Commercial Property, Industrial Special Risks & Strata Insurance for Residential, Commercial and Mixed-use.

Property insurance is a broad term for a customisable policy, covering; building and/or contents damage, public liability, loss of rent cover for property owners and landlords, and even machinery breakdown or engineering expenses cover for items such as lifts and air-conditioning.

Property is the world's largest and most important asset class. Property and strata/body corporate owners should be checking rebuild costs and other sums insured regularly, preferably carrying out insurance replacement costs plans every three to five years to ensure all sums insured are adequate. Businesses and commercial property owners should consider engaging risk surveyors for insurance purposes. Risk surveyors will provide insurance replacement costs alongside a ‘Construction Occupancy Protection Exposure (COPE)' report to assist underwriters in understanding your property risks.

Changing climate patterns are rapidly changing the risks faced by property owners and insurers. We’ve witnessed major catastrophe events in recent years, with fires around Australia, floods severely impacting the east coast and Tropical Cyclone Seroja landing below the 26th parallel in WA. Inflation is rising and construction costs have rocketed in recent years. Property owners who have not reviewed their sums insured in recent years may find themselves underinsured and exposed to underinsurance or average clauses, meaning insurers may not pay a claim in full.

Insurance Union have dedicated property and strata brokers to help you manage property risks. Speak to a specialist insurance broker today on 02 7205 6262