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Are you under insured?

By Tash Johns

83 per cent of Australians are underinsured

Research from Insurance Australia Group Limited has found that one in twenty homes are not insured and up to 30,000 home owners fail to renew their insurance each year.

An Insurance Council of Australia survey found 83 per cent of Australians are underinsured for home and contents. For property investors, this means facing considerable losses and risking financial hardship in the case of major tenant damage or a natural disaster.

It’s more important than ever to know the true replacement cost of your property, fixtures and fittings, to ensure you are adequately covered.

While you may have known the replacement value of your property some time ago, construction costs fluctuate, which means your current insured value can easily become outdated, putting you at risk of under-
insurance.

An over-insured property can also lead to owners outlaying more money on higher premiums that provide unnecessary cover.

If you want to know the true worth of your property we recommend obtaining a tax depreciation statement from a specialist Quantity Surveyor.

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