The first issue it covers is insurance \u2013 making sure you\u2019re covered and that you\u2019re covered for the right amount. Here\u2019s my top five insurance tips to get you thinking.<\/p>\n\n\n\n
Have you got the right policy?<\/h3>\n\n\n\n
Residents looking to rebuild in the wake of the Great Ocean Road fires have found that rebuilding may cost more than expected. One couple in Wye River were given a new \u2018Bushfire Attack Level\u2019 rating on their block of land, meaning they\u2019ll need to rebuild to new standards, adding an estimated $150,000 to the cost of their rebuild.<\/p>\n\n\n\n
Most home insurance policies are \u2018sum insured\u2019, meaning you\u2019re insured for a set amount of money. Do some research and make sure you\u2019re insured for a realistic amount. Talking to your local council or someone who has recently built in the area can help provide a guide to the likely costs and whether your area has any specific issues you\u2019ll need to factor in.<\/p>\n\n\n\n
Before choosing a policy make sure you read through any exclusions, caps, or limits so there are no nasty surprises if you need to make a claim.<\/p>\n\n\n\n
Don\u2019t leave it too late<\/h3>\n\n\n\n
If you wait until there\u2019s a storm bearing down before you think about insurance, you may have left it too late. Many insurers place a moratorium on new policies in advance of looming storms, floods or fires. So get your policy in advance of the high-risk season.<\/p>\n\n\n
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If in doubt, make a claim<\/h3>\n\n\n\n
If you experience loss or damage and are unsure whether or not you\u2019re covered, lodge a claim. Even if a member of the insurer\u2019s customer service team suggests that you\u2019re not covered, you can lodge a claim and have the insurer make a full assessment. That way, should you be unhappy with the insurer\u2019s decision, you have avenues of appeal. You can take the matter to the insurer\u2019s internal complaints process and, if you\u2019re still unsatisfied, you can escalate it to the Financial Ombudsman Service for an independent decision.<\/p>\n\n\n\n
If you don\u2019t lodge a claim you won\u2019t be able to appeal the decision with the insurer or the Ombudsman and may be left without a leg to stand on.<\/p>\n\n\n\n
Think insurance is out of reach? Think again<\/h3>\n\n\n\n
Affordability is one of the main reasons nearly 20 percent of adults in Australia go without general insurance protection for their car, home or contents. That\u2019s why Good Shepherd Microfinance has worked with two of Australia\u2019s largest insurance companies to design insurance products for people on low incomes. Essentials by AAI allows customers to comprehensively insure their car, their home contents, or both. Insurance 4 That is a single item insurance policy that allows people to insure the items they value most. Both policies come with flexible, affordable payment options.<\/p>\n\n\n\n
Don\u2019t set and forget<\/h3>\n\n\n\n
A lot can happen in a year. The value of your home and contents may change, and tougher building standards may have been introduced, increasing the potential cost of rebuilding your home. So when you receive your annual renewal notice, make sure it still meets your needs.<\/p>\n\n\n\n
The insurance market may also have changed since you chose your policy, and there may be more appropriate or more affordable policies available. If you set and forget you risk being underinsured or paying more than your need to.<\/p>\n\n\n\n