Exploding volcanoes: A reminder to review your contents insurance.
Most of us wouldn’t dream of not insuring our home and its precious contents, yet so many don’t realise the true value of our belongings and are therefore woefully underinsured.
A recent study showed that 25% of people’s contents insurance was under-valued by $60,000. If a disaster strikes, the last thing you want it to be starting out like a student with second-hand fridges and couches because you forgot to update your contents insurance.
I suggest you do an annual review, to cover the new computers, TV or curtains that you may have recently purchased.
The first step is to make an inventory. You should take time to walk around your home prior to renewal and consider the cost of replacing items at their current retail price.
Have you recently refurbished a room? The cost to replace new carpets and curtains can easily run into thousands of dollars. If you’ve just had a new baby chances are that you’ve bought hundreds of dollars worth of new furniture and equipment to help your baby feel at home.
Remember the shed…all of the man cave tools and toys can add up, and can often be over looked. What about fishing gear? The garden shed, all the books you have bought? Think about all the Tuppawear in your kitchen cupboards. For most people, it is years and years of accumulation of stuff..not just beds, couches and coffee tables.
It might sound like an arduous task but it’s worth the effort if it means that your home and its contents continue to be adequately insured.
If you really have no idea where to start Click here to download a checklist.