Could you replace it all?

The insurance industry is feeling the effects of inflation, just like the rest of the economy.

With insurance premiums going up to cover the rising costs of all claims, not just from natural disasters, underwriters continue to monitor the premiums being charged, balancing the ongoing viability of offering the covers and the affordability to the policy holder.

However, this rise in premiums sees people reduce coverage to balance their weekly budgets to the point where they are underinsured.

Elders Insurance Tatura’s sales support officer Oriana Natalizio said this unfortunately made things even more difficult if their property is badly damaged or destroyed to resume their standard of living, whether it’s rebuilding their home or replacing belongings to the same standard.

“Underinsurance is when you don’t have enough insurance to cover the replacement value of the items you’re insuring,” Oriana said.

“When people find themselves underinsured, it’s usually because they haven’t adequately calculated the current replacement value of their property and belongings and not accounted for upgrades to homes and belongings.

“With many investing in renovations, new furniture, and upgraded appliances, it’s common to forget to update your insurance following upgrades to home or contents.”

Ready to assist you every Wednesday in the Tatura office or via appointment, Oriana, a lifelong resident of Tatura, can help you with all your insurance queries.

“You probably own a lot more than you realise and not accounting for all your assets, including the contents of your garden shed like the lawnmower and your tools or your six pairs of sensible shoes, three pairs of stilettos, and the furniture accumulated over the years, you need to ask yourself constantly ‘would our insurance cover all of this if we had to replace it all’,” she said.

“Don’t risk being underinsured. Take charge of your coverage and ensure you’re adequately protected. The best way to prevent underinsurance is to track and calculate the cost of your assets accurately.

“We offer experienced guidance and can help protect your future every step of the way.”

Elders sales support officer Oriana Natalizio.