Does your home have a safety net?

A common concern of many homeowners and investors is what they would do if there were damage to their property.

The best way to alleviate any worries is to have an appropriate level of insurance cover in place so you don’t get caught out in the event of an accident or disaster.

It can be tempting to go for the cheapest cover you can find, but try to find a policy that will protect you for every possible scenario that you or your property could face.

Some things worth looking out for:

Natural disasters

Some types of natural disasters may be excluded from certain policies so it’s important to check in case the worst should happen. Check for things like flood and bushfire risk at your property and make sure you have the right level of cover in place.

Building and contents

Most people will get building insurance, however some people may not realise that contents insurance is equally as important whether you’re an owner or an investor. Contents insurance isn’t just for furniture; it can also be used to cover damage to things like carpets or other fittings.

Damage

Most policies will cover accidental damage (i.e. if someone were to crash into your home) but you may not be covered if damage was caused as a result of maintaining the property or by a third person. Read the fine print to find out what types of damage you are covered for. This is particularly important if you are a landlord as you want to make sure that you are covered for all types of damage that tenants or their pets might cause.

Rent defaults (for landlords)

If you’re a landlord you will want to know how well you are covered in the event of a rental default. Some policies may only cover you for 12 weeks, while others cover longer periods.

Any extras?

Some policies may have added extras, or some insurers may offer incentives for taking out more than one policy with them. Do your research and make sure that you always read the fine print so you know exactly what you are covered for.

Professionals The Wright Team is located in the heart of Balga & services the entire region with a specific focus on suburbs including Balga, Mirrabooka, Koondoola, Girrawheen, and Westminster.