Home & Contents Insurance Hot Tips
· Avoid automatically renewing your policy. Get alternative quotes (including one from your current insurer) use our quoting portal: https://bob.ensurance.com.au/Proposal/New/3/Agent/YOURCHOICE
· Consider a security upgrade and have deadlocks on your doors and windows to get a lower premium.
· Policies by different insurers vary widely in terms of what they cover. It is a great idea to check whether your policy includes: Accidental or Smoke damage, Renovation, Replacement locks if you lose your keys and Flood & Earthquake
· Check what is counted as included and what counts at optional cover. Some policies allow you to buy extra cover for an additional amount to cover elements like burnout of electrical motors, flood or pet cover.
· Think twice before you claim because claims, big or small all affect your future insurance quotes. In some cases it doesn't matter if you claim for $1000 or $100,000 - your premium will still rise by 10% or more.
· Don’t underinsure - eg, if it would cost $300,000 to rebuild, but you've only insured it for $200,000, or 75% of its value - then your insurer can apply averaging to any partial claim. This means that if your $30,000 kitchen suffers from fire damage, your claim will be averaged at 75%, and your payout will only be $7.5K short!
· Many insurers won't cover events which occur is your home is unoccupied for more than 60 days. Make sure you have the right cover if you have extended time away from home.
· If you're an investor, make sure you have Landlord insurance which is more than straight home insurance minus the contents cover as it also protects you from a range of extras relating to lost rent or troublesome tenants.
· Make sure your home is appropriately maintained as most insurers as leaky roofs are a common cause for claims being declined.
· Consider what valuables you have in outside – as the contents of your patio or garden shed may not be covered. might not be covered for theft or storm damage.
· Beware of definitions of water damage. Read the fine print for home and contents insurance. Premiums are very expensive for flood-prone areas as insurers often know more than you do about the risks to your intended home. Check with the local authorities if you are unsure
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