Residential, Commercial & 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. Property owners who have not reviewed their sums insured recently may find themselves underinsured and exposed to underinsurance or average clauses, meaning insurers may not pay a claim in full.
Insurance Union has dedicated property and strata brokers. For support in managing your property risks, contact us today.
Commercial property insurance allows commercial property owners and business owners (owner-occupiers) to cover their building/s and/or contents insurance, including liability risks. The policy has standard and optional covers which can include:
Commercial property insurance does not usually cover flood automatically. Some insurers will offer flood cover for an additional premium, some will offer limited cover and some will not cover flood risk at all.
Insurance Union are trusted insurance brokers with over 30 years of combined experience.
Strata insurance is a legal requirement in all states in Australia. It generally covers the building/s and common or shared property under the management of the building strata title, including liability risks. The policy has standard and optional covers which can include:
Similarly to commercial property, strata insurance does not usually cover flood automatically. Some insurers will offer flood cover for an additional premium, some will offer limited cover and some will not cover flood risk at all.
When sums insured exceed $10,000,000 for non-strata property, Industrial Special Risks insurance tends to replace commercial property and business pack policies.
