Author: Annette Sherman

Underinsured or overinsured? Have you got the right coverage for your home?

Our Maitland branch manager Annette Sherman gives her tips to save on home and contents insurance. 

Have you got the right insurance to properly protect your home and contents insurance if the unthinkable were to happen?

You have worked hard to create your home or apartment and the possessions inside it. We insure our health and cars but a number of people don’t insure their home or its contents. Insurance is a personal decision. A good question to ask yourself can you live without this item (your home or contents) if it were gone and could you afford to replace it?

For the people who have home and contents insurance, as many as four out of five Australian households (80%) are estimated to be under-insured by 10% or more against rebuilding costs (according to Allianz). The Insurance Council of Australia has estimated that 35% of all content cover is under-insured.

My tips for saving money on insurance?

1. If you are shopping around look for discounts and remember to compare "like" products. There are a number of insurance companies but remember your financial institution can also often provide you with discounted insurance. For example, people taking out The Greater's Ultimate Home Loan get discounted home and contents insurance. The cheapest product isn't always the best product because you aren't getting all the features. Check to make sure you are comparing like products when comparing premiums.

2. Look at the strength of the insurer, the claims they pay and how easy it is to claim. At The Greater we have teamed up with Allianz - one of Australia's largest general insurance companies. They provide insurance to more than two million people

3. Look for multi-policy discounts and what other benefits you will get with the insurance. Eg If you take out home AND contents insurance with The Greater you get a discount.

4. Make sure you are not over-insured or under-insured – either way you will pay. Regularly review your contents and your rebuilding costs and update your policy where appropriate. Maintaining an inventory of household items can assist if you need a claim.

5. You don’t need to wait until renewal time to switch. Many people think they have to wait until their renewal time to switch insurers – not so. If you see a better offer – grab it now

To get a great insurance policy and for your chance to win a $15,000 makeover, get a quote online or call into your nearest branch or phone 1300 550 855 today.


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