6. Facts & Figures
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• The biggest risk is not being covered
The Insurance Council of Australia (Insurance Council) estimates that 25% of Australian households have no home or contents insurance and that almost 70% of tenants don’t have contents insurance. This means if your laptop, DVD player, bike or TV is lost or stolen—they’re gone for good. Are you one of the 1.8 million households in Australia that are not insured? Considering that 42,000 burglaries took place in 2006, it’s probably only a matter of time before it’s you.
• Insurance and tenants
Sure, it’s not your building, but what would happen to you if it was badly damaged and unfit to live in? Many contents policies contain ‘temporary accommodation’ cover, so you are covered if you need a place to stay.
• What would it cost you to rebuild?
Almost 30% of home buildings are insured for less than 90% of the cost of rebuilding. If your home is destroyed by fire or natural disaster, you face additional costs like clearing debris and architect costs. For assistance in calculating your building sum insured click here
• How much stuff do you really have?
The Insurance Council estimates that up to 35% of contents policies are underinsured. This means that, if you were to lose everything, the amount of money you’d receive from your policy is not enough to replace your stuff. When deciding the amount of cover you need, always make an accurate estimate of what it would cost to replace everything you own, not just the expensive things. For assistance in calculating your contents sum insured click here
Find out about how to save money by reducing your premium
