For the majority of people, owning a home means you have everything to lose if it were damaged or destroyed. We know that your home and the belongings you’ve worked hard to have can be among the most valuable assets you own, and ones that you care for deeply.

Insurance products that don’t comprehensively cover your home & contents can be useless when the time to make a claim arises, no matter how much they cost.

We exist in a market that is saturated with competing products under different insurance companies, and countless relationships between underwriting companies and insurance providers. Taking the most convenient policy, or the cheapest, might mean that you are leaving out vital covers that could leave you completed powerless in the event of a claim.

Disguised under various insurer-specific terms like ‘Advanced Cover’, ‘Premium Cover’, or ‘Basic Protection’ is the important distinction between Accidental Damage policies and Listed Events policies.

Accidental Damage policies are superior in coverage – they cover all manner of damage other than what is specifically excluded under the policy wording. In the event of a claim that doesn’t fit with an obvious category, the insurer must provide clear and irrefutable reasoning as to why a claim cannot be covered.

Listed Events policies are far more common among most insurers and only cover what is listed under the policy wording, excluding all other damage or loss. Furthermore, you as the insured are always responsible for proving why a claim should be covered if the insurer rejects a claim.

At Aspire Insurance, we educate each and every one of our clients about this distinction so that they can make an informed decision, and rarely offer Listed Events policies when the cost of an Accidental Damage policy offers so much more protection at a fraction more premium.

Insurance professionals repeatedly bring up underinsurance, and for good reason. Most consumers are under the false impression that they can insure an asset for whatever they like, and get paid that amount in the event of a major loss, despite its actual value.

On the contrary, insurers will reduce the cost they pay you in a claim if you undervalue an asset and only pay the premium on the undervalued amount. For example, if you insure a building half as much as its worth, a substantial claim payment could be cut in half because of an underinsurance clause.

Insurable replacement value rarely reflects market price, and almost never matches up to an estimation that’s not based on careful and professional valuation. Building materials and labour are only part of the costs associated with demolishing a destroyed building and rebuilding it to modern-day standards.

At Aspire Insurance, we encourage our clients to engage professionals to value their home & contents whenever possible. We also have access to advanced tools to help you calculate a true replacement value for your home & contents that won’t leave you underinsured and financially crippled following a major loss.