Property Insurance

Cover at a glance

Ways to protect your property include ISR, Business Package, Strata or Commercial Landlords Insurance Policies
Cover can be obtained on a Defined Events, Accidental Damage or All Risks basis
Excess/deductibles can be adjusted to cater for your risk appetite
Additional covers and sublimits can be adjusted to your specific needs

Policy Overview

Property Insurance provides cover against physical damage to your buildings, contents and equipment. This can be achieved in a variety of ways including through an ISR (Industrial Special Risks) policy, a Business Package policy, a Strata Title policy or a Commercial Landlords policy. Each policy type is suited to a particular circumstance and we can assist to identify which is best suited to your situation.

In general, Property Insurance provides cover against perils such as Fire, Storm, Impact and Malicious Damage amongst other events. It can operate on a Defined Events, Accidental Damage or All Risks basis. We can help explain the differences in these for you and advise on the best way forward to protect your material asset.

There are many variables to consider when obtaining cover for Property Insurance, not limited to level of Excess, additional covers and sublimits for certain sections of the policy.

The information provided on this page that may have been implied is General Advice only and does not take into consideration your specific needs, risk appetite or financial requirements. Please contact our office to discuss and review your needs and the appropriate financial product best suited to meet your requirements . Before purchasing any financial product, you should always read the Product Disclosure Statement to ensure the product is suitable for your needs.

Frequently Asked Questions

How is my premium calculated?

Your premium is calculated based on the risk profile of your property and its replacement value, your claims history also has an impact. Your risk profile is based around the following: - The construction features of your building; ie the materials it is constructed from and their combustibility - The business activities carried out on the premises; ie the risk that these activities pose towards a potential loss - Risk protection that is in place; ie sprinkler protection and security features - The surrounding environment and the threat that this poses to the property; ie whether the premises is located within a bushfire or flood prone area

Do I need to insure my building for its full replacement value?

In short, yes as insurers can and will impose ‘underinsurance’ or ‘co-insurance’ clauses on claim settlements. This is done to encourage all policyholders to insure for the full replacement value so enough premium is collected to cover potential losses. If you intentionally insure for less than the full replacement value insurers assume that you are choosing to self insure part of your loss and therefore can reduce your claim amount in the event of a loss. We can assist to establish the correct replacement value with you.

Can I adjust my excess?

Yes. The excess is the amount you contribute towards the claim in the event of a loss. We can work with you to determine your risk appetite which influences the excess that you should be selecting. In some cases insurers will impose a minimum level of excess.

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