April 26, 2024
Underinsurance on your Home & Contents and the Consequences.
As we watch the devastation across Queensland and New South Wales with these floods and crazy weather, we feel it is important for all of us to check-in and make sure we have an adequate sum insured for our home and contents insurance policies. Hence, in the event we suffer a total loss, we can actually replace our assets.
Underinsurance is everywhere we look now, especially since the dramatic increase cost of building supplies. What is the point in buying insurance if it will not be enough for you to rebuild?
It is vital now for you to know how much it will cost to rebuild your home should it burn down or be destroyed!
Looking at this after the loss is a waste of time, we strongly recommend you have your property evaluated now and your policy updated.
How to calculate the insured amount of my policy?
It’s always hard to know what that cost is right. Unless you are a builder working in current market conditions, it’s hard to know what that sum insured should be? So, we have a great tool that will help you with this.
The links below are indicative calculators for both Home and Contents to help you determine the adequate sum insured for your policy. As Brokers, we cannot advise you on what the sum insured should be as we are not qualified builders. Take the time to use these calculators, check your current policy and advise your Broker if you would like to make any changes to your policy.