Safeguard your Home and your wallet
The devastating wildfires in Los Angeles earlier this year are a stark reminder of nature’s raw power. Closer to home, the Australian summer brings its own risks – bushfires, cyclones, flooding, and other severe weather events. Our homes are not just significant financial investments but deeply personal spaces, making it essential to ensure they are properly protected with the right insurance.
Too often, we assume our insurance is comprehensive without confirming the details. The worst time to discover gaps in your coverage is after disaster strikes. Now is the time to act, so review your policy, ensure you’re covered, and check that you’re getting a good deal on your premiums.
Check the details
- Understand your policy
Contact your insurance provider and review your policy. Ask these key questions:- What events are covered (e.g., bushfire, flood, cyclone)?
- What exclusions apply?
- What is the rebuild or replacement value covered for my property and possessions?
Policies vary significantly, and it’s critical to know exactly what you’re paying for.
- Check your risk level
Use online tools or maps to understand your area’s risk for bushfires, flooding, or other natural disasters. Ensure your coverage matches the risks specific to your location. - Compare to save
Insurance is one of the larger annual expenses for many households, and premiums can vary widely between providers. Using comparison sites can help you explore other options and find better deals. If you find a more competitive rate, discuss it with your current provider – they may be willing to match or beat it. - Consider adjustments
Sometimes, minor changes to your policy, like increasing your excess, can reduce your premium. However, ensure these changes still align with your ability to cover unexpected costs if the need arises.
Big Bills
Insurance isn’t the only major expense where you can save money. Big bills often mean big opportunities for a better deal and reviewing them regularly can lead to significant savings.
- Mortgage: If you’re paying more than 6.50% on your home loan, it’s time to shop around. Interest rates have shifted, and lenders are competing for business. Refinancing to a lower rate or negotiating better terms with your current lender could save you thousands over the life of your loan.
- Car Insurance: Premiums for car insurance vary widely. Use comparison sites to check for better deals or ask your current provider for a loyalty discount. Bundling your car and home insurance with the same provider may also result in savings.
- Health Insurance: Private health insurance premiums can be another major expense. Review your policy to ensure you’re not paying for extras you don’t use. Once again, using comparison sites can help you find the right plan at the right price.
Rather than trying to tackle all these at once, choose one bill to investigate each month. Breaking it into manageable steps avoids overwhelm and ensures you get it done. By the end of the year, you could have reviewed and improved all your major expenses.
Act today
Don’t wait until disaster strikes to confirm your coverage. Reach out to your insurance provider, review your policy, and compare prices to ensure you’re getting great protection at a reasonable price. Every dollar saved can be redirected toward building your financial security.
