1. 1. 0400 840 397
2. 2. 10 TIPS TO AVOID UNDERINSURANCE IN YOUR HOME 0400 840 397
3. 3. Underinsurance is when your elected Sum Insured you have for your home is not enough to cover the full replacement value of your home 0400 840 397
4. 4. 1. Identify the risks you are exposed to and the likelihood of those risks occurring and their impact 2. Building Standards and Replacement Building Cost continue to change and to rebuild to Australian Standards may also add to your overall costs after suffering loss or damage to your home. 3. Ask a Builder or Valuator how much it will cost to rebuild your home. It is suggested that if your Sum Insured covers 90% or less of the rebuilding cost then you are UNDERINSURED 4. Complete a room-by-room inventory of all the items in your home then adjust your sum insureds accordingly to avoid UNDERINSURANCE 0400 840 397
5. 5. 5. Demolition, Removal of Debris, Legal Fees and all Council Permits should also be calculated into your Home Sum Insured. 6. Update your insurance cover annually by reviewing all your Sum Insureds for BOTH your Home & Contents. 7. After a renovation ensure you adjust your Sum Insured amount to account for the addition to your home. 0400 840 397
6. 6. 8. Complete a room-by-room inventory of all the items in your home then adjust your sum insureds accordingly to avoid UNDERINSURANCE 9. Make sure you READ and UNDERSTAND your Product Disclosure Statement (PDS) as all policies are different. This is also apart of your obligation prior to accepting policy coverage. 10. Ask your BROKER to help you use an online Home & Contents Calculator to assist in giving an estimate as to how much coverage would be required. 0400 840 397
7. 7. Its NOW time to REVIEW your Insurance!! 0400 840 397
8. 8. RELIANCE PARTNERS HORSHAM 62 DARLOT STREET HORSHAM VIC 3400 0400 840 397 abbiewilson@reliancepartners.com.au