Read Melissa’s latest article for the winter edition of Ruby Magazine:

Here are a few little lessons that we’ve learned along the way and wish to share.

If you park your car or motor bike in your garage it does not automatically insure it under your house policy. It does need to have its own insurance and the same goes for your boat, caravan or airplane! (However some contents policies will cover unregistered off road motorbikes less than 250cc and small boats less than 4.0m in length, ask your advisor to make sure).

Not all things are covered at your home, just because they are inside the house. Policies will have a specific list of items that are and aren’t covered. If you have something out of the ordinary, or are unsure, then ask.

A guard dog or cat (unless it’s a lion or tiger) is not adequate enough security to give you a discount; however a good monitored alarm, while adding extra security, could give you a discount on your home insurance.

Not all insurance policies cover your belongings away from home. Even having things in your car parked out the front of your house, may not be covered.

Higher excesses can reduce your premiums, however there is a ‘sweet spot’, where if you did have to make a claim you’re not too much out of pocket. Ask for other excess options next time you get a renewal or quote.

Be careful when you are told yes the policy has ‘accidental breakage’. Be sure it covers more than just broken windows.

Call and arrange your construction and liability insurance before you start building your new home or renovating. If your builder says he has ‘it covered’ ask to have a certificate of currency to show your home is insured.

If you have learner drivers or drivers under 25 driving your car make sure your car insurance covers them.  Having the right insurance will avoid more grey hairs!

If you don’t have any young drivers you might be able to save a dollar by excluding them on your car insurance.

If you run a business from home, make sure your household policy covers your business, if not you will need to arrange separate cover.

Business insurance is a very specialist policy, with different sections for theft, broken glass, fire, money, business interruption, taxation audit cover, liability etc. You need to talk to your advisor and they can help you with any concerns you may have.

Besides helping with insomnia, the policy books help with understanding what is covered and what is not covered. Make sure you read them and are happy that the cover you have is right for you.

Remember. Having the right insurance is no accident! 🙂

Ruby Magazine is printed by Adcell Group in Geelong.