Look After Your Home and Your Wallet

“A little regular maintenance can save you thousands in repair bills, and it can make the difference between an insurance claim being paid or knocked back.”

Small problems grow into expensive ones

Buying a home is one of the biggest purchases you will ever make, and for many Defence members it’s also their largest investment. Once the keys are in your hand, most of the attention goes to the mortgage. Keeping the property itself in good shape gets far less thought, yet it’s one of the simplest ways to protect what you’ve worked so hard to buy.

Small problems grow into expensive ones, sometimes quickly! A worn shower seal lets water seep behind the tiles, and a few months later you’re paying for mould treatment and new flooring. A blocked gutter overflows in the first big storm and sends water through the ceiling. A frayed flexible hose under the kitchen sink gives way while you’re at work and floods the room within hours. Each of these starts as an inexpensive fix and ends as an expensive one.

There’s an insurance angle too. Most home insurance policies cover sudden events, such as a burst pipe, fire or storm damage. Damage that builds up slowly through wear and neglect is treated differently, and insurers often regard it as a maintenance issue. If your home isn’t properly maintained, or you haven’t met the conditions of your policy, a claim may be denied. Consumer group CHOICE reports that leaky roofs are a common reason claims are refused. On the positive side, voluntary security features such as deadlocks, alarms and security screens can lower your premium, so it pays to tell your insurer about them.

Maintenance costs are easy to overlook in a household budget. A common rule of thumb is to set aside around 1% of your home’s value each year for upkeep and repairs. Even a smaller regular amount, moved into a separate account each payday, means a surprise repair doesn’t end up on a credit card. Our Budget Calculator can help you find room for it.

Good records matter as well. Keep receipts and invoices for repairs and upgrades, and consider taking photos of your home and contents each time you renew your insurance. If you ever need to make a claim, you’ll be able to show the condition your property was in.

Defence life adds one more consideration. Most home insurance policies only cover your home for a limited period while it’s unoccupied, and cover may lapse if the house sits empty for longer. Before a posting, deployment or long course away, contact your insurer, arrange for someone to check on the property regularly, and get any agreement to continue your cover in writing.

Home maintenance doesn’t need to be a big project. Pick one item from the “spring check” below and do it this weekend. Your future self (and your bank balance) will thank you.

Spring check for your home

Test your smoke alarms, and keep testing them monthly. Look for slow drains, gurgling toilets and dripping taps, and check the braided hoses under sinks and toilets for rust, fraying or bulges. Find out where your water mains tap is before you need it. Clear gutters and downpipes, especially before storm season or, in bushfire-prone areas, before summer, and book a roof inspection once a year. Anchor TVs and tall furniture to the wall, and keep a fire blanket and extinguisher in the kitchen. Call a licensed tradie for anything beyond your skills.

Some helpful Links

1. https://adfconsumer.gov.au/home-and-content-insurance/
2. https://adfconsumer.gov.au/budget-calculator/
3. https://adfconsumer.gov.au/money-for-emergencies/
4. https://adfconsumer.gov.au/buying-a-home/
5. https://www.choice.com.au/money/insurance/home-and-contents/buying-guides/home-and-contents-insurance