· 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
This information is current as at 05/01/2017 This article has been prepared by Heart1Stop, a social media brand owned by Heart Mortgage Services and Heart Financial Advisers. The information contained in this article is an overview or summary only and it should not be considered a comprehensive statement on any matter nor relied upon as such. The views expressed here are not those of Heart1stop, Heart Mortgage Services, Heart Financial Advisers, shareholders, directors or staff and associated contractors and business associates. This article has been prepared without taking into account any person’s objectives, financial situation or needs. Because of this, you should, before acting on any information contained in this article, consider its appropriateness, having regard to your objectives, financial situation or needs. Any taxation information contained in this article is a general statement and should only be used as a guide. It does not constitute taxation advice and is based on current laws and their interpretation. Each individual’s situation may differ, and you should seek independent professional taxation advice on any taxation matters. While the information contained in this article may contain or be based on information obtained from sources believed to be reliable, it may not have been independently verified. Where information contained in this publication contains material provided directly by third parties it is given in good faith and has been derived from sources believed to be accurate at its issue date. It is not the intention of Heart1Stop or Heart Mortgage Services and Heart Financial Advisers that this publication be used as the primary source of readers’ information but as an adjunct to their own resources and training. To the maximum extent permitted by law: no guarantee, representation or warranty is given that any information or advice in this publication is complete, accurate, up to date or fit for any purpose; and no party of Heart1Stop or associated entities as mentioned is in any way liable to you (including for negligence) in respect of any reliance upon such information. This article may also contain links to websites operated by third parties ("Third Parties") who are not related to Heart1Stop. These links are provided for convenience only and do not represent any endorsement or approval by us.