Shopping tips for buying Insurance

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Allianz Building and Contents Insurance

1) How can I get a discount on my Insurance premium?

Some insurers offer discounts or other incentives for policyholders who:

a) install smoke alarms, sprinkler systems and monitored intruder alarms

b) are senior citizens

c) are loyal and long-term policyholders

2) Insurance Excess

An excess is the self-insured part of any loss. It’s the amount you must pay for each claim. In most cases, the insurer will deduct this amount from your claim payment. You can often choose to lower your premium by opting for a higher excess for claims relating to your home and its contents.

3) Can I underinsure or overinsure? Make sure you don’t underinsure the contents of your home. Make realistic estimates of the replacement value of your possessions and update this inventory at least once a year. Remember to include GST. If the value of your possessions is greater than the amount of contents coverage specified in your policy, have it changed accordingly. Don’t underinsure your home either. Your building sum insured does not include the market value of the underlying land. In most cases it should include the costs to demolish the house and any council fees or architects fees to rebuild or repair. To fully understand how much Insurance you need you should read your PDS and understand what Insurance companies consider your Home and Contents to be. Generally, Insurance Brokers can not give you advice on how much your home or possessions are worth. You should consult a licensed valuer if you have any doubts.

Gillian Lilley

Freelance Business Writer

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