Living in what insurers call a “strata title unit”, doesn’t remove the need for property owners to protect themselves from loss and / or damage to their possessions. If you live in a Strata property, Contents Insurance is a must.
Whilst Strata Insurance will cover the building, common property and legal liability in the common areas of your strata title property, it does not cover the contents of your property or liability within your property.
A separate Contents Insurance policy is required to protect your belongings, but there are many things to consider when finding a policy that is right for you.
1. DON’T FALL INTO THE TRAP OF UNDERVALUING POSSESSIONS – IT HAPPENS!
One of the biggest challenges when arranging contents cover is estimating the actual value of your belongings.
Most people underestimate the total value, remembering big-ticket items such as furniture and sports equipment, but forgetting smaller items such as kitchen utensils, clothing and books. Large amounts of smaller items soon add up in value, often equalling or surpassing the dollar value of your more expensive possessions.
To avoid underinsurance, which can leave you out of pocket should disaster strike, the easiest way to generate an estimate “sum insured” figure is to use a comprehensive contents insurance calculator, or our contents insurance checklist.
2. ARE MY VALUABLES COVERED APPROPRIATELY?
In most policies, items such as jewellery, fine art and antiques are subject to sub-limits or in layman’s terms –