Insurance, like superannuation is one of those things that most of us set and forget. However, updating your insurance or getting it checked annually by an insurance expert could save you a lot of financial stress if you are underinsured at the time of claim.
Some scary stats:
- 8 in 10 homeowners and renters are underinsured for their home and contents.
- 1 in 3 householders risk underinsurance by not updating their contents after buying new possessions or after renovation of their homes.
- 83% of home owners say they could not resume their same standard of living if their property is badly or destroyed because they don’t have enough insurance
Source: 2013 Quantium Market Research
Why do you need to think about updating your insurance?
Many of us when buying or renting a new property get home and contents insurance, but never change the insurance cover amount as we improve our lifestyle.
Think back to the contents you had when you moved into your last home, and then think about what you have now. It’s almost guaranteed that at minimum you have a better TV, or perhaps you’ve installed a new bathroom, kitchen, flooring or carpets since then. Most of us upgrade our couches every 5 years or so, and many more upgrade blinds, shutters and curtains, or rugs around the same time.
Now, think about the things you like to buy – perhaps that’s artwork, jewellery, games consoles, gadgets, shoes or handbags, ornaments, sports memorabilia or antiques. Then think about your clothes, and then everyone else who lives in your house and their clothes and belongings. Then perhaps think about that new fridge-freezer, oven or air-conditioning you installed since you moved in. Computers, phones, sound systems, lighting, laundry appliances, dishwashers, beds, mattresses, and other furniture.
Really think about it.
Now go and look at your home and content’s insurance – could you realistically replace all of your belongings that I’ve mentioned above, AND all your appliances, kitchen and bathroom units for what you’re insured for, plus build a brand-new house from scratch (if they are bundled together)? I bet many of you are thinking, hell no!!
In the same breath, let’s be honest, there are very few people who think “oh I just replaced my carpets – I better tell my insurer”, because who’s got time for that!
Get the right Insurance Professional to do the leg work
Even after I've got you thinking about those things, I bet very few of you are actually going to look at your policy, and although you’re a bit alarmed at the thought of having to replace your Nick Scali sofa with an Ikea sofa-bed for $200, there’s likely a voice in the back of your head saying “the chances of something happening are so slim I’ll think about that another day”.
Well, fear not! ShireWomen Business Member Peter Jamieson from Elders Insurance Sutherland actually LOVES reviewing your insurance to make sure that you are adequately insured and have the right coverage in place.. Peter is a true Shire local who personalises insurances to tailor to your specific needs. So why not deal with a local!
Unlike most insurance people you may have dealt with, Peter will tell you like it is, and will even tell you to stay with your current insurer if the policy you currently have is best. And the best part of all, if you switch your insurance to Elders and need go on a monthly payment plan, Elders Insurance does not charge you extra to pay by the month like most other insurers. Your home insurance cost can then be spread over the year to assist in managing your household expenditure.
Ask yourself the following questions:
- If my home burnt to the ground due to fire event, do I have enough insurance cover to rebuild and refurnish my home?
- Have you renovated your home in the last few years and not re-evaluated your insurance cover?
- Have you updated your furniture and electrical items in the last few years?
Why not take the stress out of your insurance management and email your current policy to Peter, and he’ll provide you with advice and options should you need it.
Don’t just renew your policy or wait until it comes due, review it today and contact Peter Jamieson at Elders Insurance Sutherland for a health check and review.
You can read Peter Jamieson’s Members Profile by clicking here, and you can email him directly at this address Peter.Jamieson@elders.com.au
ShireWomen Member Discount:
Get up to 20% off our normal home and contents rates if you mention you are a member of ShireWomen or this article. * minimum premiums do apply.
Peter offers insurance in the following areas:
• Business Insurance
• Liability Insurances
• Commercial Property
• Commercial Motor & Fleet Insurance
• Personal Motor Insurance
• Home & Contents & Valuables Insurance
• Landlord Insurance
• Travel Insurance
• CTP Greenslip
• Farm Insurance