How GIO helps protect your home’s true value

It might be one of life’s greatest milestones, but the reality of homeownership in Australia is increasingly complex. Property prices sit at an all-time high, labour shortages and the cost of building materials have sent construction fees soaring, and the widespread adoption of high-end smart technology has added considerable value to our homes.

As the economic landscape shifts, protecting your most valuable possessions has never been more important, and that’s where home insurance comes in. Not only can the right level of cover safeguard your finances should disaster ever strike, it can also protect your way of life — but only if your policy accurately reflects your home’s true value.

In many cases, the insurance you took out when first purchasing your home no longer reflects your current needs or lifestyle, which means you could be paying for a policy that doesn’t fully protect you or your assets.

GIO Insurance has a range of lifestyle-focused coverage to meet you where you’re at. Here’s how it works.

Flexibility where it counts

With three levels of cover to choose from and the ability to combine or separate your home and contents insurance, GIO allows you to tailor your policy based on your unique budget and lifestyle.

If you’re nervous about market volatility and increasing construction fees, for instance, GIO’s Safety Net Home Protection aims to provide a greater sense of financial security. An option for GIO Classic home cover, the safety net is automatically included in GIO Classic Extras and GIO Platinum, and helps provide a buffer against the ongoing rise of rebuilding costs.

For example, if the amount needed to repair or rebuild your home after an insured event exceeds the maximum coverage limit stated on your policy, the safety net may help you unlock up to an extra 30 per cent of your sum insured to pay the additional fees.

Built-in lifestyle protection

Under GIO’s “new-for-old” cover, if your insured home or contents are stolen or damaged beyond repair, they will be replaced with new items or materials of the same type, standard and specification.

Not only is this designed to protect your home and belongings from depreciation, it aims to help maintain your standard of living. If an insured event were to happen, you can rest easy knowing your eligible high-end finishes, appliances and smart tech may be replaced with their latest equivalents.

With the average Australian home containing 25 smart devices, from integrated smart fridges and dishwashers to security systems and pool pumps, the cost to replace these items can be substantial.

If your home contains a large amount of smart tech or high-end appliances, it may be worth looking into GIO’s Motor Burnout cover. Included within Classic Extras and Platinum home and contents policies, this option can assist with the replacement of electric motors if they burn out or fuse during the policy period, with full terms and exclusions detailed in the PDS.

Tailored limits

Before you renew or purchase home and contents insurance, be sure to assess your needs and sum insured. The cost to rebuild your home may have risen dramatically since your last quote, or your contents may be worth considerably more thanks to new carpet, smart appliances or a luxurious home theatre.

You can use GIO’s free building and contents calculators to help you estimate the replacement value of your home and belongings, and consider these figures when selecting your total sum insured. It may take some time, but creating an inventory of every item in your home can help identify belongings you may have otherwise missed.

Have some special, high-value items tucked away? For an additional premium, GIO offers flexible limits on some contents categories, such as jewellery, watches, artwork and memorabilia, allowing you to insure specific items for a higher amount. Without specifying these belongings, you may not be covered for their true value, which may leave you with out-of-pocket costs.

GIO helps support you to make decisions that are right for you and your family. Whether you’re looking at building cover, a contents only policy, or a combined home and contents option, GIO can help you find the right fit.

For more information, visit gio.com.au

Disclaimer: Any advice provided in this article is of a general nature. This information does not take your personal objectives, financial situations or needs into account. You should consider its appropriateness to your circumstances before acting on this information. Please read the relevant disclosure document(s) for your selected product or service, including the Terms and Conditions available on our website, before deciding.