Too many people do not carefully insure for the full replacement or reinstatement value of their property, leaving them well short in the event of a total loss. 

 

 

The Insurance Council of Australia defines this as "the result of nominating a value for an asset such as your home that is too low to actually replace it in the event that it is lost or damaged".

 

 

While some may deliberately choose to under insure to save money on their insurance premiums, the majority of these appear to be due to these issues being overlooked by policy holders.

 

 

 

 

A pirate walked into a bar, and the bartender said, "Hey, I haven't seen you in a while. What happened? You look terrible."

 

"What do you mean?" said the pirate. "I feel fine."

 

"What about the wooden leg? You didn't have that before."

 

"Well," said the pirate, "We were in a battle, and I got hit with a cannon ball, but I'm fine now."

 

The bartender replied, "Well okay, but what about that hook? What happened to your hand?"

 

The pirate explained, "We were in another battle. I boarded a ship and got into a sword fight. My hand was cut off. I got fitted with a hook but I'm fine, really!"

 

"What about that eye patch?"

 

"Oh," said the pirate, "one day we were at sea, and a flock of birds flew over. I looked up and one of them pooped in my eye."

 

"You're kidding," said the bartender. "You couldn't lose an eye just from bird droppings."

 

"It was my first day with the hook."