It’s all too easy when your house insurance policy falls due to just renew it on the same terms and conditions as the previous year. Chances are that the cost of your latest policy has increased from the year before, so what do you think the chances are that the cost of repairing your house after an ‘incident’ have increased as well? Well, maybe a better question to ask is -when was the last time you heard that the cost of building had gone down? The last time you took a trip to Mars probably. Oops, sorry about that, but we just couldn’t resist mentioning Mars just one more time. The message we are trying to get across here is to not be complacent with your insurance. If you have your property insured for say $600,000 replacement and have a total ‘event’ and find that it’s going to cost you $800,000 to rebuild then that’s probably all you will receive from your insurer – leaving you $200,000 short. Conversely, if you have it over insured and pay a premium based on $800,000 replacement but it only costs $600,000 to rebuild then, often, that’s all you will get from your insurance company. There are some very good online insurance calculators available now that will help you estimate the rebuild cost of your property.
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