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Having enough insurance

In the unfortunate event that something catastrophic were to happen, do you have enough insurance to cover the cost of rebuilding your entire home and replacing all your contents?

What is underinsurance?

Underinsurance can happen when you don’t have enough insurance to cover the costs of rebuilding your home or replacing your home’s contents.

While underinsurance can happen with any type of policy, it is most common with home and contents.

If you’re underinsured, it means that if something happens to your home or contents, you won’t have enough insurance to rebuild and cover your loss.

Sometimes you can become underinsured over time – as you gradually accumulate more possessions, or the costs of building materials and rebuilding your home increases over time. It’s important you review the amount you are insured for regularly, to check that you still have the cover you need.

 

Calculating the cost to rebuild and the value of your contents

CGU provides calculators to help you determine how much insurance you may need to rebuild your home and replace your contents.
 
You can use these calculators periodically to make sure you’re insured for the right amount.
 
Review your insurance every year to make sure the amount you’re insured matches what it would actually cost to rebuild and replace all your contents. 
 
If you need more help and advice in insuring for the right amount, consider speaking to an insurance specialist.
Calculate the value of your home and contents

 

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