Happy New Year! I hope you and your family enjoyed your holiday and had some quality time and fun over the past few weeks.

Over the holiday break, it is likely you acquired some new possessions such as jewellery and other Christmas presents that you should consider including under your insurance cover. While looking to update your insurance, it would also be an opportune time to look at other companies and see if you can get a better deal.

Why insure your home?
Your home represents years of work to build it up to what it is today. This includes the building/s and all the items inside your home. It is important to protect it all, as your home is one of your biggest assets, and it’s this asset you will need to sell if you wish to move into a larger home, or downsize if retiring.

It’s important to take precautions to protect your assets, should an unthinkable event occur such as fire or flood. Home and contents insurance can buy peace-of-mind and protect you from major disasters, however there are also smaller events your insurance can cover such as burglary, broken windows, kitchen accidents and bathroom/laundry overflows. Some insurance policies can also protect your outdoor furniture, the loss of valuable jewellery, or golf clubs taken from your car. There is plenty of choice amongst insurance companies and affordable insurance options to suit any requirements.

When deciding what insurance company to buy from, its important to first look at their credit rating. Ask the representative what their rating is and compare it with other companies. This is an important factor to consider because the rating will tell you whether the company is likely to be able to pay out readily if you have a claim.

The second step is to look at the company’s representation. Do they have representatives in your residential area, or close to it, so that you can have easy access if you want to make a claim? Is it possible to make a claim with the company over the phone or internet?

Price is a major factor when buying any product, and insurance is no different. The saying ‘you get what you pay for’ applies. Check the policies you are offered given the coverage you require. Sometimes, a cheap product offers less coverage, or the price could reflect a lack of access to representation or poor credit rating. When selecting cover, ensure you fully understand all the policy’s exclusions.

Affordability is also important. Often, insurance companies will offer flexible payment options such as monthly or quarterly payments. Another way to reduce premiums is to ask if the company gives a ‘multiple’ discount if you put all of your insurances, including motor vehicle and/or business insurance, with the one company.

Lastly, make sure you keep your insurances up-to-date, and in the case of contents insurance, it would be wise to detail your contents, their value and have photos safely stored with your own paperwork in the event you have to claim against stolen items.

Harcourts can help you with any of your real estate needs. If you are curious to find out the current value of your home, please do not hesitate to contact us on 4628 7444.

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