The Insurance Council of Australia has compiled the following guidelines to help Australians avoid losing out as a result of under insurance:

  • As you accumulate new appliances, technology and furniture, the value of your property's content increases; remember to update your insurance accordingly

  • The cost of building rises each year, while building regulations and bylaws are also frequently tweaked -review your insurance annually to factor these changes in. There are many free web calculators to help you tally potential costs. Alternatively, contact a local builder for advice

  • It's vital that you base your insurance premium on the actual value of your assets, rather than pulling an arbitrary number out of the air. A room-by-room assessment of the value of your assets is time consuming, but it may ultimately save you big bucks

  • If you don't really understand your existing insurance policy, it's time to start asking questions. Don't be shy, no one expects you to be an expert

  • If you've renovated or improved your property since your insurance was initially taken out, it's important to add the value of the improvements to your policy

  • Compare different policy types to find the one that perfectly fits your needs - such as a sum-insured policy, a sum-insured policy plus margin, or a total replacement policy

General Disclaimer

The information contained in website is general information only and does not constitute legal, financial or compliance advice. As the laws relating to tenancy agreements may have changed we recommend you check with the relevant State or Territory government department. We also recommend that you obtain your own independent legal advice about matters relating to landlord obligations, tenant rights and any legal disputes you may have with a tenant(s).