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Top home insurance claims in Australia - Are you covered?
Many homeowners across Australia made home and/or contents claims in the 2017/2018 financial year. Some claims were a lot more common than others.
Compare claim types across Australia
Accidental damage made up 16.5% of all claims by AAMI customers in FY17/18!
For extra cover for your portable valuables, AAMI can cover accidental loss or damage that occurs at the insured address, and anywhere in Australia and New Zealand.
Make sure to read the Product Disclosure Statement (PDS) for full details, including page 7 for further information on what can be covered for accidental damage.
How much should you insure your house for? Are you covered?
According to Canstar, over 40% of homes are underinsured for home and contents. But what does that mean?
Underinsuring can be accidental or intentional. Accidental underinsurance might happen when somone underestimates the value of their property or contents, or if they estimate correctly at first but fail to bump their coverage up as the value of their home or contents increases.
People might purposely underinsure to save on their insurance premiums. But if an insured event happens and you’re underinsured, the repair costs will most likely outweigh any savings on your premium from under insuring.
There’s a few things to consider when working out how much cover you need:
- The price you paid for your home isn’t necessarily the same amount it would cost to rebuild. You can use tools such as the Sum Insured Home Contents Calculator to get an idea of the value of your contents. Extra cover portable valuables don’t need to be included in the contents sum inured. Or try calculators like the Understand Insurance Building calculator to estimate the value of your home building.
- Don’t set and forget. You might take out a home and contents policy when you first buy your home that fits you perfectly. But every time you upgrade your oven or buy a new laptop, the value of your contents increases. The same goes if you renovate or upgrade your home. Before you renew your policy, consider how the value of your home and contents might have changed over the past year.
Hopefully, you never have to make a home and contents insurance claim! But, if you’re well prepared and covered up to the correct value, you won’t be left with any nasty surprises if you do ever have to make a claim.
Insurance issued by AAI Limited ABN 48 005 297 807 trading as AAMI. Consider the Product Disclosure Statement before making a decision about this insurance. Go to www.aami.com.au for a copy. This advice has been prepared without taking into account your particular objectives, financial situations or needs, so you should consider whether it is appropriate for you before acting on it.