Do You Have Enough Homeowners Insurance?

Did you know an estimated 20% of homes are underinsured by around 30%? This could be a good time to stop and consider if your home is one of these statistics, and what level of homeowners insurance you need to make sure you are fully covered.

When Is the Last Time You completed an Audit?

It's very easy to be underinsured, whether you've owned your home for some time or not, as we all consistently add to and build upon our store of possessions, tools and toys. For instance, how often do you stop and do a stock take after Christmas?

During Christmas alone, chances are you have added thousands of dollars worth of new possessions to your home. How about birthdays? What about the new cubby house, swing set or trampoline for the kids? What about the new kayak, surf board or surf ski, the plasma TV, expensive jewellery, patio furniture? Have you carried out renovations, covered your veranda, added a pergola or shed?

It's amazing how many people don't think to contact their insurance company to make sure their level of homeowners insurance keeps track with their lifestyle.

Do You Own More Than One Property?

If you're a homeowner of more than one property, fortunately the one homeowners insurance policy can cover several properties but it can still be just as easy to underinsure.

When estimating the worth of and insurance value for any investment property, make sure you take into consideration many of the same elements as you would on your own home - aspects such as fences, pergolas, paving, clothes line and letter box, plus loss of tenant rental etc.

Have you carried out renovations or added value through installing an air conditioner or insulation batts? These are all aspects you need to keep on top of to make sure you have sufficient homeowners insurance on all your properties.

Homeowners Insurance with Loads of Benefits

With 1Cover you'll receive:

• Comprehensive events insurance plus up to 12-months temporary accommodation at need, new for old replacement, removal of contents, clean up of debris and architect fees
• Fraudulent use of a lost or stolen credit card, worldwide personal property, guest's and visitor's personal property, plus up to $20 million legal liability and all linked to inflation

By conducting an annual audit when your homeowners insurance is due, or notifying your insurance company prior to carrying out renovations or additions or as soon as you make a major purchase, you can be sure your level of insurance is equal to your assets.