Two in three homeowners in Australia do not know the value of their possessions nor what they are insured for, research by Comparethemarket.com.au shows.
The survey of 1,000 adults with home and contents cover found 69% do not know the true value of their contents and 42% don’t keep records of their possessions for insurance purposes.
Of those who did keep records in the form of receipts, valuations, certificates of authenticity and photographs, just 10% kept those documents offsite for safety.
Meanwhile, some households were in danger of noncompliance of their insurance policies, with 72% failing to make alterations to their home to meet the terms and conditions of their policy; and 63% admitting they hadn’t read their policy details in full. 53% had merely skimmed over the details, and so weren’t sure what they were covered for.