Insurance is one of those weird products that we only think about once a year at renewal time. For the rest of the year, most of us put it out of our minds and it doesn’t figure as part of our day-to-day.
All this can change in an instant though – when you need it, it becomes invaluable.
For most of our customers, the mortgage for the family home is by far the largest debt in the household. And without insurance, if something were to happen to your home, you’d be left with the unenviable situation of meeting your mortgage commitments without so much as a roof over your head.
In order to make sure you’ve got the cover you need, it can help to think of your Home and Contents insurance separately.
If you were forced to rebuild your home, there’d be more to it than just throwing together some bricks and mortar, right? There would be all sorts of associated costs that you may not initially think about.
Plus, with so many of us picking up the toolbelt or the shovel these days and getting stuck into all sorts of renovation projects, the amount we had our home insured for last year may actually be different to this year.
A great way to get a proper idea of the right level of home insurance for your situation is to take advantage of an online calculator. The Greater’s insurance partner, Allianz, offers an easy to use calculator which asks a few simple questions to provide you with a considered quote.
The calculator takes multiple factors into account, such as location, age, level of construction to show you the amount you should be insured for. This tool is a great, quick way to review your current Home Insurance amount, and decide if you need to increase your cover amount.
Contents Insurance can be a bit more difficult to keep track of than Home Insurance. This is because we update the contents of our home much more frequently than we do the actual building itself.
With the amount of items we keep under our roof, it can be hard to keep track of everything, but it’s not a bad idea to maintain a register of your main ‘big-ticket’ items. These are the things that you would definitely need to replace should something happen to them – your furniture, your major appliances, keepsakes, jewellery, etc. estimate how much it would cost you to replace each of these items, and make sure you update the list when a new purchase is made – for example: ditching your old rear projection telly for a brand new LED flatscreen.
Once you’ve compiled your list, it’s a good idea to compare the estimated replacement total with the amount you’re currently insured for. If the two figures seem fastly different, you may want to re-evaluate your contents cover. An easy way to check how much contents cover you need is by taking advantage of an online Contents Calculator, like the one offered by Allianz.
If you’ve reviewed your Home and Insurance recently and aren’t sure you’ve covered yourself enough, or you just want to speak to an Insurance specialist, get in touch with The Greater today.
We’ve partnered with Allianz, the Australian Large general insurance Company of the Year for 2014, to provide our customers industry leading cover for their home, contents, car, investment property, boat, caravan and so much more.
You can get a quote online, or give one of our Insurance specialists a call on 1300 550 855.