Don’t Forget to maintain your policy
Well, its renewal time again and all your annual policy paperwork has arrived just in time. What to do!? Just pay the premiums and think nothing of it for another 365 days? Think again!
In an article published by Insurance & Risk it was reported that over 1.5million blocks of land in Australia are currently situated in ‘bushfire prone areas’ (BPAs)*.
As the bushfire season approaches this statistic really underlines how imperative it is to have the right insurance cover and sums insured for your home and contents.
The right cover will help to ensure you are in a position to finance the full cost of reinstating your home in the event of a total loss.
Underinsurance of homes in BPAs is becoming increasingly common due to a toughening in the National Building Standards for homes on bushfire prone land. While the regulations help to ensure homes are more resilient in a bushfire, the increase in building standards can also mean a substantial escalation in the costs of rebuilding a home, particularly for older properties.
Based on this information, it has never been more important to ensure your home and contents are covered for an appropriate amount, making sure to account for the total cost of rebuilding in the aftermath of a bushfire.
See the full article as featured in Insurance & Risk by clicking here.
*Insurance Council of Australia
From July 1, 2017, some residential Strata Insurance policies will experience significant total premium changes as a result of amendments to the Terrorism Insurance Act 2003 (Cth). The changes apply Australia wide, and relate to the introduction of a Terrorism Levy.
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