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It’s interesting that it takes generally a natural disaster for people to broach the topic of insurance. You hear about the people that don’t have insurance and lose everything and then others that are under insured and don’t have enough of a payout to even rebuilt half a house. Very sad situations that can be avoided. Everyone that owns a property should continue to review their insurance policy and how or what it covers.
And especially if you’re a landlord and are leasing out your property. I can’t reaffirm enough how important it is to have this in place as it can save massive time, cost and heartache for everyone involved. The whole “it will be alright” attitude isn’t good enough because you just never know what may happen. After it happens is too late.
When obtaining insurance I would advise to check the wording of the document and ask your consultant to explain it in detail. Use examples so you know what would happen if those situations come up. The reason I say this as it seems to be increasing, where are loophole is used to get out of payment when it comes to making a claim. Recently we had one client that was told he was covered only to be declined when he put the claim in based on the wording of the document.
Shop around and get the best deal you can. Your broker can assist you with this and your real estate agent can assist you with values to work out the right cover.