How to avoid underinsurance on your home 🏠 #insurance #homeinsurance #tips | 🔎 RACV News & Lifestyle
Protect your home today 🔎 RACV Home Insurance The information provided is general advice only. Before making any decisions please consider your own circumstances and the Product Disclosure Statement and Target Market Determinations. For copies, visit racv.com.au. As distributor, RACV Insurance Services Pty Ltd AFS Licence No. 230039 receives commission for each policy sold or renewed. Product issued by Insurance Manufacturers of Australia Pty Ltd ABN 93 004 208 084 AFS Licence No. 227678. ^ The RACV Home Buildings and Home Contents Calculators provide an indication of rebuilding or replacement costs only and in no way guarantees the amount RACV Insurance may agree to insure your home or contents for. It is your responsibility to check that this amount is enough to cover the rebuilding costs of your home or replacement costs of your home’s contents at today’s prices. Before you decide whether to buy or continue to hold RACV Home Insurance, you should calculate the actual replacement value of your home and contents and consider the information in the Product Disclosure Statement. Underinsuring your home might be one of the biggest and costliest mistakes you could make. The worst time to find out you're underinsured is when you need to make an insurance claim because something has gone wrong - such as a tree falling through your roof or a treasured item getting stolen. Underinsurance is when the nominated sum insured amount on your policy is too low to help cover the replacement value of your home and contents. While the task of doing a home inventory and painstakingly calculating the replacement cost of all your contents – from saucepans and office equipment to shoes and TV unit – can be laborious, it may help should an insured event, such as fire, theft or storm, occur. When something unexpected happens, such as a natural disaster or burglary, unfortunately, many people find that they are underinsured. In other words, they do not have sufficient insurance to help cover the cost of rebuilding and replacing their home and possessions to the same standard. RACV Head of Home & Business Insurance Bill Bloodworth says there are two key reasons why people may be underinsured. "From talking to RACV Members, we believe the two key reasons for underinsurance are that many people forget to appropriately insure items around their home, and they also forget to update their insured values to reflect today’s replacement values," Bloodworth says. Here's how to help avoid underinsuring your home and contents. For more information see https://www.racv.com.au or call us on 13 72 28 for general enquiries. Like RACV on Facebook: / racv Follow RACV on Instagram: / racvofficial For company news and updates follow RACV on LinkedIn: / racv #insurance #homeinsurance #home #house #underinsurance #insurancecoverage #insuranceclaims #insurancepolicy #insurancepolicies #insurancetips #insuranceterms #homeinsurancetips #homeinsuranceadvice #insuranceexplained #homevalue #homevalues #homeownership #homeowner #homeowners #checklist #calculator #building #rebuilding #suminsured #insuranceguide #insurancemyths #insurancepremiums #insurancepremium #insurance101 #homeinsurance101 #mistakes #shorts #racvnewsandlifestyle #racv
