we can provide advice on how best to insure for this.