Underinsurance happens when you’ve taken out insufficient insurance to cover your costs when things go wrong.
The top 5 reasons you could be underinsured
- You’ve renewed your policy but haven’t reviewed the details of how your situation has changed over the past year.
- You’ve renovated or added features to your home.
- You’ve purchased large items, such as electronics or furniture.
- You’ve undervalued your home or contents.
- You’ve not fully considered the costs of rebuilding, demolition or removal of debris in today’s market
Many people fall into the trap of paying less to save money now at the expense of being caught short in the future.
When it comes to your home, being adequately insured is vital to your continuing to enjoy the same quality of life after an unforeseen event.
We recommend seeking guidance from a licensed valuer to provide an accurate replacement value for your home.
Contact our office today for a comprehensive review of your Home and Contents Insurance on 02 4932 4444 or email firstname.lastname@example.org