Is it time to choose a Landlords or Home and Contents Insurance policy? Or perhaps you haven’t reviewed yours in a while. Well, it’s time you should, because there are some common – and often costly – mistakes you can make when looking at yours.
Check out this list below to make sure you don’t make these mistakes too.
Assuming everything is covered
According to Angelo Colosimo, QBE National Householders Product Manager, a common misunderstanding with Home and Contents Insurance is around the level of care and maintenance that’s required from the insured.
“People must take reasonable care to prevent damage or total loss of their home,” he says. “Home insurance covers you for damage or loss that happens as a result of unexpected insured events that aren’t in your control, such as a storm.”
Forgetting to update your insurer
Moving to a new home? Then your insurer needs to know about it too. No, you don’t have to invite them to your house warming party, but you do need to notify them of your change of address. Why? Because this could impact your level of cover and insurance premium.
It’s not just your change of address that you need to notify them of either. Changes in occupancy, planned renovations or repairs and new high value items should be disclosed too.
Misunderstanding policy exclusions
Did you know that only half of Australian homeowners and renters think about exclusions to their insurance policy when choosing their home insurance cover? This is the case according to the Insurance Council of Australia (ICA).
Why pay for insurance that doesn’t cover what’s most important to you? Don’t assume or risk a misunderstanding. Read the PDS or talk to an insurance broker to ensure you have all the facts first.
Home and Contents Insurance is extremely valuable whether you are a home owner or renter. Make it even more valuable to you by ensuring you know what you want covered and which policy is right for you.
Need a little help? At Grace Insurance in Landsdale, north of Perth, we understand that your home is your castle and are committed to delivering the best cover available. Contact us and protect your castle today.