2. 10 TIPS TO AVOID UNDERINSURANCE IN YOUR HOME 0400 840
397
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. 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. 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. 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. Its NOW time to REVIEW your Insurance!! 0400 840 397