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Is your Home & Contents Under-Insured? #Sponsored

Is your Home & Contents Under-Insured? #Sponsored

Your home is your sanctuary, your safe haven and the place that harbours so many memories.

So why are there so many Aussies without Home and Contents insurance?

New research by comparison service, iSelect[1], found that 36% of Aussies surveyed do not have Home and/or Contents insurance.

Or of those that do have a policy, a quarter say they aren’t or don’t know if they’re adequately insured.

That’s a lot of people risking being left thousands of dollars out-of-pocket for potential theft or damage to their property, and belongings that may have been able to be covered by insurance.

So, what Exactly can Home & Contents Insurance Cover?                             

Home and Contents Insurance is a combined policy, with Home Insurance helping cover the cost to repair damage to your home after an insured event, and Contents insurance providing cover for certain possessions, including clothes, furniture, and appliances.

Depending on your policy, Home and Contents Insurance may help to cover the repair or rebuild of your home, as well the replacement costs of insured possessions.

A suitable policy may give you peace of mind that your home and valuables are covered in the event of theft or damage such as storms, floods or fire.

Don’t get Caught out Under-Insured.

If you already have Home and Contents insurance, it can be important that you regularly review your policy to help avoid higher out-of-pocket expenses should you need to make a claim.   

A few ways you can try to avoid under-insuring your home include:

Don’t Assume

Make sure you’re aware of exactly what you are and aren’t covered for. Don’t just assume you’re covered for all insurance events.

For example, some people may assume they’re automatically covered in the event of a bushfire however, this can depend on your location and policy type.

It’s always best to check if you’re not sure.  

Add new Purchases to your Policy

Perhaps since taking out your original policy you’ve renovated your home or invested in a new entertainment system or expensive art.

Consider updating your policy as your circumstances change.

Review the Estimated Value of your Home and Contents

It’s important to ensure that the estimate to replace your home and belongings is accurate.

If you’re confused about how to calculate the cost of your home and contents, a comparison service like iSelect can assist you by comparing a range of insurers, helping to estimate the cost of your home and contents and selecting a suitable policy for you.

You could also start by using the Sum Insured Home Content Calculator powered by iSelect to help you estimate the replacement cost of your home and contents.

If the unexpected was to strike and you weren’t covered for the true value of your home, you could face higher out-of-pocket expenses at claim time.

So, if it’s been a while since you last checked your policy, now could be the perfect time to compare your home and contents insurance policy* to ensure you’re covered.

iSelect Home & Contents disclaimer

*iSelect General Pty Ltd ABN 90 131 798 126, AFS Licence Number 334115. iSelect does not compare all home and contents insurers in the market. The availability of policies may change from time to time. Not all policies made available from iSelect’s providers are compared by iSelect and due to commercial arrangements, area or availability, not all policies compared by iSelect will be available to all customers. Some policies are only available from iSelect’s call centre or online. We receive a commission for each policy sold through iSelect.

Any advice provided by iSelect on this website is of a general nature and does not take into account your objectives, financial situation or needs. You need to consider the appropriateness of any information or general advice iSelect gives you, having regard to your personal situation, before acting on iSelect’s advice or purchasing any policy. You should consider iSelect’s Financial Services Guide which provides information about our services and your rights as a client of iSelect. iSelect receives commission for each policy sold

Click here to view iSelect’s range of providers.

[1] Source: iSelect commissioned YouGov to conduct a national online survey between 4th and 7th November 2021. The sample is n=1,028 Australians 18+ years, with data weighted to represent the population by age, state and gender, and is representative of all Australian adults 18+

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