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Aussie Home Inventories specialises in helping you to optimise your insurance, realising and minimising any under-insurance.
The Insurance Council Of Australia [ICA] reports that around 35% of all content cover is under-insured!
A common insurance policy in Australia offers ‘New For Old’. Your property & contents will be covered for a replacement item of similar type. Typically but not always, this replacement cost is higher than the original cost. This means that throughout the year the cost of contents should be addressed in respect to current costs of replacement. In the average household this does not always happen. Along with the rise in cost of existing contents, is the additional cost of new purchases which also need to be added to the policy. The insurance policy premium is often paid with no additional premium rise, relating to either of these rising costs of replacement. Your policy needs to specify values at TODAY’S prices, otherwise you could find yourself under-insured with it being difficult to replace all of the contents. It is sad that most people have insufficient insurance cover and are unaware of this fact!
Some items in the home may not be automatically covered under the main section of the policy ‘general effects’ whilst in the home, or indeed not covered whilst out of the home and may have limits on the sum insured. It is important that these contents are included into the policy, under such optional cover as ‘personal effects’ & ‘specified effects’ to reduce the risk. Items such as,
Jewellery, Antiques & Heirlooms, Paintings, Collections, Bicycles, Sports Equipment, Tools Of Trade, Carpets & Rugs, Works Of Art, Stamps & Sculptures, CD / DVD, Memorabilia, Certain Electronic Items
A home office will need separate business insurance. Please read your insurance companies Product Disclosure Statement [PDS] for more information on your optional covers. Please read our Insurance Cover Guide [PDF ]
The following data is sourced from the Insurance Council of Australia [ICA], Australia Bureau of Statistics [ABS], the Rural Fire Service [RFS], Australian Securities & Investments Commission [ASIC], Database - Australian Government Emergency Management Australia [EMA]
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