The thought of losing a mobile phone or experiencing a washing machine leak will send a shudder through most people. Not only does your phone contain messages, photos and other personal information, the cost of replacing a smartphone can easily exceed $800.

The value of phones, jewellery, laptops and the other items we carry with us every day can add up to surprisingly high amounts.

Having them insured in case of loss or damage is easier than you may think. Simply select the option of Portable Contents cover as part of your SGIC Home Contents Insurance. Updating your policy is a good idea as more than 80 per cent of Australians are underinsured for their home and contents, while the average claim size has grown almost a third in three years.

If you don’t already have home contents insurance it’s worth considering, and not just to protect yourself against catastrophes. You can be insured against a range of other incidents that can otherwise hit you with costly bills:

• Loss of bicycles (while not in use) and other sporting goods.
• If you live in an apartment, damage to your items that aren’t covered by strata insurance such as carpets or curtains.
• Renters can benefit with coverage against damage caused by theft and even damage caused when a washing machine or dishwasher leaks and damages your belongings.
• Cover under a portable contents option for your portable items such as smartphones, jewellery and watches even when you leave the house.

Recognising the value of your home contents now and taking steps to protect your valuables is better than finding out when you have already suffered a loss or are faced with an expensive repair bill.

If you would like to ensure the items you rely on each day are protected, you can find out how little it could cost by visiting SGIC and getting an online quote at any time.

Cover is subject to standard underwriting guidelines and policy terms. To see if our insurance is right for you, always read the Product Disclosure Statement from the product issuer, Insurance Australia Limited ABN 11 000 016 722 trading as SGIC.

Sources:
1. The Understand Insurance Research Report, Prepared by Quantum Market Research for the Insurance Council of Australia, October 2013
2. http://www.insurancecouncil.com.au/media_release/plain/216