Protect Yourself from Underinsurance
Underinsurance is a common issue in Australia, and here at Gardian we’ve seen firsthand how it can leave people struggling to recover after disasters. Many Australians don’t have enough insurance to cover the replacement value of their home or belongings, putting their financial wellbeing at risk.
We’re here to help you avoid this by ensuring you have the right coverage for your needs.
What is Underinsurance?
Underinsurance happens when your insurance policy doesn’t provide enough coverage to fully repair, rebuild, or replace your property and belongings. This gap in protection can make it difficult to restore your standard of living after loss or damage.
How to Avoid Underinsurance
1. Guessing Replacement Costs
Estimating the cost to repair, rebuild, or replace property and contents often leads to inadequate coverage.
💡 Solution: Use reliable tools like these calculators to determine accurate values:
2. Forgetting to Update Your Policy
If you’ve renovated your home, bought new furniture, or upgraded appliances, your insurance might not reflect these changes.
💡 Solution: Review and update your policy after every major purchase or renovation.
3. Not Accounting for Rising Costs
Building materials, labour, and compliance with updated building codes are all becoming more expensive.
💡 Solution: Adjust your coverage to account for these rising costs regularly.
4. Overlooking Additional Expenses
Rebuilding isn’t just about construction—it also includes costs like demolition, debris removal, council applications, and temporary accommodation.
💡 Solution: Ensure your policy includes coverage for these supplementary expenses.
5. Incomplete Asset Tracking
Many people underestimate the value of smaller items like tools, clothing, or outdoor equipment, which can add up quickly.
💡 Solution: Create a detailed inventory of your belongings, using photos or videos for reference.
Why Work with an Insurance Brokerage?
As your insurance brokerage, we offer:
Personalised Policy Reviews: We’ll evaluate your current coverage and identify any gaps.
Accurate Valuations: We can guide you in calculating the true replacement value of your property and belongings.
Tailored Advice: Our team ensures your insurance aligns with your unique needs.
Take Action Today
Use the calculators linked above to check your coverage.
Contact your insurance brokerage to schedule a policy review.
Ensure peace of mind knowing you’re fully protected.
Don’t wait until it’s too late—reach out to your broker today to discuss your insurance needs and ensure you’re covered for whatever the future may bring. Our contact numbers is 07-4957-7424. You can also email us at insurance@gardian.com.au for more details.
