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Friday, August 25, 2023

Is your home underinsured?

Have you considered the replacement value of your home, and what this would mean to re-build in the current construction climate?

Underinsurance refers to your home and contents policy that is less than the rebuild or replacement cost of your property.

The Australian Securities and Investments Commission (ASIC) states that up to 80 percent of homeowners are underinsured.

“Underinsurance is a major problem in Australia, particularly given the prevalence of natural disasters,” says Kirsty Hayes Head of Home & Business Insurance at RACV.

In the event of natural disaster, resulting in loss of your home, inadequate insurance for the replacement of the entirety of your home and contents will mean only a fraction of your re-build costs would be covered.

One of the most common reasons people become underinsured is a result of guessing the costs associated with refurbishing their home. It is highly recommended you engage a professional such as a builder or valuer to provide you with an accurate sum.

You may have adequately insured your home when you first moved in and are relying on CPI indexation increase being applied to your policy, however this may not accurately reflect your current re-build value.

In the event you find yourself having to re-build, do not add to an already stressful time. Check your policy today.

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