Owning property is a big responsibility, with a host of different things to juggle in order to get the most out of your building. Whether it is a residential or commercial space, you need to get the right levels of protection for your investment.
Everyone is familiar with the insurance needs of property owners. Australia is prone to extreme events, with every disaster clean-up accompanied by horror stories of people who did not have the right levels of insurance in place to protect their property. Whether it is a flood, bush fire or landslip, the risks posed by natural events can easily undo years of your hard work.
Even without considering the potential for weather damage, there are different ways in which your investment can be at risk. Every tenant, both residential and commercial, will be prone to accidents for which owners will have to pick up the bill.
These small risks can often add up to big costs for property owners, especially those who do not have the right insurance cover to protect them in the event of a natural or man-made disaster.
Investment property insurance can be difficult to get right
Even once you have made the decision to take out residential or commercial property insurance, it can be difficult to know exactly how much cover you will need. While investment property insurance may seem simple, it hides a multitude of different considerations.
Some policies will have deliberate exclusions, with cover unavailable for natural disasters like floods. While this might suit some buyers, plenty more will need to be sure that they have this level of protection in place.
Another common area of concern for building owners is the issue of accidental damage. With even the most careful tenant posing a risk to the integrity of your investment, making sure your insurance covers against accidental damage is essential.
Even little things like GST can be an issue when it comes to securing the right policy. While some investment property insurance requires you to include GST in the sums you calculate, others will not. These small exclusions and considerations can easily create big costs for owners, especially when they have taken on policies without understanding the fine print.
For any property owner, talking to a broker is likely to be your best option.
Advantages of an insurance broker
When it comes time to navigate the various policies and exclusions that come with investment property insurance, a broker like Bruce Insurance will help you find the right solution.
Our insurance experts take of the hard work out of finding the best policy, saving you a lot of time and money. Our skilled staff can also ensure that you get the right protection for your needs, taking into account the specific challenges that come with your property.
Bringing a broker on board to handle your commercial property insurance means that you have a point of contact in case any issues arise. Having a broker on your side can make it much easier to handle the claims process, putting as little pressure as possible on you.
To find out more about the options available to you, fill out a quote online and someone from Bruce Insurance will be in touch shortly. From there, they can help you get the right investment property insurance for your needs and let you get on with building your property portfolio.