03/08/2026
A homeowner believed their property was adequately insured for $450,000 based on what they paid for it several years ago.
Following a major storm, extensive structural damage occurred. After assessment, the actual rebuild cost was determined to be over $700,000.
Because the property was significantly underinsured, the owner faced a substantial out-of-pocket expense to complete the repairs.
💡 The Lesson:
Property values and rebuilding costs have increased dramatically over recent years. Reviewing your sum insured regularly can help avoid nasty surprises when making a claim.
📞 Not sure if your property is insured for the correct amount? Avoid the awkwardness and contact Insure More for a complimentary insurance review.
- Matt and The Team @ Insuremore
Taree - 6591 3467
Tuncurry - 6555 5022