For most of us, renewing our insurance policy is a yearly, straightforward task. But renewal requires more than just confirming that you have correct information on your policy. Taking the time to evaluate whether your policy is well-priced, gives you value, and will cover you for all eventualities, is time well spent.
Here’s some questions to help evaluate your current policy:
Am I getting a fair price?
Everyone wants to reduce their cost of living, and getting a better deal on insurance is often a focus for improving the budget bottom line. Australia’s general insurance market is highly competitive, so it’s a good idea to get multiple quotes to make sure you’re getting a fair deal for your policy type.
Do I receive a quality level of cover?
When comparing policies, look for one that offers all the inclusions and features that best meet your needs. For example, does your insurer offer ‘new for old’ replacement, or can you only replace your valuables at their depreciated value? Although pricing is important, you may want to take a close look at the quality of your level of cover.
Is my policy appropriate for my situation?
Check whether the level of cover you have is adequate. Have you made significant purchases in the previous year? Renovated and added value to your home? Do you live in a location with the risk of floods, bushfires or storm damage? Although it may sound basic, it’s really important that your home is covered for events that are possible in your area. Not all natural disasters are automatically covered by home insurance – you need to check.
So when your insurance renewal comes around again, take a little time to check your policy has the level of insurance you need. Then when life throws you the unexpected, you’ll have the peace of mind to know that you’re covered.