Home & Contents Insurance – Bushfire Review

The holiday season is over, a new year has begun and you’ve started preparing for the approaching bushfire season.

You’ve cleaned the gutters, removed excess vegetation from around your home and familiarised your family with your fire plan.

But when did you last have a thorough read of your Home & Contents Insurance policy?

When the Black Saturday fires swept through Victoria in 2009, an estimated 30% of insured homes were underinsured.  An estimated 13% may have had no insurance at all.[1]

With the 2014 bushfire season on our doorstep, now is the time to review your Home & Contents Insurance Policy and ask yourself some important questions.

Do I know exactly what my policy covers and what it does not?

Does my policy provide for temporary accommodation if my home is unlivable?

Have I got cover for both my Home Building and my Home Contents?

Are my sums insured adequate, should I lose everything in a bushfire?

A study conducted for the Insurance Council of Australia in 2007 concluded that 28% of Australian households surveyed had no Home Contents Insurance.[2]  Being underinsured or uninsured puts you at considerable risk of hardship, especially in the event of a total loss.

Don’t wait until after disaster strikes to check if you have adequate cover.  Contact us today on 1300 PROFIN (1300 776 346) to discuss your Home & Contents Insurance needs.

*Each Home & Contents Insurance policy is unique.  It is important to read your policy and discuss it with your broker so you understand the cover provided.

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As well as having Home & Contents Insurance, there are a number of things you can do to help protect your belongings against loss or damage.

Protect your Special Items

Although having the right insurance coverage can compensate for the loss of household contents, we all have sentimental items which no amount of money can ever replace.  Items such as heirloom jewellery, photos and antiques often hold a special place in our hearts and we would be devastated if they were to be damaged or destroyed during a bushfire.

You can’t guarantee the protection of these items but there are some things you can do to minimize the risk of loss or damage to them. 

Here are a few tips for safeguarding your special items:*

–          Be aware of the limitations set out in your policy for certain contents.  Cover for items such as jewellery and antiques is often limited so you should specify higher amounts for particular items in your policy where necessary.

–          Temporarily store items away from areas of high risk, for example at a storage facility or at a friend’s house*

–           Pack items into your car to be taken with you if you plan to leave on high risk days*

–          Store items in a quality fire-proof safe which is designed to withstand the intensity of a bushfire

*There is always a risk of loss or damage, no matter where your contents are kept.  Note that Contents are not insured by all Home and Contents Insurance Policies when removed from the insured address.

Prepare an inventory of your contents

This may be a written list of all your contents or a photographic record of your belongings.  You can send a copy of your inventory to your broker or a friend for safekeeping.

Safeguard important documents

Items such as birth certificates, passports and deeds can usually be replaced but often at a great deal of inconvenience and expense.  Keep originals in fireproof storage and store copies on a USB or disc.

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 When it comes to bushfires, being insured is only one aspect of your protection.

It is vital that you and your family have a fire plan

Bushfire emergencies are stressful.  People can easily become confused and disoriented, leading them to make hasty decisions which can endanger lives.

The best way to ensure the safety of your loved ones is to have a well rehearsed fire plan.

There is a wealth of information available from the CFA which can assist you in creating a fire plan for your family.  Download the CFA’s Fire Ready Kit here.

For local information, visit the rural fire services authority in your state or territory.

CFA (Victoria)

RFS (New South Wales)

ACTRFS (Australian Capital Territory)

QFRS (Queensland)

NTFRS (Northern Territory)

DFES (Western Australia)

CFS (South Australia)

TFS (Tasmania)

To get a quote for Home & Contents Insurance, adjust your cover or if you have any questions, contact our office on 1300 PROFIN (1300 776 346).

With our experience and local knowledge, we can help make sure you have the right cover.