Make an inventory
Before you take out any policy create a checklist, it's useful! You can make an inventory of what you own and evaluate the cost of replacing each item.
You should also take photos of everything and don’t forget to keep the receipts of things you buy.
You can use a when you create your household inventory checklist.
Make a list of everything of value that you own and want the insurer to cover. Source: AAP
Shop around for the right policy
There are lots of ways to get contents insurance. There are independent and commercial comparison sites.
But the best thing to do, whichever way you go, is to get three quotes from three.
If you have expensive items not covered by your policy you can always add an extension if necessary.
Give accurate information
You should always provide accurate information to your insurer. Make sure you don't underestimate the value of what you own!
And again, keep receipts, records and photos and don’t forget to update your inventory every year and if necessary, your policy.
Shop around for a policy that best suits your needs and protects all that is important to you. Source: AAP
Read the fine print
Every insurance policy is different, so you need to read the fine print.
Some covers accidental damage while some do not. Some will cover a piece of jewellery up to five hundred dollars, but you might have an expensive ring that needs additional cover. Or for example with some insurers you have to activate flood cover.
Shop around for better policies every year as insurers generally keep the best offers for new customers.
Useful links
www.understandinsurance.com.au
www.understandinsurance.com.au/calculators
www.findaninsurer.com.au
www.choice.com.au/money/insurance/home-and-contents
Always read the fine print, some insurers may charge additional costs for events like flooding. Source: AAP
