The modern checklist for aspiring homeowners

Between fluctuating property values, soaring renovation costs, the advent of smart homes and the rise of lock-and-leave lifestyles, the way we think about home protection has undergone a significant shift.

Indeed, the idea of security is no longer exclusively tied to protecting your physical assets — it’s also about safeguarding your way of life from our increasingly unpredictable world. Here’s how you can do both.

Know your property’s worth

is one of the easiest ways to protect your possessions from loss or damage, but if you underestimate the total cost to repair, rebuild or replace these assets, you may be underinsured. Since the most your insurer will pay for a claim is the total sum insured listed on your policy, you could be left with a financial shortfall if this figure is too low.

To avoid underinsurance, use an online calculator to better estimate the value of your property and belongings and review these details regularly. Many homeowners fall into the trap of “setting and forgetting” their insurance, but with construction and labour prices driving up the cost to rebuild, your sum insured needs to be adjusted accordingly.

For added peace of mind, some providers also offer a safety net. In this instance, your insurer will pay extra (usually a percentage of your sum insured) to cover higher repair or rebuild costs.

It’s also a good idea to keep note of any home improvements or large purchases you’ve made since taking out your original policy. Upgraded your bathroom, splurged on new appliances or added to your art collection? The amount of money needed to rebuild your home or replace your belongings has likely increased, so you may want to consider updating your policy and look into additional coverage options for high-value items.

Lock up before you take off

Whether you travel frequently for work, enjoy a few extended vacations every year or simply love to be out and about, it’s always nice to know your most valuable assets are safe while you’re away.

For comprehensive home security, opt for a mix of physical barriers and smart technology. This might look like installing deadbolts or smart locks on all exterior doors and windows, mounting security cameras, investing in a back-to-base alarm system and adding outdoor lighting with motion sensors.

Smart cameras allow you to review footage remotely and can alert you to threats in real time, and smart doorbells provide a convenient way to communicate with both expected and unexpected visitors.

To deter would-be thieves, simulate occupancy by setting your smart lights to turn on while you’re away, ask a friend to collect your mail or organise a house sitter. Keep valuables and important documents out of sight, and if you have expensive items that often travel with you, ask your insurer about portable contents cover.

Keep your network secure

There’s no denying that smart technology has made our lives easier, but connected devices come with their own set of risks. Not only can cybercriminals gain access to unsecured home networks and steal your personal data, they can also allow thieves to enter your property by hacking smart locks and security systems.

To protect yourself from cyber-related crime, rename your Wi-Fi network and set a strong password (it should be at least 16 characters long and contain a mix of letters, numbers and special characters). For increased security, enable WPA3 or WPA5 encryption, install antivirus software on all connected devices and use two-factor authentication whenever possible.

Stay proactive with home maintenance

Purchasing a home is one of the largest investments you can make, so don’t let its value decline by preventable wear and tear. Ignoring small issues until they become a problem isn’t just a risky financial move, it can also put you and your loved ones at risk and void your home and contents insurance.

Regularly inspect the condition of your roof, check your plumbing, clear your gutters and downpipes, look for signs of pests and mould, and keep an eye on waterproofing, seals and the general structural integrity of your home.

If you spot any damage, leaks, debris or compromised materials, take action right away and use smart devices to stay ahead of potential concerns. Thermometers and hygrometers, for example, can help monitor your home’s air quality and alert you to mould, water sensors can detect potential leaks from washing machines or water heaters and vibration sensors can signal when older appliances may be malfunctioning.

Your home is likely the most valuable asset you’ll ever own, so it’s worth taking the time to accurately assess and insure it. With GIO, you can choose from three levels of home insurance coverage across its range of policies – home & contents, building only & contents only – and a wide range of optional covers, providing you the ultimate flexibility to cover your home accurately.

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.