Insurance, Things You Need To Know!

Zoran Solano testing a tap! (Managing Director & Senior Buyers Agent)

Have You Reviewed Your Insurance Policy Lately?

We have all seen the effect of natural disasters over the past few years on our insurance premiums, with some clients seeing up to 50% increase in annual premiums. But what is more concerning is that some property owners might not be correctly insured to begin with.

In this blog, Zoran Solano our Senior Buyers Agent reflects on how you, as a property owner can ensure your better covered in the event of a claim event. And also ensure your policy is up to date!

Insurance is one of those necessary evils when it comes to property ownership, the old saying of “You dont need insurance until you do” is so true these days. However life gets in the way for most property owners and years fly by and they forget about their policies until it’s too late. Here are some of our top learnings from being Buyers Agents and Property Managers for over 10 years!

Top Tips To Ensure Your Building Insurance Coverage Is Up To Date.

There is a range of simple things you can do to ensure your coverage is up to date, so here we go.

1: Replacement Cost!

In the event of a total loss, (EG your home or investment burns to the ground) are you covered adequately? how do you even know? with the ever rising cost of construction its hard to say with confidence that a replacement value you put on a policy 2-3 years ago is even close to the real cost of todays building industry. We recommend clients engage with a Quantity surveyor to undertake a valuation for insurance, this way you can be confident in your coverage amount.

BONUS TIP: These guys also do your depreciations schedules for tax! is that up to date?

2: Loss Of Rent Coverage (Landlords)

With the rental market experiencing upward pressure its prudent to ensure that if you obtain an increase in your weekend rental amount to update your insurance company. that way if you go to make a claim due to loss of rent for some reason, your coverage amount is reflective of your lost income.

3: Adjust Your Excess

Adjusting your excess amount can effect your annual premiums so pick an excess that give you the balance your looking for.

4: Have You Done Your Maintenance

Insurance companies are doing what they can to prevent paying out on policies, it’s a sad but true fact of life these days. Forgoing or delaying maintenance on things like your roof, or plumbing can result in a claim being rejected by your insurance company. We suggest arranging things like Roof inspections and also Flexi hose inspections just to name a few to keep you home in tip top shape.