Home insurance is the most important protection that you can have for your investment property. If damage occurs from an unexpected fire, storm, flooding or burglary, you want to have peace of mind that you are financially covered.
In reviewing your home insurance we have taken the time to list some thought provoking questions:
- Is your property adequately insured? If your property was destroyed could you rebuild the property to the same standard?
- Is your property overinsured? Remember, you do not need to insure the land value. If you purchase a property for $500,000 it is going to include a portion of land value.
- Do you know what is considered building and what are contents within the property? Insurance companies may classify these differently, which can affect the insurable value for the building or contents. You need to find out what an air-conditioner, carpets, blinds, light fittings, security systems, etc. fall under.
Some insurance companies have a limit on how long they will cover a home while it remains vacant. Is your property covered if it is vacant?
We strongly recommend that you discuss these questions and ask further questions of your insurance company or broker to ensure that you are adequately covered
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