We’re all guilty of ‘setting and forgetting’ things in life, even our insurance.
Whether you’ve recently renovated, upgraded your contents, or just haven’t reviewed your home and contents insurance in a while – consider if now’s a good time to check your policy and make sure you’re not underinsured.
Future you will thank you for it.
What happens if you are ‘underinsured’?
Being underinsured means that your policy cover doesn’t reflect the replacement value of your home and/or contents. If you’re underinsured, you could be left out of pocket should an event happen.
While it may be tempting to skimp on premiums for short-term savings, it’s important to think long term and make sure that you have adequate coverage if the unexpected happens.
Some reasons you might be underinsured
- Renewing your policy without reviewing it – it’s important to check each year that your policy covers any new additions or improvements to your home
- Renovating your home without contacting your insurer to update your policy
- Undervaluing your home and/or contents which may have appreciated over time or not allowing for upgrades to furniture, electricals, etc.
- Underestimating the cost to rebuild or replace your home and contents, including the cost of labour, materials and surveyors, etc.
- Living in fire or flood prone areas – the costs to repair or rebuild damage to home and contents may be significantly higher for those living in bushfire or flood regulated zones
What household items can be insured?
Here are some of the general content items covered under the policy as standard:
- Jewellery and watches (limits apply)
- Clothing
- Devices – like mobile phones, tablets, and laptops
- Cameras & photography equipment
- Collections – like stamps, money (Iimits apply)
- Indoor plants
- Art or furniture pieces (limits apply)
You also have the option to include Portable Contents which are content items that you can take outside your home. The groups of Portable Contents you can insure include:
- Jewellery and watches
- Portable electronic devices
- Sporting and recreational items
- Single seat mobility scooters
- Glasses and medical items
- Clothing and luggage
Find out more about what might be covered by CGU’s home and contents insurance here. If you have questions about what’s protected under your policy, have a chat to our friendly team.
How to check if you’re underinsured
Check your policy
Your policy should adequately cover the cost of your home to rebuild from scratch, as well as the value of all the items inside. Make sure to regularly check in on your policy to make sure it’s up to date with the value of your home and loved possessions.
Insurance calculators
Our home insurance calculators can help you work out how much should adequately cover your needs.
Contact us
If you’d like to chat through your current policy with our friendly team, you can reach us on 13 11 82 or visit your nearest branch.
Not covered by insurance?
We have a range of insurance to help you protect what matters to you.
Tools and calculators
Building insurance
Building insurance covers both the house you live in, and other buildings on your property – like sheds and garages.
Contents insurance
Contents insurance covers a wide range of items – from furniture to jewellery to TVs and laptops. It even covers your carpet and curtains.
Insurance check
Understand your cover and know where you stand in the event of a loss.
