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035 House and contents Insurance
472 Plays4 years ago
This episode will give you Mia and Dinah’s top hacks for sorting out your household insurances including house and contents insurance, landlord insurance and renters insurance
It is easy to slip into a set and forget mode for house and contents insurance and let your policy tick along for years, but this is an area where an annual review is a must.
The key considerations and hacks Mia and Dinah discuss for contents insurance are:
- Make sure you have adequately estimated the value of your contents including items like pot plants, items in your backyard, software, music, movies and food spoilage
- Consider using a contents inventory calculator like the one on the Insurance Council of Australia’s website
- Save a copy of your contents inventory on your cloud storage to make it quick to review each year
- Keep a record of receipts and/or photos of new purchases and major items such as furniture and appliances in your cloud storage to help substantiate any potential claim
- Consider increasing the excess on your insurance to reduce your premiums
- Consider the limits policies placed on specified items and if they are insured outside your home
- If you have a renters insurance policy for a share house, all your housemates’ contents need to be covered under the policy.
The key considerations and hacks they discuss for building insurance are:
- Most policies cover storms, cyclones and bushfires, but not all insurers offer flood insurance
- Insurers often place embargoes on insurance policies to prevent people from buying insurance when the risks are elevated
- Make sure you have adequate cover for your house as building costs and standards change. Find out the cost of rebuilding your property by asking a builder or a valuer.
They also discuss landlord insurance and considerations including:
- Considering contents that need to be insured such as carpets and curtains
- If missed rental payments will cause you financial stress, look for a condition in your insurance policy that will cover you for missed rental payments
- Another option under landlord insurance policies includes covering your legal expenses if you have to take action against a bad tenant.
- Insurance needs if you rent out a property for short term rentals on sites like Airbnb.
Other hacks include:
- consider calling your current insurer to see if you can get a better deal by telling them you are shopping around or by increasing your excess
- make sure you reconsider your value insured if you renovate your home, upgrade appliances, make other major purchases or have kids
- save your certificate of insurance in your cloud storage drive together with premium notices
- there are comparison websites for home insurance but they’re all commercial and so get a commission.
LIFE ADMIN RESOURCES
Insurance Council of Australia – Contents Calculator
Insurance for Short Term Lets – Share Cover
Choice Magazine – Comparison of House and Contents Insurers
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Please head to the Life Admin Life Hacks Facebook page to connect with listeners and share your thoughts, questions or suggestions.
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Transcript
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Efficient Life Admin Tips
00:00:30
Speaker
This is Life Admin Life Hacks, a podcast that gives you techniques, tips and tools to tackle your life admin more efficiently, to save your time, your money and improve your household harmony.
00:00:43
Speaker
I'm Dinara Roberts, an operations manager who developed a spreadsheet years ago to keep track of the value of my household contents. I'm Mia Northrop, a researcher and writer who loves a good list, but that room inventory list for home consents insurance is downright scary.
Recording During Lockdown
00:01:00
Speaker
This episode will help you calibrate your household insurances. Hello and welcome to Life Admin Life Hacks. We're recording this episode during the pandemic stage four lockdown here in Melbourne.
00:01:12
Speaker
Everyone's travel plans are in disarray. There's lots of economic downturn and people are scrutinising their finances.
Insurance for Peace of Mind
00:01:19
Speaker
We've also had bushfires and floods in various parts of Australia and hurricanes in listener locations across the world. 2020 has certainly given us lots of reasons to look
00:01:30
Speaker
and our insurance cover up to see that we're protected and not paying too much. So when we surveyed our listeners, peace of mind just nudged out saving time and saving money in terms of importance. And insurance was voted as one of the number one aspects of life admin that people need help with. For those of the listeners that were in households, 54% said that organizing insurance was up to them, 23% said it was shared, and 22% had their partner take care of it.
00:01:57
Speaker
So 77% of us need to have our heads around this aspect. And 38% of listeners said their insurance was totally sorted. But more than 58% said they're probably wasting money. For some, it's an area of confusion and they just don't get it. For those of us that are insured, it's really easy to slip into set and forget mode and let your policy tick along for years. But this really is an area of life admin or an annual review is a must.
00:02:25
Speaker
And I didn't really think about home contents insurance as an annual review thing until we started researching this episode. And I have a lot of work to do now, Diana. I too will have a spreadsheet by the end of this exercise. I'm so proud, Mia.
00:02:40
Speaker
I was shocked though, especially in this research, more than a third of Australians don't have contents insurance, let alone, you know, the problem of under insurance. They don't have any at all, which is a massive risk given the level of, you know, bushfires and floods and burglary that happens in various parts of the country.
00:02:59
Speaker
Yeah, and I think if something does happen, to have to replace everything that you're in your household, even if you have really basic items, it's a lot of money.
Types of Insurance Explained
00:03:08
Speaker
So in this episode, we're going to talk about home and contents insurance, and we'll also touch on landlords insurance and renters insurance.
00:03:16
Speaker
Yes, home and contents, landlords, rentals, insurance, these are all part of household insurance and it's that category of insurance that falls under general insurance, which is basically anything not related to life insurance. These types of insurances help protect our property and the things we value from the financial impact of risks
00:03:35
Speaker
whether it's weather or natural disasters like fire or flood or storm or earthquake or theft or accidents or losing things, damaging things. From a life admin perspective, you need to decide the types of risks you wish to cover and a policy with the features that you need.
00:03:55
Speaker
This usually requires some shopping around and good decision making skills, which we've covered in depth in episode 33 and also when we talked about private health insurance in episode 12. So in this episode, we won't revisit those principles or steps, but we'll focus on the criteria you should be considering to compare policies
00:04:16
Speaker
and know that make sure you've got a good deal.
Insuring Possessions vs. Buildings
00:04:19
Speaker
Yeah. So house insurance is about the building. It's about the actual dwelling contents insurance about all your possessions. And the biggest risk in this area really is the need to avoid under insurance where the value you've insured your property or belongs for doesn't actually cover the full value of the items.
00:04:40
Speaker
So for example, you might have contents insurance for all your possessions and you've got like 20 grand. But if you've actually itemized and went through what you have to replace or repair those items might cost you $50,000. So if you're under-assured and something happens, then you're going to have to spend a lot to get back to where you were. It's going to be really devastating. And I think when it comes to contents insurance, it's really easy to not realize there's a whole bunch of things that are included like
00:05:06
Speaker
pot plants, your software, maybe a movie collection that you have, even food in your fridge if your fridge and freezer happen to die. So really thinking about all of the items in your house is important when you're trying to determine the value for your content's insurance.
Accurate Insurance Estimation
00:05:25
Speaker
especially things on your lawn or your front porch or in your backyard. So how do you make sure you're covered adequately and that you can estimate accurately? So when it comes to contents, you've got your contents calculators and the insurance council of Australia links to this. When you go to get quotes from the major insurers, they've all got content calculators and we'll include them in the show notes. But these calculators ask you how many people live in your house, the gender, the age, the standard and quantity of your possessions.
00:05:55
Speaker
they'll ask you how many bedrooms and other rooms and whether you have any special items like antiques or instruments or artwork or jewellery and then they'll give you a dollar figure in an estimate of how much it might cost to replace those items. So that's a good starting point and for some people they might like feel like that's enough but there is another way isn't there Diana?
00:06:15
Speaker
Well I developed my own room by room inventory actually when we first moved into our current house and where I went through room by room and listed everything out in my Joyce Excel spreadsheet. But you can now use those contents calculators to do something similar so you can take them as a starting point and adjust them.
00:06:37
Speaker
But I guess one of my top tips is to make sure that you save the work that you do so that it makes it much easier when you come to review it. So save that in your shared cloud storage, then it'll be much easier to review that year on year when you want to check that you're whether you need to upgrade your level of insurance.
00:06:56
Speaker
Yeah, there are a lot of household inventory checklists online and they're great in terms of a template because they prompt you room by room about the items that you might own. They're good triggers where you're like, oh yeah, I do somehow have accumulated three gaming consoles or
00:07:13
Speaker
Yeah, we all do have electric toothbrushes that aren't the $4 ones. They're all the, you know, $50 ones. And so it helps you be a lot more accurate. And I think this is a lesson for me, Diana, because I feel like I don't know. I don't have a living memory of the last time I did a room by room inventory. And when I started to look at comparing insurance for this exercise, I realized, you know, since separating from my partner,
00:07:42
Speaker
We have moved a lot of furniture and possessions around and the contents insurance policy for our former family home is completely inaccurate now. The one I did when I moved into this place, actually I missed a whole bunch of things. And even since then, there's been belongings go back and forth between the houses. So we really need to go do that room by room inventory. I feel a spreadsheet coming my way.
00:08:08
Speaker
Yeah and I think it's really easy to forget about things like clothes for example and I've certainly had a former colleague of mine whose house was completely cleaned out and they took all of her work clothes and work shoes and when you think about the cost of replacing all of that it's really important to make sure that you're adequately insured.
00:08:26
Speaker
Yeah.
Lowering Insurance Premiums
00:08:27
Speaker
So when they're looking at contents insurance, they're calculating it by the basic excess that you choose, which was also news to me because I didn't realize you could opt for a higher excess to bring your premium down. And it's weird because I know you can do this for other types of insurance, but I just I don't know that I feel like I don't promote it the same way for contents. So that's something that I haven't taken advantage of before.
00:08:51
Speaker
Yeah, I always go for the highest excess and I think that's also the advice of the barefoot investor because it really just means that it reduces your premium because you're taking the part of the risk that you can afford. I think it's really the best option for all kinds of insurances if you've got some savings. Yeah, a lot of reviews do.
00:09:12
Speaker
So they take into account the basic excess, the age of the person buying the policy and the other people on the policy. Your sum insured, the level of cover you've chosen, how your home is occupied. So whether it's just for residential or if there's any business stuff going on, the location.
00:09:28
Speaker
Risk profile of that location is really what they're thinking about, many security measures to your home. So when it comes down to comparing between providers, really you're looking at the premium, the excess and the cover limits and the value of the belonging. So actually let's talk a bit more about cover limits and those specified items, Dinah.
00:09:48
Speaker
Yeah, so I think that most policies have a specified limit. Sometimes it's like a thousand dollars, and it says that unless you specify items, they're not covered if their value exceeds that specified limit. And in addition, for some items, you can get cover
00:10:05
Speaker
for taking them outside of your home if you like. So for example your mobile phone or it might be some of your jewellery and different insurers have really different approaches to that. So understanding what's important to you before you start to compare is important there. So if you know you definitely want to get insurance for your engagement ring, understanding the value and
00:10:24
Speaker
whether you're gonna have to take out an additional part of the policy to cover that is really important. Yeah, this is worth poking around because if you have instruments, if any of you or your kids play instruments or you have art or jewelry or collectibles of some kind, it's really worth looking at how much you can specify for each of them or if there's a sort of an allowable cap for all of them. And yes, I was surprised, some insurers have quite generous policy features around
00:10:52
Speaker
losing belongings or damaging belongings if they're out of your house, whereas some don't cover it at all. So, yeah, mobile phones, expensive handbags, you know, whatever things, the kids are dragging iPads around. If they damage them or lose them when you're out and about, it's worth knowing what your cover is there.
00:11:11
Speaker
Yeah. And I think that's the other one is understanding whether accidental damage is covered or not covered. So again, that's where something if it's important to you, if someone accidentally spills something over the couch and understanding whether accidental damage is included. Yeah. And some insurance differentiate between accidental damage and accidental breakage. And this is where you actually need to read those product disclosure statements and understand their definitions.
00:11:40
Speaker
And the final thing you might want to compare between providers is settlement. So how does the insurer replace them? Are you given cash so you can just go and find it? Or do they specify how you need to replace them? And what does that process look like? Because you do hear about nightmare scenarios where people are fighting with their insurers about how claims are settled. So it's good to know what you're up for. And when you're thinking about contents insurance, if you don't own your own home and you're just renting
Tenants and Insurance Needs
00:12:10
Speaker
you might want to contemplate getting renters insurance. So really that's just contents, only insurance that's designed for tenants. The landlord's obviously responsible for ensuring the building, but you really should think about covering your own items.
00:12:25
Speaker
If you're living in a share house, something that's really important to know is that you'll need to talk to the insurer about making sure they'll cover all of you under the same policy because you can't get contents insurance that's just for your own bedroom within in a flat, for example. So that's something where you really need to talk to all the people you're sharing the house with.
00:12:47
Speaker
Yeah. Another key aspect of ensuring that you are properly insured is to keep good records for insurance. So if it does come to having to claim, you can understand what you had, how much it was, or just those two things really, isn't it? What you had and how much you paid. What do you do in this department, Diana? I feel like you're going to have some best practices for us.
00:13:11
Speaker
So the one practice that I've implemented for some time is that whenever I buy something like an appliance or a piece of furniture, I always just take a photo of the receipt, usually on top of any other piece of information around like the model number or the warranty or, or that kind of thing.
00:13:29
Speaker
And I keep that in my cloud storage drive in one folder, it's just called receipts and warranties. So it means that I've got a record of all of the things that we've bought over the years, periodically clear it out for things that we've disposed of. But it's really, it would be really easy for me to understand both what it was and how much I paid for it. And we did actually use that when we moved house and some things were damaged in transit and I needed to make
00:13:54
Speaker
claim with the removalists. They damaged actually my child's swing set and I could show them how much I paid for it and we made that process of making the claim so much easier.
00:14:05
Speaker
Yeah, I have never done that for anything. I haven't gotten horrified about the task ahead of me because, yeah, we haven't photographed any of our art. You've not got a piano. There's all this jewelry. I haven't photographed or put prices next to any of it, but it clearly needs, we should be doing this. So this is what I might be doing during the school holidays.
00:14:29
Speaker
But it's actually a pretty quick process to take photos of things nowadays and to just save them somewhere once a year when you update your inventory. I highly recommend that as a process. But just to get into that habit of photographing receipts just makes it so much easier because often things have a 12 month warranty anyway. So if something gets breaks within the first 12 months, but it also has the added benefit of being able to be used for insurance purposes.
00:14:55
Speaker
Yeah. Okay. Oh, man. New habits. New habits to adopt. All right. Let's talk about building insurance, the actual house insurance. Key things to think about here are what it might cost to replace the house if it were to burn down or flood or be sort of irreparable in some way.
Understanding Replacement Costs
00:15:14
Speaker
And I guess the key ideas is to understand if you're in a bushfire or cyclone or flood prone area and any sort of plans you need in place or property maintenance you might need to do. Sometimes in those areas they actually give you tips to find appropriate insurance. There's also in Australia I know that sometimes insurers talk about embargoes and insurance. Have you heard about these scenarios? Is that where you live in a flood prone area or is that what you mean?
00:15:41
Speaker
Yeah, it happens in floodplone areas and bushfire prone areas. And what happens is every summer, people might not have insurance. And then if a fire breaks out 50 kilometres from where you live, there can be a rush of people who suddenly think, all right, the fire is 50 kilometres away. We should get insurance right now.
00:16:01
Speaker
And some insurers often place embargoes to prevent people from buying insurance when there's this elevated risk. And then if the disaster, you know, dissipates or it doesn't play out, but they cancel it straight afterwards. So embargoes, you know, insurance companies manage their risk by having people have premiums or policies over a period of time. So you should be aware that if you are sort of playing that game and thinking, I'm only going to
00:16:30
Speaker
I'm only going to get the insurance if the fire break is coming closer, then it can be actually hard to get insurance at that time. That's quite interesting, Mia, because for this episode, I was researching landlords insurance as well, and I noticed that quite a lot of the insurers at the moment are no longer providing insurance for missed rental payments.
00:16:50
Speaker
because of COVID, I guess, so more defaulting on rent payments. So at the moment, most insurers aren't offering that as an option. So I guess that's a similar scenario. Yeah, the more imminent the risk, the more it pays to read the fine print and shop around. So obviously, when you're looking at replacing a building, you've got to think about building costs and the standards. How did you approach this for getting your building insurance sorted?
Insurance for Renovations
00:17:18
Speaker
Well, again, I've kept this documented. But because we did a major renovation on our house when we moved in, it gave us a good basis for estimating how much it would cost to replace the whole thing because we rebuilt almost 60 percent of the house. So given my husband's also in construction that made it a little bit easier. Again, we documented the assumptions we made so that if the house ever did something did happen, we kind of know the basis that we use to develop the estimate.
00:17:46
Speaker
Yeah. So when you're getting insurance, usually there's two types here. There's total replacement cover, which includes all the costs to rebuild your home. So that includes actually building it plus supplementary costs where you might have to pay for demolition or some temporary accommodation while you're waiting for it to be fixed.
00:18:05
Speaker
or getting surveyors or architects involved. And then some policies are only some insured, which is the maximum value of the house, and it doesn't include that supplementary stuff. Total replacement policies are usually more expensive, so you just need to think about what can you afford, what makes sense for your situation, and which direction you should go in. And there's building calculators.
00:18:30
Speaker
online to estimate all this stuff as well. And most of them you put in your address and it sucks back all this data about your property. Yeah, I think that they access all the information available through real estates and councils and things. But I actually had a colleague whose daughter left their bath running in the upstairs of their house and
00:18:51
Speaker
like went out and got on the phone and completely forgot about it. And the bath overflowed and actually the whole ceiling of the whole second story collapsed. They had to move out of the house for like six months while the house was rebuilt. And for them, it was really costly because they were under-insured and they had some insured. So they actually had to fork out quite a lot of money to actually rebuild their house. So it was a lesson for me quite early in my life to make sure that I had sufficient insurance for my
00:19:22
Speaker
It's actually a contents equivalent of that. It's if you get replacement value or you get new for old. Some of them will be like they just give you the new version of whatever it was. Some of them are replacing lost or damaged positions with the new positions that have a higher dollar value now. Similarly, if you get a new for old cover, you might be playing a higher premium, but I have to have to think about that.
00:19:46
Speaker
So when it comes to the house premiums, the way they calculate them, they're looking at the level of cover you've chosen, how the home is occupied, what it's made out of, the excess, the location, if you've got any special security things attached to your home and the risk profile.
Factors Affecting Premiums
00:20:03
Speaker
So when you're comparing, again, you're looking at the premium, the excess, any exclusions, things that aren't included, any liability cover. So sometimes you can get cover that includes if people hurt themselves at your place.
00:20:15
Speaker
And then any extra extended cover for special things you might have going on or maximum cover limits on how much you can claim for your fancy oven or your amazing bath or whatever you've got going on in your house.
00:20:30
Speaker
And so there is an equivalent landlord version of this, isn't there? Yeah. So if you're a landlord, you definitely want to get cover for the building, but also for the things that you leave in your home that aren't fixed or installed. So, you know, like carpets and curtains.
00:20:45
Speaker
Obviously, tenant-owned contents need to be insured by the tenants themselves. So those are, I guess, really must-dos. But in addition, you can also opt for additional cover, including rent default, which I talked about before. And if missed rental payments would cause you financial stress, you really might want to think about covering yourself for those, but also maybe thinking about the costs you might have if you ended up in court,
00:21:10
Speaker
which can sometimes happen in relation to taking action against a bad tenant. So really consider what you need to insure against if you have a rental property. And then many of us out there who might have a property that they rent out on Airbnb or some other short stay platform, and there are specific type of insurance that you need for that situation. So your regular house and contents insurance
00:21:38
Speaker
will not be eligible if you are renting out your place for people to stay. You know, it might be one night or one week or whatever it might be. I know Airbnb has their host guarantee, which covers a certain amount of damage to belongings in your place during the stay. But there are also particular insurers who will offer I've used share cover in the past and you can literally get insurance for one night and it might cost $7 or something to give you that additional peace of mind that you really are
Short Term Rental Insurance
00:22:08
Speaker
covered for
00:22:08
Speaker
any scenario where someone comes and stays the night and breaks something or damages something or steals something or leaves the bath on when they leave.
00:22:19
Speaker
OK, Mia, so I think you're just started really looking at your insurances. So what process are you going through? Oh, well, you know, I I thought I should probably take a look at all of this because I do feel like we're underinsured in terms of all the technology we now have in the house. So in the last year, you know, we've got laptops for home learning and working from home and there's more iPads and gaming consoles and smart watches. And I thought, oh, yeah, this is probably an area where I need to take a look.
00:22:50
Speaker
Then when I got into it, I realized that was the tip of the iceberg. I thought, let's have a look at the comparison sites out there. There aren't any official government comprehensive comparison sites. There are ones like iSelect and Compare the Market, which are all paid ones where you're not seeing the full range and they're getting paid to advertise.
Reliability of Comparison Sites
00:23:11
Speaker
So I went to Choice, the Choice magazine. They don't get paid to compare different products. But I went and my current insurer had one of the lowest ratings on the list. And we've been with them for 15 years perhaps. They have our car insurance, they have our house, our contents for all of our properties.
00:23:33
Speaker
So now, you know, there's the former family home, my new place and our holiday house. And I realized, okay, we are not with the insurer who is known for good policies. They've got all sorts of, they just haven't updated to boxing, like their features compared to some of the others.
00:23:51
Speaker
Then I realized, okay, we have a different inventory on the various homes and they're not really reflecting what's actually in the homes anymore. And then I realized also that we haven't opted for the higher excess with any of our policies, so we're paying much higher premiums than we should be.
00:24:08
Speaker
And I started to think, oh my God, I might actually investigate an insurance broker. Insurance brokers are free. They'll obviously earn a commission from whichever provider they go with. But you can contact them through the Insurance Council of Australia and we'll put a link to them in the show notes. Or you can ask your accountant or financial planner if they'd recommend one. So I'm actually going to do that. I'm going to contact
00:24:31
Speaker
the accountant and financial planner and see if they can get it worthwhile and whether they can recommend someone because, yeah, we need to update three policies ASAP. Yup.
00:24:44
Speaker
And I just think I had, when I looked at my old policy, I think it's replacement value. It's not new for old. So if things die, you know, if our 15 year old KitchenAid falls on the floor and smashes into a bazillion pieces, I don't know. I'm just making this up. They'll give you the value of the 15 year old version of the KitchenAid, not what they're currently going for.
Tracking Insurance Details
00:25:05
Speaker
So yeah, I need to redo all of my insurance, do full inventories. That's probably going to be my next week.
00:25:11
Speaker
How about you, Diane? Well, I think it's my financial background, but I've always been on top of this. So, as I mentioned... There's training and there's temperament. I feel like there's a few aspects that might play into your organisation here. So, as I mentioned, in my shared drive, I have my spreadsheet, which has calculated out how I've determined the value of our contents, which were insured, and also a spreadsheet, which calculated how we determined the rebuild costs.
00:25:40
Speaker
of our house and as I said I've also got the folder that's got photographs of the warranties and receipts from all the major purchases but I haven't really taken photos around the house recently so that is something that I might do quickly and just quickly add that to the same folder. Every year I always compare so as soon as the premium increase comes in
00:26:02
Speaker
As a minimum, I always just call the current insurer and just check whether I've got the best deal. And usually I always call at least one other. The last couple of years I've just called the other insurer that I have my car insurance with.
00:26:16
Speaker
Just so that I check that we're not being ripped off, so to speak, and I haven't switched for a couple of years, but I'm pretty confident that we've got an OK deal. And as I mentioned, I always go for the highest excess, but I've never actually looked at choice to see whether maybe I should be looking at some different insurers. So that's a really good idea. So that's what I'll do next year when the premium increase comes in.
00:26:38
Speaker
I also have saved in my Google Drive the certificate of insurance, but also all of the premiums from the last couple of years. So I can quickly see how much the premiums have gone up. Because that's also kind of an indicator, I think, if premiums have jumped up a lot a few years in a row. That's a really good time to shop around.
Revisiting Insurance Needs
00:26:58
Speaker
Yeah. Okay. So when you might do this is when you get that renewal date for existing, you've got existing policies and you get the renewal communication, you might want to have a little look what's happening, but there are a few other triggers for renewing or taking out insurance.
00:27:14
Speaker
Obviously, if you move house, if you buy a house, if you renovate your house or you made, you know, upgrade major appliances, this is when you need to start thinking about what it might cost to replace or repair them. If you've made any major purchases about, you know, expensive furniture or backyard equipment or art or instruments or technology, that's also the trigger. If you have kids suddenly, you've got all their furniture, all their toys, all their clothes, all their tech, and they can accumulate. It can accumulate pretty quickly.
00:27:44
Speaker
Other triggers to renewing your home and contents insurance might be if you start your own business. So really making sure that you've got adequate cover because you're exposed to more risk relating to your business or if you take out a loan. So again, really reconsidering your risk when you're exposing yourself to different risks. And also if you change your home loan provider, they will ask for a certificate of your insurance.
00:28:09
Speaker
So it's also a good opportunity to at least ask for when you ring your insurer to ask for the certificate insurance. Just check in to make sure that you're getting the best deal. Diana, this was an episode where I just thought it was going to be smooth and find some criteria for comparison. I didn't. It was a can of worms. I have opened a total can of worms. But I'm glad that I have, because if something did happen to one of these properties, we are completely underinsured. So I'm glad we've taken this decision to do
00:28:39
Speaker
investigate this.
00:28:40
Speaker
Well, I'm glad that this episode has been helpful for you too, Mira, and that some of these hacks- I wouldn't just get the value. I certainly have. So maybe these are my top hacks that make sure you review your cover regularly. And even if you don't want to shop around, just check that you've got, you're not underinsured. Save your content's inventory and your building estimation on your cloud storage drive so you can easily review it and update it on a regular basis without having to reinvent the
Engaging with the Podcast Community
00:29:09
Speaker
wheel.
00:29:09
Speaker
And if you don't have time to compare, why not just try calling your current insurer, seeing if you could increase your access or telling them you're shopping around and see if they can give you a better tip.
00:29:21
Speaker
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