Our homes are our sanctuary. Not only do they provide a roof over our heads, but they are our place to unwind, be ourselves and create special memories with our loved ones. When we come home each day from work, study or after a big holiday, we are welcomed to a home filled with items that reflect our character and interests, or simply just mean a lot to us. Whether it’s an indoor plant collection, Scandinavian furniture or eclectic pieces of art, it’s the items we really love that make a house a home.
Regardless of whether you rent or own your home, you still need to put measures in place to protect the items within it. We’ve put together some handy tips to help protect the items you love with contents insurance.
Make a list, check it twice
You might be asking yourself, how much should I be insured for? Or how do I calculate the value of my contents? Your insurance policy should cover the true value of all the contents inside your home. To figure out this sum you could start by listing out the contents of each room and calculate what it would cost to replace them.
Keep a record
If you ever need to make a claim on any of your treasured items, your insurer may ask you for evidence and information to help them process the claim. To give them enough information as possible, consider taking photos of all your valuables, including jewellery, clothing, devices, electrical appliances, pots, plants and furniture. Also, keep the receipts for items you have bought so you have additional evidence they are yours. If you no longer have some receipts, find relevant bank statements to show the items have been purchased. When it comes to electronic devices, record serial numbers of your phones, tablets, laptops and other items you may own. The more information you have the better!
If you’ve lived in your home for a while now and haven’t recently reviewed your insurance policy, you may have forgotten to include some items in your policy that you’ve recently bought, like that new tv for your bedroom or that expensive fiddle leaf tree that you keep forgetting to water. Taking some time to review your insurance policy, at least once a year, could be the difference of whether the items you love are protected if they’re damaged or stolen.
Check for limitations
It’s recommended you read and fully understand your insurance policy to know what items and events your contents insurance covers and doesn’t cover, as well as understanding whether there are any limits for single items which may require their own policy to avoid underinsurance.
Subject to the product issuer’s underwriting rules and acceptance guidelines. Terms, conditions and exclusions apply and are available upon application. The information above is general advice only and does not take into consideration your personal objectives, financial situation or needs (“your personal circumstances”). Please consider the relevant Product Disclosure Statement (PDS), other Disclosure Documents and your personal circumstances before making any decision to purchase the products. Contact us on 13 11 82 with any questions, or visit your nearest branch to talk to a consultant. General insurance (including Travel Insurance) is issued by Insurance Australia Limited ABN 11 000 016 722 AFSL 227681 trading as CGU Insurance. All our insurance issuers pay commission at rates which range from 0% - 40% of the base premium. The commission rate varies depending on the type of insurance.