{"id":115485,"date":"2025-05-28T16:03:02","date_gmt":"2025-05-28T06:03:02","guid":{"rendered":"https:\/\/timesnewsgroup.com.au\/geelongtimes\/?p=115485"},"modified":"2025-05-29T16:09:07","modified_gmt":"2025-05-29T06:09:07","slug":"is-underinsurance-actually-on-the-rise-in-australia","status":"publish","type":"post","link":"https:\/\/timesnewsgroup.com.au\/geelongtimes\/living\/is-underinsurance-actually-on-the-rise-in-australia\/","title":{"rendered":"Is Underinsurance Actually on the Rise in Australia?"},"content":{"rendered":"

With the soaring cost of rent and interest rates also driving grocery and petrol prices through the roof nationwide, it\u2019s safe to say that insurance considerations (aka, protecting our belongings or bumping up coverage on our car or home) just isn\u2019t a top priority when compared to other rising weekly and monthly expenses.\u00a0<\/span><\/p>\n

But, with wild weather events, ever-increasing living expenses and the ever-present housing crisis defining the mood of our moment, <\/span>underinsurance is quietly growing<\/span><\/a> into a big problem here in Australia. And it\u2019s not just for the big-ticket items like home or car insurance \u2013 we\u2019re also talking about the gaps that sneak in with renters, business owners, and even health insurance.\u00a0<\/span><\/p>\n

So are we more underinsured than ever before? Let\u2019s unpack that question by assessing some of the key factors that are contributing to underinsurance risks across Australia.<\/b><\/p>\n

<\/b><\/p>\n

Everyday Aussies Are Skipping the Essentials \u2013 Even the Affordable Ones<\/b><\/h2>\n

Among the most telling signs that underinsurance is on the rise is the number of people who aren\u2019t covering the basics. Take <\/span>renters insurance<\/span><\/a>, for securing contents for tenants in their rental properties, for example. Renters insurance is designed to be one of the most streamlined and affordable types of insurance cover available, yet there are surprisingly many renters who either don\u2019t know it exists or don\u2019t think it\u2019s worthwhile. This type of policy will cover everything from your laptop and TV to your prized sneakers in the event of fire, theft or even water damage from a burst pipe, making it highly worthwhile for renters who are looking to protect their personal assets while living in rental properties.<\/span><\/p>\n

What\u2019s really going on here is a mix of misinformation, cost-cutting, and that classic Aussie she\u2019ll-be-right attitude. When you start feeling pressure from the cost of living, insurance always seems like something you can do without, until the worst happens. The\u2002issue is that when people are opting out even of the low-cost, high-value covers, it\u2019s symptomatic of a wider trend: Aussies are playing with fire when it comes to our protection, more than they know.<\/span><\/p>\n

The problem is, when people skip even the low-cost, high-value covers, it\u2019s a sign of a broader trend: Aussies are rolling the dice on their protection more than they realise.<\/span><\/p>\n

Homeowners Are Falling Behind on Rebuilding Costs<\/b><\/h2>\n

You\u2019d assume we\u2019d all be on high alert when it comes to protecting our homes, particularly as climate events like floods, storms and bushfires continue to make headlines across the country like never before. But the reality? Thousands of Aussies are still severely underinsured. Why? Well, for starters, rebuilding costs have skyrocketed \u2013 labour shortages, material price hikes, and supply chain problems have all pushed them into the stratosphere.<\/span><\/p>\n

The average homeowner hasn\u2019t updated their policy to reflect these new rebuild values. So if your home was valued for a rebuild in 2019, you\u2019re probably still under the mark in 2025. The gap can be in the hundreds of thousands of dollars, and most people won\u2019t find out until it\u2019s time to file a claim. It\u2019s a pretty scary thought, especially when you realise a huge number of people are still using inaccurate online calculators that haven\u2019t adjusted for inflation or differences in construction costs.\u00a0<\/span><\/p>\n

Insurance Literacy in Australia is Still Low<\/b><\/h2>\n

A lack of financial literacy is also contributing to confusion surrounding insurance coverage across Australia. It\u2019s more than likely that a lot of Australians didn\u2019t learn about insurance during their school-aged years. But this lack of knowledge has a real-world impact. Plenty of people assume they\u2019re fully covered when they\u2019re not. Or, they don\u2019t really understand what a policy covers (or doesn\u2019t) until it\u2019s too late.<\/span><\/p>\n

This gap in understanding is a big reason underinsurance is on the rise. If you don\u2019t understand what your policy actually covers, how can you really determine if it\u2019s adequate? This rings especially true for younger Australians, a generation that\u2019s renting, freelancing, and side-hustling, and perhaps not even considering things like car insurance, liability cover, or contents insurance until it\u2019s a little too late.<\/span><\/p>\n

Thankfully, the Victorian Department of Education is aware of this financial literacy gap and is taking efforts to incorporate financial literacy skills-building opportunities for public schools statewide, <\/span>including right here in Geelong<\/span><\/a>. These initiatives are helping ensure that younger generations of Australians have the fiscal awareness they need to enjoy improved financial security as working adults.<\/span><\/p>\n

Small Biz Owners Are Seriously Exposed<\/b><\/h2>\n

Side hustles, pop-ups, online businesses \u2013 they\u2019re quite literally everywhere in today\u2019s gig economy. Australia is full to the brim with creative innovators, especially with the impact of the pandemic resulting in lots of us needing to pivot. But here\u2019s the issue: a huge percentage of that small business gold runs uninsured, or barely insured.<\/span><\/p>\n

From market stall gear, client data, stock, or even legal liability, many small business owners don\u2019t realise how vulnerable they are. Business insurance isn\u2019t one-size-fits-all, but plenty of people grab a basic policy and assume they\u2019re sorted. Others avoid it altogether, believing they are too \u201csmall\u201d to justify the expense. Sad to say, even a little mishap (say, someone trips at your market stall, or a fire wipes out your stock) can wipe the slate clean if there\u2019s no decent cover in place.<\/span><\/p>\n

Natural Disasters Are Changing the Game Fast<\/b><\/h2>\n

We can\u2019t talk about insurance without discussing climate considerations. From east coast floods to fires in WA, natural disasters have forced insurers to reconsider how they operate in the face of more frequent and severe incidents. Premiums have shot up in high-risk areas, and in some cases, insurance has become unaffordable, or even unavailable.<\/span><\/p>\n

The result? Aussies either downgrade their cover in order to make premiums manageable or they drop it altogether, particularly if they are already struggling financially. But in disaster-prone areas, this is an <\/span>incredibly<\/span><\/i> risky move. Communities hit by back-to-back events are already struggling to rebuild, and underinsurance means the recovery process becomes even slower and more devastating.<\/span><\/p>\n

The \u201cSet and Forget\u201d Mentality is Making It Worse<\/b><\/h2>\n

Finally, the sneakiest reason for underinsurance is not so much about people dodging cover altogether: it\u2019s consumers who think they\u2019re covered but haven\u2019t checked in years. They bought a policy years ago, ticked a few boxes online maybe, and now it just auto-renews year after year, no thought required. But life changes. So does the value of your stuff, the risks around you, and what you actually need covered.<\/span><\/p>\n

If you\u2019ve taken a pay cut, shifted homes, acquired new gear, or adopted a completely new lifestyle (hello, work-from-home life), your old, dusty cover probably no longer cuts it. It\u2019s time to reassess for real. The \u2018set and forget\u2019 mentality is one of the major reasons Aussies are under-insured without even knowing it, and it\u2019s more dangerous than ever.\u00a0<\/span><\/p>\n

So, Is Underinsurance on the Rise? Yes, and It\u2019s Not Just About Money<\/b><\/h2>\n

Underinsurance in Australia isn\u2019t just about money. It says something about how we\u2019re living right now in the midst of our nation\u2019s ongoing cost of living crisis. And while the skyrocketing cost of living has a lot to do with this lapse, so does our understanding (or lack thereof) of what protection actually looks like.<\/span><\/p>\n

The good news? There is a way to fix it, and it doesn\u2019t cost a fortune. It starts with knowing what you have, what you actually need, and staying a little more switched on when it comes to evaluating your insurance policies. A quick revisit every 6 to 12 months, a few phone calls, and making the effort to ask the right questions goes a long way.\u00a0 And if in doubt, speak to your insurance providers for more information.<\/span><\/p>\n

Because in a time where the world feels less predictable than ever, peace of mind shouldn\u2019t be an optional extra.<\/b><\/p>\n","protected":false},"excerpt":{"rendered":"

With the soaring cost of rent and interest rates also driving grocery and petrol prices through the roof nationwide, it\u2019s safe to say that insurance considerations (aka, protecting our belongings or bumping up coverage on our car or home) just isn\u2019t a top priority when compared to other rising weekly and monthly expenses.\u00a0 But, with […]<\/p>\n

Read More…<\/a><\/p>\n","protected":false},"author":153,"featured_media":115486,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[18],"tags":[],"post_folder":[],"class_list":["post-115485","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-living"],"acf":[],"yoast_head":"\nIs Underinsurance Actually on the Rise in Australia? - Geelong Times<\/title>\n<meta name=\"description\" content=\"Underinsurance is rising across regional Australia as costs soar and policies fall behind. 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