Your home is where a lot of life happens. It’s also where you keep some of the things you’ve spent years buying, collecting and making your own.
Your furniture, appliances, electronics, clothing and those sentimental things you couldn’t simply replace all add up.
But a burst geyser, fire, storm or break-in can change things quickly. While you can’t predict every unexpected event, there are steps you can take to protect your home and be better prepared if something goes wrong.
Here’s where to start to protect your home.
Know what your home is really worth
It’s easy to think about the value of your home as the building itself, but there’s a lot more sitting behind your front door.
Think about what it would cost to replace your couch, fridge, washing machine, TV, beds, clothing, kitchen appliances, electronics and everything else you use every day.
Individually, some of these things might not seem like a major expense. Having to replace several of them at once is a very different story.
Understanding what you own and what it would cost to replace it today is an important part that you need to know when you protect your home.
Understand the difference between your home and its contents
When you’re looking at cover for your home, it’s important to understand exactly what you’re protecting.
Buildings cover generally relates to the permanent structure of your home and its permanent fixtures.
Household contents cover is focused on the belongings inside your home, such as furniture, appliances, electronics, clothing and other personal possessions.
What you need will depend on your circumstances. A homeowner and a tenant, for example, won’t necessarily need the same type of cover.
Before choosing a policy, make sure you understand what is included and what isn’t.
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Think about what could actually go wrong
Nobody plans for their geyser to burst while they’re at work.
You probably don’t expect a severe storm to damage your property either. And you certainly don’t plan for someone to break into your home.
But these things happen.
Consider the financial impact if you suddenly had to repair damage or replace several belongings at once.
A burst geyser, for example, could cause damage beyond the geyser itself. Water can affect walls, flooring, furniture and other belongings nearby.
Having appropriate cover can help reduce the financial impact of insured events, subject to your policy terms, limits and excesses.
Understand your home safety checklist.
Create a home inventory
When was the last time you made a list of everything you own?
Probably never.
A home inventory can give you a much clearer idea of how much your belongings are actually worth.
Go through your home room by room and take note of items such as:
- Furniture
- Appliances
- TVs and electronics
- Computers and laptops
- Clothing and shoes
- Kitchenware
- Bedding and linen
- Rugs and curtains
- Décor
- Other valuable belongings
You can also keep photographs and proof of purchase for important items where possible.
The goal isn’t to document every teaspoon in the kitchen. It’s to get a realistic picture of what it could cost to replace your belongings if you experienced a significant loss.
Use today’s replacement costs
That TV you bought five years ago might have cost you one amount, but that doesn’t necessarily tell you what a similar replacement would cost today.
The same applies to furniture, appliances and many of the other things in your home.
When reviewing the value of your belongings, think about replacement value, not simply what you originally paid.
If the value you’ve insured your belongings for is significantly lower than what it would actually cost to replace them, you could find yourself facing a shortfall when you claim, depending on the terms of your policy.
Review your cover as your home changes
Your home doesn’t stay exactly the same from year to year.
Maybe you’ve bought a new TV. Upgraded your fridge. Replaced your lounge suite. Added new furniture. Renovated a room. Or slowly accumulated a surprising amount of stuff.
Your cover needs to keep up.
Make a habit of reviewing your policy and insured values regularly, particularly after making significant purchases or changes to your home.
It’s a simple step that can help you protect your home as the value of what you own changes.
Don’t forget about home security
Insurance is one part of protecting your home, but prevention matters too.
Simple habits can help reduce some of the everyday risks around your property.
Lock doors and windows when you leave, keep security systems in working order and avoid leaving valuable items where they’re easily visible from outside.
It’s also worth checking whether your insurance policy has specific security requirements. Depending on your cover, certain precautions may need to be in place for particular claims.
Know what’s expected before you need to claim.
Understand your policy before something happens
Insurance isn’t something you want to read for the first time after you’ve had a loss especially when you need to protect your home.
Take a little time to understand your cover beforehand.
Check:
- What events you’re covered for
- What isn’t covered
- Your insured amounts
- Your excess
- Your benefit limits
- Any security requirements
- Whether certain valuable items need to be specified
- How the claims process works
If something doesn’t make sense, ask.
Knowing what your policy covers can help you make better decisions and avoid surprises later.
Protect your home before you need to
You can’t control every burst pipe, storm or break-in, but you can make sure you’re better prepared for the financial impact.
Know what your belongings are worth, keep your insured values up to date, understand your policy and take practical steps to reduce risks around your property.
At Oneplan, we believe protecting the things you’ve worked hard for shouldn’t have to be complicated.
A little preparation today can make dealing with the unexpected a whole lot easier tomorrow.
Your Insurance Family,
