Are you underinsured?
It's surprising how many people are underinsured. According to the Australian Security and Investments Commission (ASIC) up to 81% of Australians could be underinsured.
It's easy to underestimate how much insurance we really need and sometimes it's one of those things we put off, until potentially it's too late. Many people also renew insurance policies without taking into consideration additions to their home such as renovations, or additional purchases such as a new television.
At QPCU we're committed to ensuring all our members have enough insurance, so if something happens to your home or contents you have enough insurance to ensure you will be covered for their full replacement cost.
It's a good idea to sit down and take some time to work out the value of your home and contents. You might be surprised at how quickly things can add up. The cost to rebuild a house has tended to increase in recent years, so it pays to make sure that your home insurance is high enough to be able to rebuild your house at today's prices.
Also, if you've made any large purchases or renovations to your home since you last looked at the value of your insurance cover it's wise to incorporate these new additions into your calculations.
To estimate how much insurance you might need, take a look at QBE’s Sum Insured Calculators or call us on 13 77 28.
For more information about underinsurance, please read ASIC's article 'Is your home underinsured?'