Life can be unpredictable, and while many property owners ensure that their home is protected, they overlook the need for investment property insurance. Perth property owners can easily find their asset compromised by something as simple as a burst pipe or other property damage. Even a minor incident could leave you with a frustrating problem that impacts your finances.
What is Covered by Investment Property Insurance?
While home insurance is usually quite self explanatory, many property owners remain a little uncertain about the coverage offered by investment property insurance. Typical coverage includes protection against most unexpected events such as fire, flooding, storm damage or theft. Your policy may even be tailored to provide additional coverage for incidents such as malicious damage, damage caused by tenant structural modifications or loss of rent.
The Differences Between Investment Property Insurance and Home Insurance:
Property owners may be tempted to simply purchase home insurance, but this is usually a mistake. You may find that your coverage is invalidated since you are not using the property as your home. Additionally, investment property insurance generally protects both the investment building and your contents. You may even be offered additional protection that is unique to property owners such as a loss of rent should your tenant be unable to use the building due to damage caused by claimable events.
Cutting corners by buying standard home insurance coverage could not only leave you out of pocket in the event of a claim, but you could be putting yourself at risk of financial implications. Some insurance companies may consider your policy fraudulent since you are not living in the property as your home. You may also fail to comply with mandatory regulations for investment property protection, such as public liability insurance
The Tools For Researching Your Options:
If you are struggling to determine the insurance protection available for your circumstances, there are tools available. There are budget planners to help you to determine your expenses and investment property insurance online quotations. However, the best way to research your options is to speak to a professional specialist. Specialist insurance brokers can help you to assess your options and determine the insurance package best suited to your needs. This can involve creating a tailored package that is adapted to suit the unique circumstances of your investment property.
If you are interested in knowing more about investment property insurance, Perth property owners should speak to us. GSK Insurance is a specialist insurance broker, offering access to a myriad of insurance options including investment property insurance. Our team of advisors would be happy to discuss your specific requirements and help you with a tailored solution to ensure that your assets are protected. We would also be delighted to address any queries or concerns you may have.