Prop­erty in­surance dos and don’ts

Port Douglas & Mossman Gazette - - FRONT PAGE -

HOW much should you in­sure your prop­erty for? The value that will en­able your home to be re­placed in the event that it be­comes lost or dam­aged. If an un­der­in­sured prop­erty is de­stroyed, the in­surance pol­icy will of­fer no ca­pac­ity to fully re­place it. What are com­mon mis­takes made when in­sur­ing? Un­derin­sur­ing. In 2005 the Aus­tralian Se­cu­ri­ties and In­vest­ments Com­mis­sion es­ti­mated 70 per cent of homes were un­der­in­sured. How can you avoid un­der­in­sur­ance? Com­pile an an­nual list of all home con­tents and their re­place­ment val­ues and ad­just cover ac­cord­ingly. Also as­cer­tain the re­build­ing costs for your prop­erty, tak­ing into ac­count any ren­o­va­tions or home im­prove­ments.

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