Property Insurance

Safeguard Your Assets

Not only does this cover against damage from things like floods or fire, but it also covers against the loss of rental income whilst repairs are made.

Property Owners Insurance plays a vital role in the risk management strategy of property owners. The right insurance policy can be the difference between rebuilding your property while maintaining loan repayments and having to cash settle with the bank and walking away with a significant loss.

Such insurances also offer liability coverage. For example, if you are not the only owner suffering from the accident (for example, you burned your neighbour’s house down by mistake too, or you crashed another person’s car), the insurance package can also offer you support with that.

Further Information

Who Needs Property Owner Insurance?

Technically, everyone needs property owner insurance. However, there are two types of people in this world: those who purchase an insurance policy and those who leave everything in the hands of fate. However, some people are bound by the law to get an insurance policy. Regardless if it’s part of the mortgage contract for a house or a car, they may ask for some extra forms for liability insurance.

And it’s impossible not to see the advantages of property owner insurance. For example, if you have an accident, the insurance will pay for fixing your car as well as your own medical bills.

What does Property Owners Insurance cover?

At Perth Property Insurance we firmly believe that Property Owners Insurance doesn’t have to be complicated! However, there is a range of aspects and exclusions that you need to be aware of as they can greatly affect claim payments.

Property Damage

Generally the cornerstone of your insurance policy, this section will insure your building, fixtures and fittings against defined threats such as fire, storm, and accidental damage.

Business Interruption / Loss of Rent

Covers lost rental income if you are unable to lease your commercial property due to an insured event such as a fire, storm, impact or accidental damage.  This insurance is vital for commercial property owners as it enables you to continue to meet fixed expenses, such as loan repayments, in the event your property can’t be leased.

Rent Default

Rent default is a unique cover in the commercial property space, offered exclusively by one insurer. This cover will pay your lost rent in the event your tenant:

• leaves the property before the end of your lease agreement,
• is legally evicted, or
• stops paying rent.

This cover can also assist with legal expenses incurred by you to evict the tenant or recover any monies owed to you.

Property Owners Liability

While your tenants will have liability insurance for their business, as the property owner you are also required to have liability insurance for the property. This protects you against claims for third party personal injury or property damage for which you as a property owner are responsible. The most common claims we see against property owners relate to maintenance of the property and injury caused in common areas.

Glass

Covers accidental or malicious damage to external glass at your property, including damage to sign-writing, advertisements or film on the glass.

Machinery Breakdown

Pays for the repair or replacement of machinery that has broken down. For commercial property owners, the most common items we see in this section are air conditioners and other machinery you may provide as part of the lease agreement.

No, it doesn’t cover that…

Many believe that the standard policy includes everything that is "sudden and accidental," while others believe that insurance covers even the more significant things. Here are some classic perils which are usually not covered:

• Flood damage (this classifies as a separate policy)
• Earthquake damage (this also ranks as a separate policy)
• Mould
• War acts
• Poor maintenance (worn-out plumbing, bad electrical wiring, etc.)