Questions For Your Insurance Supplier
At Aussie Home Inventories we encourage you to give your insurance supplier a call today, if after reading the questions you feel you have unanswered questions. Get the answers you deserve, when you are concerned about making sure your cover is correct and there is no risk of under-insurance!
Find out what answers, your insurance supplier has to the following questions:
At present, is there a possibility I may be under-insured, with my property and contents cover?
What happens if I am found to be under-insured, when I make a claim on property, after suffering a loss?
What happens if I am found to be under-insured, when I make a claim on contents, after suffering a loss?
What proof of ownership do you require after a loss, to fulfill the claims process?
How can I be 100% sure, there is NO Under-Insurance on my property and contents cover. What would you recommend I do to find out?
I have been hearing about the alarming cases of under-insurance in Australia and also in other areas of the world, from the media. What are you doing to create more awareness, of the fact that under-insurance is still a problem in Australia?
What information can you forward to me, to assist me in knowing if my insurance cover is correct and I am not one of the under-insured?
Why do you not remind me at renewal time, for a list of new purchases throughout the year?
Do I need to let you know of new home decorations / renovations and if so when?
Could you explain to me, how the increase in total premium is worked out for property and contents?
What procedure have you in place to make sure my insurance cover is correct at all times?
I have a professional inventory of my property and contents, that is up to date. I have been told this will help in the chances of theft recovery and the processing of insurance claims. Since this will save you time and money as well, what discount on my premium are you offering. I would have thought 10% would be a good start. I can easily forward a copy of the inventory to you, if you so wish?
I have read about recording my property and contents in the Product Disclosure Statement [PDS]. Do you know of any Home Inventory Service able to take the inventory for me, as I do not have time, skills or equipment?
I have just visited a major insurance website and read the following:
"A detailed Home Contents Inventory could make your insurance claim much quicker and easier, thus getting you back on track sooner. Plus, you can store other important information, images and documents, like a copy of your passport or wills, certificates and qualifications. You must give us the evidence of value and ownership of lost, stolen or damaged goods or property, especially for articles such as: jewellery, artwork and collections - you should keep your purchase record and valuation certificates which shows the value of the item as well as highlighting proof of ownership. Hand woven rugs, and the price of recently purchased items such as stereos, TVs, cameras, computers, listed content items or specified effects, if we ask for this, you should keep a copy of the receipt or purchase records and warranties may also be handy" Source GIO website.
How come I have not received any information on Home Inventory Services in Australia? Are you really asking me to take the inventory myself? I do not have the time nor skills. As it seems I do not have the required information or documentation, what would happen if I had a major loss tomorrow? How can you help me in addressing this issue?
All of the above are excellent questions, of which it would pay to know the answers to. The consequences of discovering under-insurance is still a major problem for many homeowners.
Do You Know If Your Insurance Company Is Trying Their BEST To Find Out If You Are Under-Insured, SAVING You Money Over Time?
Would it not pay for one of the large insurance suppliers to set a new benchmark and give discounts on all new, or renewed policies that have a up to date accurate Home Inventory. An inventory that they sight before approval of the insurance cover! When kept up to date the inventory would be proving correct cover at all times, giving total peace of mind! Ring your insurance supplier and ask why and when this will happen?
Also ask yourself these questions and if so make amends to your current actions:
When you purchase household goods, add renovations / decorate or throw home contents away throughout the year, do you keep a tally of the costs involved, so you can correct your cover?
Are you aware of the severity of under-insurance problem in Australia or your local area? If not why not?
Has your insurance supplier made you aware that you may be under-insured? If so what have you done so far, to investigate and correct the problem?
If you suspect you may be under-insured, how & when are you going to address the issue?
If you were to suffer a 100% loss and you were only 65% covered, could you replace the missing 35%?
Where you have corrected past under-insurance, have you managed to keep your cover correct and do you have an up to date home inventory of your property and contents?
If you have no documentation of your property and contents, when are you going to take inventory? Would you create an inventory after a total loss?
If you have a home inventory, is it stored in a safe place out of your home, or in a fire safe? Make sure it is not on your home PC!
