Think you've got enough cover on your home?
We hate to be the bearers of bad news but according to the Insurance Council of Australia, 83% of Aussies don't have enough insurance cover for their combined home and contents. This is known as underinsurance and it can be almost as bad as not having insurance at all.
Let's say your home and everything in it was worth $2 million and a fire destroyed it all. Having your stuff insured for half that would help, but you'd still be reeling.
Here are some tips to help you avoid this fate:
- Do the maths. Be as detailed as possible in your calculations. There are plenty of online calculators to help you.
- Don't cut corners. Don't insure something important for lower than what it's worth, and don't pass on extras you know you might need (like flood cover when you're on a flood plain). You might save a few bucks on your premium but find yourself on the hook for thousands if you ever need to claim.
- Details, details, details. Sometimes the devil is in the detail. For example, your contents protection might give you $50,000 worth of cover but cap your payout at $2,000 per item. If your $10,000 wedding ring gets stolen, a $2,000 payout probably won't cheer you up much. In this instance, you'd need to declare the ring separately.
- Review early, review often. There's a good chance the value of your stuff will change over time. Property values never stay the same, and you'll always be bringing new gadgets into your house. If the value of everything changes, adjust your cover as necessary.
You pay nothing. Finder is free to use. And you pay the same as going direct. No markups, no hidden fees.
You save time. We spend 100s of hours researching home insurance so you can sort the gold from the junk faster.
You can trust us. We say it like it is. We aren't owned by an insurer and our opinions are our own.
Can I get home and contents insurance if the current policy has lapsed more than 30 days?
Hi Anna, You’ll be able to apply for cover even if your current policy has lapsed, but you won’t be covered until you’ve paid for the new policy.
I live in an over 50’s village where most of the homes outside walls are NRG Greenboard. I cannot find an Insurance Co. that will insure my home.
Can you advise me of any one who will.
Hi Lorraine, This is a complex one and you might need to speak to a broker. You should also check with village management, as insurance responsibilities may vary depending on the kind of ownership structure involved. Good luck with your search!
My daughter is POA for her brother whose house needs insurance. Can you please advise if this is enough authority for her to act on his behalf. Thank you.
Hi Jane,
It depends on the specific terms of the POA document. It must specifically grant your daughter the authority to manage his financial and property affairs, including the power to purchase insurance on his behalf. Your best bet is to contact an insurer directly to see what your options are. Best of luck!
i want home contents insurance for a $213000 cover $200 excess villa north nowra nsw 2541no prior claims
Hi Garry,
You’ll need to collect some quotes to see which providers can offer you cover and what policy best suits your needs. Have a look through the different features and once you’re ready, click ‘Get Quote’. You’ll be prompted to answer some questions on the provider’s site and then you’ll get a quote.
Hope this helps.
Who covers home and contents landslip insurance
Hi Monique, Unfortunately, most insurers won’t cover damage as a result of a landslip.