As well as implementing measures to protect your home, you should also consider your level of insurance cover. NRMA Insurance Home Portfolio Manager, Michael Rabbitt, says, “With consumer spending at an all time high, many households have bought up big, either before Christmas or immediately after. It’s important to ensure these assets will be adequately covered in the event of an insurance claim.”

Do you have adequate insurance cover to protect your home? Nicholas Scofield, General Manager Corporate Affairs Allianz Australia Insurance Ltd Offers this advice;

1. When comparing insurers and insurance policies what should the consumer consider?

Does your policy cover GST in addition to the sum insured? Allianz's home insurance policies all pay GST in addition to your sum insured, but some insurer's don't do this. This could leave you with less cover in the event of a claim.
Does your policy have a no claim bonus, like your care insurance? Allianz offers a no claim bonus discount of up to 30%.
Does your insurer give you a choice of covers, like accidental damage to your home and contents or cover for contents when you're away from your home.

2. How can the consumer reduce the cost of their insurance policy?

Choose a policy that offers a no claim bonus.
Selecting a higher excess can help to reduce the cost of your policy.
Choose a company that has a range of products and options that you can choose form to suit your needs and budget.
Never under insure. While you may save a little in premium, the effect can be financially devastating.

3. How can the consumer properly evaluate their contents, to ensure they do not under insure?

The only way to do this is to take the time to consider what it would cost you to replace all your contents with equivalent new items. Using a calculator, like the Contents Replacement Cost Calculator at www.allianz.com.au, is a good way to help you calculate how much cover you need. Remember to adjust your sum insured when you buy new contents to make sure you have enough cover.

If you realise you don't have enough cover, don't be scared off by thinking that the cost to increase your sum insured will be too high. The cost of each dollar of extra cover reduces as you increase your cover; increasing your sum insured by 10% won't normally increase your premium by that much.

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Are you adequately insured?