It can become overwhelming when looking into what Insurance will best suit your needs. There are so many different covers, prices and conditions out there. Here are 6 tips to try and help you out.
- Decide what coverage you need – is it just Building and Contents Insurance that you need or is it just Contents? Do you need to be covered for loss of rent and indemnity/court costs? Is your investment property in a flood, bush fire or cyclone prone area? It is vital to know that likelihood of such acts of nature occurring and obtain the correct insurance in order to mitigate this risk. It is important to note that being in a high risk area may be subject to higher premiums.
- What would it cost to repair structural damage? How much would it cost to replace or repair any contents that were stolen or damaged? How many weeks rent could you afford to cover comfortable without any rent coming in? It is important to have an idea of the answers to the above questions to help you figure out how much coverage you will need. This will help you ensure the coverage you purchase will cover or help cover the extent of your expenses.
- Obtain more than one quote from different providers based on your requirements
- Read through the PDS and PEDs of the providers you are considering taking our policies with to ensure you are fully aware of all conditions and there are no hidden conditions that may affect whether or not you can claim. Compare the excesses, claim differences and conditions specific to each policy on offer and compare apples for apples. Which one of these is going to give you the best coverage and most value? Is the excess charged going to affect their overall value?
- Inquire about how you can make a claim and what is required to be provided to make a claim. How would worst case scenarios affect the company’s method of claim? That is, what if your documentation was destroyed by fire or misplaced?
- Ask for a better price or better conditions – it never hurts to ask!
Orbit Property
