Tips to get the most from Home & Contents Insurance

Though it seems like yesterday, 2012 was a very different time to today. Call Me Maybe was the most played song on our iPods. We were trying – and probably failing – to do that dance from Gangnam Style. We were ironically, but also a little seriously, scared that the world was going to end because of a Mayan calendar.

See? A lot has changed in 5 years. This was also the last time the average Australian updated their home & contents insurance, and just as we all (eventually) stopped saying “YOLO,” a lot about your life, home and lifestyle might have changed since 2012. You might have new possessions, a new partner, or new housemates.

With all of the ways your life might have changed, it’s important to take another look at your assets (an asset is anything of value) and your current policy to make sure your home & contents insurance has everything you need.

Valuing your assets

Over five years, it’s easy to lose track of how many possessions you have. When updating your policy you should value your current assets and check that your policy covers everything you own.

If you live with others, make it a team effort and allocate each member of your household a room to document the items in each.

Make a shared document with a program like Google Docs, which will allow all members of your house to contribute to it when they purchase a new item. The document will act as a living record for any items you want to keep track of.

When checking all of your items, nobody expects you to know the exact cost of your possessions off the top of your head. There are industry resources like The Insurance Council of Australia’s contents insurance calculator that can give you a heads up on the value.

There are also easier ways to keep track of your receipts. Apps like Smart Receipts allow you to snap a pic and store receipts digitally.

Assessing your coverage needs

What has changed in your life since 2012? New home upgrades or major purchases might fall outside of your current policy, meaning you will be underinsured and you might be out of pocket should an accident happen.

Have you started to travel more frequently? Some providers won’t cover events if your home is unoccupied for 60 days, so this is something you might want to see if your policy can accommodate. For instance, ING Insurance may provide cover while your home is unoccupied for an extended period (up to 180 days) if you advise beforehand and agree to certain conditions for the security and safekeeping of your home.

Have you recently gotten engaged, or received an extravagant gift? Some policies set a limit for valuable items like jewellery, so you may not be getting the coverage you need for them. ING does have jewellery as a default for Contents Insurance and there is an option to add specific items at a certain cost, but not all policies do.

So what do I do if I want to change?

If you decide your policy isn’t giving you the best cover anymore, there are a few things to keep in mind.

1. Have a clear idea of what you currently receive and what you would need to get from another provider.
2. Make sure all new items you have since your last policy will be covered by the new policy you’re considering.
3. Use ING’s online tool to get a quote in minutes and compare with your current policy.

Accidents are part of life. We saw that in 2012 when Call Me Maybe topped the charts. But before they happen, it’s important to know that you’re covered. Get an online quote for Home & Contents Insurance at ING and you could save up to 30%.

Important information

ING Home and Contents Insurance is issued by Auto & General Insurance Company Limited (AGIC) ABN 42 111 586 353 AFS Licence No 285571 as insurer. It is distributed by Auto & General Services Pty Ltd (AGS) ABN 61 003 617 909 AFSL 241411 and by ING Bank (Australia) Limited ABN 24 000 893 292 (ING) as an Authorised Representative AR 1247634 of AGS. ING is a business name of ING Bank (Australia) Ltd. An ING Home and Contents Insurance policy does not represent a deposit with or liability of, and is not guaranteed or otherwise supported by, ING Bank (Australia) Limited or any of its related bodies corporate.

This is general information only, and does not take into account your particular objectives, financial situation and needs. You should consider your personal objectives, financial situation and needs along with the Key Facts Sheets (Home and Contents) and Product Disclosure Statement (Part A and Part B) before deciding to purchase or continuing to hold this product.

ING will receive a commission from AGS for each policy purchased which is a percentage of your premium. For further details see our Financial Services Guide.

The price we quote is at the insurer’s sole and unrestricted discretion. It is based on the profile of the risk to be covered and any other factors the insurer may choose. These factors may change at any time without notice, as may the prices. If the policy renews, the price may exceed the price paid for the previous policy.

Discounts apply to the premium paid for a new ING Insurance policy initiated online on or after 30 March 2017 for approved applicants only. The discount applies accordingly: 30% discount on combined Home & Contents Insurance,15% for Home only or Contents only policies. We reserve the right to change the offer without notice. Base rate premiums are subject to change. The discount does not apply to any renewal offer of insurance.  The discount offer applies only to the premium for an insurance product. It does not apply to the fees that we may charge you, (these are described in our Financial Services Guide). You will be responsible for all applicable GST and other statutory charges. Home and Contents Insurance is not available in NT, North QLD and Northern WA.