With this summer looking like it could be one of the highest risk bushfire seasons on record, now is a good time to make sure that you are adequately insured.
Savings & Loans’ Retail Sales Manager Matt Janssen said that while it’s important to have a bushfire plan in place and take appropriate measures to prepare your property, one of the commonly forgotten elements is reviewing your insurance cover.
“We recommend that everyone reviews their home and contents insurance at least once a year, and that’s even more important for people living in a bushfire risk area,” he said.
“Losing your home in a bushfire would be devastating, but to find out you aren’t adequately insured to cover the cost of rebuilding would be even more shattering.
“If you lose your home then the last thing you want to worry about is whether you have enough money to rebuild.
“Building costs are constantly increasing and home owners need to make sure that they’re completely covered should anything happen to their property. You need to remember that a house costs a lot more to build today than it might have 20 years ago.
“On top of this, a lot of us make improvements to our homes over the years but we don’t always update our insurance to take the changes into account.”
The Australian Securities and Investment Commission (ASIC) estimates that up to 81 per cent of people across Australia are underinsured by a level of 10 per cent or more.
“In many cases, underinsurance isn’t about a customer consciously undervaluing assets to keep insurance premiums low,” Mr Janssen said.
“It’s more often because they don’t know about the intricacies of how insurance works and what is covered in an insurance policy. And, sometimes, people don’t think about the changing value of their assets.
“That’s why it’s important to speak with an expert and make sure you’re getting good advice on the appropriate insurance cover for your situation.”
Savings & Loans operates in partnership with CGU Insurance, one of Australia’s biggest insurers.
To speak to an insurance expert and review your cover, drop into your nearest Savings & Loans branch or call 13 11 82.
