Make sure your home is insured for the correct amount. Many homeowners may have houses that are under-insured in terms of total replacement value. This poses a serious financial risk should disaster strike, for example your home is destroyed by a fire or flood and you need to have it rebuilt.

Businesses, sole traders and contractors can claim tax deductions from a wide range of business-related expenses including some insurance premiums.

Although there are many types of business insurance policies that are tax deductible, the criteria for you to be able to claim tax deductions requires that your policy cover be essential to earning an assessable income.