Five ways to ensure you’re adequately insured: Know Risk Network
An estimated 48% of households in Australia are either uninsured or under insured, with 26% of small businesses also falling into this “no insurance” category, according to Know Risk Network.
If there is a chance you are underinsured, Know Risk Network spokesman Thomas Wills suggests that you undertake a thorough review of your insurance coverage.
“Across all areas, Australia is recognised as one of the most underinsured countries in the developed world. Recent history shows that with our exposure to natural disaster risks, this simply doesn’t make sense,” said Wills.
“If you couldn’t afford to rebuild your home or replace its contents, you need to see insurance as an important part of protecting yourself from the risks you face, which means ensuring that you have enough coverage and that it’s up to date. This is in addition to undertaking practical risk management to put you in the best position to withstand a catastrophe like a bushfire or cyclone,” he said.
Here are their five steps to consider:
- Check what you’re insured for. If you’ve bought anything of value, installed a pool, shed or other addition or renovated your home, your property may have increased in value and you may need to update your policy.
- Consider if building costs rise quickly in your area. Factor changes to building codes when discussing your level of cover with your broker or insurer.
- Make sure you policy is current. Too many are expired when disaster strikes.
- Have your insurers’ details in your phone. Many people’s claims are held up after a disaster because they don’t know who they’re insured with.
- Keep a copy of your policy and evidence of your valuables off site. Not having proof of your possessions can cause major headaches.
Source: Know Risk Network