24 December 2013

Check your contents insurance cover after Boxing Day sales bonanza

 

As shoppers prepare to hit the post-Christmas sales, householders are reminded to review and update their contents insurance to include Boxing Day bargains and Christmas gifts.

An Understand Insurance survey of more than 900 Australians – undertaken by Quantum on behalf of the Insurance Council of Australia (ICA) – found nearly four in 10 (39 per cent) do not update their contents insurance after they buy a new significant purchase.

ICA CEO Rob Whelan says Australians are leaving themselves vulnerable this summer if they neglect to keep their contents insurance updated.

“Items bought at Boxing Day sales or expensive Christmas gifts – such as jewellery, a new TV, laptop, furniture or white goods – can increase the value of your possessions, so it’s important to review your contents insurance to make sure your sum insured is sufficient,” Mr Whelan says.

“Check what your policy says about limits on individual items and consider listing these separately. If in doubt, contact your insurer. Crimes such as burglaries can spike over the summer holidays, so we encourage householders to check their insurance is up-to-date, along with taking sensible precautions to ensure their homes are secure.”

Some simple steps you can take to protect yourself over the holidays include:

  • Check your home and contents insurance and car insurance policies are up-to-date
  • Keep an inventory of your contents, and ensure your insurance covers the cost
    of replacement
  • Avoid putting your travel plans on social media such as Facebook and Twitter
  • Keep your car keys out of sight while at home
  • Have a friend or neighbour check on your home while you are away and empty your letterbox. And make sure you cancel any newspaper deliveries
  • If travelling overseas, take out travel insurance and register your trip with smartraveller.gov.au
  • Tell your insurer if your home will be left unattended for an extended period

Download the full Understand Insurance holiday checklist at: http://understandinsurance.com.au/resource/download?file=%2Fassets%2FChecklists%2FHoliday+Checklist.pdf

Understand Insurance is an initiative of the ICA. For more tips, visit Understand Insurance’s website www.understandinsurance.com.au

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