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Underinsurance on your Home & Contents and the Consequences

Contents Insurance Property Insurance Home Insurance

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.

Estimate the cost to rebuild your house

Estimate the cost to replace your home contents

home insurance contents insurance home and contents

General Advice Warning: This advice is general and does not take into account your objectives, financial situation or needs. You should consider whether the advice is appropriate for you and your personal circumstances. Before you make any decision about whether to acquire a certain product, you should obtain and read the relevant product disclosure statement.

All information above has been provided by the author.

Arma Insurance Brokers Hunter Valley, ABN 60 096 916 184, AFSL 233750

This article originally appeared on Arma Insurance Brokers Hunter Valley and has been published here with permission.