Home and Contents Insurance

Are you covered?

As a property owner you will no doubt have the above insurance in place. Plus, if you have a loan on your property, building insurance is mandatory.

But, do you have enough cover to fully replace your home and contents in case of fire or other disaster that totally destroys your home? Does your policy provide for the cost of renting for the time it takes to rebuild which could be 18 months or more?

I raise home and contents insurance as a business colleague of mine recently lost his house to fire. They’ve lost everything and given they’ve been there 30 years, its almost a lifetime of accumulated memories and belongings. Imagine the cost of replacing all your wordly goods when all you have left is the clothes on your back.

He’s been very open with the challenges this has presented him and his family and its pretty overwhelming. Even though his insurance cover was substantial, he now thinks he may not have had enough, given the rapid rise in building costs and replacement of goods.

If you haven’t reviewed yours recently maybe worth doing before your next renewal. This is not something to skimp on. Replacing clothes for a family of four can cost $50,000!

Your insurer will have a calculator for both home and contents estimations. Going around your house room by room and listing all the contents and fixtures plus a few photos or videos of each will be worth the time.  A few minutes work may save a lot of heartache if the worst happens.