Our Partnerships Manager Steve Goverd offers some timely advice as new research reveals the majority of Australians don’t have the right insurance.
A survey released today has revealed that more than four in five Australians are putting their home and assets at risk simply by not having enough insurance cover.
On top of this, 23 per cent of all homeowners and renters have no conetnts insurance whatsoever.
These figures are scary, and they point to a basic lack of consumer understanding around Insurance.
The research forms a key part of Understand Insurance, which is an initiative from the Insurance Council of Australia designed to help us make better decisions by demystifying insurance products and processes.
The survey revealed other key findings, such as
- Forty per cent of homeowners rely on their own estimates when working out the replacement cost of their homes, and 68 per cent make their own assessment of their contents, rather than seek a professional valuation
- One in four Australians are unsure what is covered by their home and contents insurance policy
- Close to half (48 per cent) don’t consider exclusions when selecting their building or contents policy
- Forty four per cent admit to not reading their insurance policy in detail
- Thirty nine per cent do not update their insurance when they buy a new asset
- One in 25 homeowners do not have building insurance.
Take a moment and read these facts again and consider how your own current level of insurance stacks up. Do you fit into one of these groups? Perhaps more than one?
Insurance is something we all need to protect our assets, and a little effort now to make sure you have the right cover could save you a lot of time and money in that event that you need to make a claim in the future.
Some important things you should consider when purchasing insurance include:
- Get the right help: Take the time to speak to your insurer and give them a full understanding of your circumstances so they can discuss the most appropriate product for you.
- Get the right insurer: Consider the strength of your insurer when making policy decisions. The Greater have partnered with Allianz, one of Australia’s most trusted and established insurance providers to give our customers peace of mind.
- Review your insurance regularly: Changes to your home and contents will have an effect on the level of insurance cover you need. Every six to twelve months, take in inventory and contact your insurer to ensure you aren’t left vulnerable.
As part of Understand Insurance, ICA have launched a website designed to help consumers through the process of buying general insurance, finding the right policy, ensuring they have the right coverage and making a claim. Visit the website at www.understandinsurance.com.au
The Greater offers a range of insurance products to suit your circumstances, and our friendly staff are able to answer any questions you may have to ensure you get the cover that’s right for you. You can compare products by calling into your local branch, by giving us a call on 1300 550 855 or visiting us at www.greater.com.au