Every year you do the right thing. Your home and contents, landlords or business insurance renewal arrives, you probably look at it and think—that’s gone up a lot, I probably should shop around for a better premium—but you go ahead and pay it anyway.
You feel secure that you’re ‘covered’. If disaster strikes, that piece of paper will help you bounce back, right?
Wrong.
A huge number of Australians don’t have adequate insurance cover for their assets – whether that’s your home or other property, your contents, fittings, fixtures, tools, equipment, even vehicles.
A lack of full insurance cover, also known as underinsurance, is a major problem.
What happens when you’re underinsured?
A lower-cost insurance policy might seem like a more attractive option for right now. But in a crisis, underinsurance is going to create an even more stressful and traumatic situation because any shortfall is going to cost you.
Not properly tracking, managing and understanding the true value of your assets means you could be leaving yourself open to not thousands of dollars, but hundreds of thousands of dollars’ worth of shortfall.
Risk at that scale wouldn’t just be a disaster, in some cases it would wipe you or your business out financially, unable to recover.
How can you avoid being underinsured?
Given we’re now facing an increasingly ‘hard’ insurance market—premiums are increasing, features and benefits are decreasing—there’s never been a better time to get serious about your insurance.
Here are our top 3 tips to make sure your insurance is secure and your assets are protected:
- Check your policy carefully every renewal. Does it cover full repair or replacement of your assets and if so, are you aware of the current true value of your assets? Don’t underestimate the value of your assets – know exactly what they’re worth. Deliberately underinsuring is not only a huge risk to you, but your insurer may even refuse your claim!
- Make sure there are no gaps – have you made any changes to your assets recently, like a renovation to a property or building or an upgrade or expansion? These need to be accounted for in your policy, so let your insurer know about them straight away
- Check that you have proof of ownership of all your insured valuables and assets. Using a system or registry like the Day By Day app to track and manage your assets including a history of purchase, time owned, value, warranties or guarantees and certificates is the best way to do this.
How we’re helping tackle underinsurance
If you’re looking for a way to track and manage your assets, the Day By Day platform is the easiest and most secure way to record your assets. When you download the Day By Day app, simply create a record for every asset and when it comes to your insurance renewal or in the event of a claim, all the information you need on ownership and value can be accessed – on the go, all day, every day.
Now isn’t the time to risk underinsurance, take back control over your assets and insurance today and put a smart, simple system in place with Day By Day.