Getting the right home insurance
As summer approaches, now is the time to think about your home and contents insurance especially if you live in an area prone to bushfires or floods and storms.
Here are our top five home insurance tips:
1. Check what you're covered for
Get your policy out of the filing cabinet and check if it covers you for storms, floods, flash floods and bushfires. Read the definitions of specific events in your policy and check how much you are covered for each. The cover needs to be enough to pay for all repairs, which can cost more than you think.
2. Check with your neighbours
Ask what cover your neighbours have. Are they happy with the level of cover in their policy and how much they are paying in premiums? Ask if they know whether they're covered for specific events, like natural disasters. This will give you a good idea of where to start looking for more suitable policies.
3. Work out how much cover you need
Use at least three online insurance calculators to estimate the cover you'll need to rebuild your home. Compare the results from each calculator. The amount insured will need to cover the total cost of your rebuild.
4. Consider adjusting your excess
Once you've worked out what type of cover you need and selected a policy, consider how much you are paying for the insurance. You can reduce your insurance premium by increasing your excess. Ask lots of questions to ensure you understand exactly how much you'll have to pay if the worst happens.
5. Reduce your risks
Have a look around your house to see how you can make it more bushfire or flood-proof. Clear out the gutters and the ground around your home. Clean drains of debris and sweep up fallen leaves in your street. Check your local SES website for more tips on preventing flooding and your local fire service for bushfire prevention.
The information contained in this newsletter is of a general nature only and does not take into account your particular objectives, financial situation or needs. Accordingly the information should not be used, relied upon or treated as a substitute for specific financial advice. Whilst all care has been taken in the preparation of this material, no warranty is given in respect of the information provided. Taurus Financial Services Pty Ltd its directors or staff, nor its employees or agents shall be liable on any ground whatsoever with respect to decisions or actions taken as a result of you acting upon such information.