Is Your Home or Investment Insured?

With the recent flooding that has taken place in areas in outer Melbourne, I thought it was an appropriate time to remind everyone about the importance of having the right insurance. Of course it is always important to do your own research and find the best insurance for you, and you should always read all of the Product Disclosure Statements (PDS) before taking up any new insurance.
If you’re renting, you are probably less likely to be concerned about insurance, but contents insurance can still be very beneficial for renters. If you have spent a lot of money on furnishing and decorating your home then it would be very expensive if you ever needed to replace everything. Some insurers offer pet and accidental breakage at an additional cost. If you’re concerned about flooding, make sure you ask the insurer and read the PDS carefully.
If you own a home you may have had to take out lenders insurance as part of your home loan. It is important to be aware though that lender’s insurance is in place to help protect the bank if anything happens, not you. If you want to protect your home and your belongings then it is a good idea to take out home and contents insurance.
Home and contents insurance creates a security net for your home, and if a natural disaster does occur and you are covered, an assessor from your insurance company will come and measure the damage done to your home and help you arrange for repairs.
If you invest then landlords or tenants insurance is a smart option to take. When owning an investment property you will want to be covered for instances such as when a lease breaks, or when damage is done to your property. Landlords and tenants insurance will also help give you piece of mind knowing that you’re property is protected in case anything goes wrong.
As I mentioned before it is important to do your research before you sign up to any insurance, and it is also important that you find out exactly what your insurance will cover.