General Property Insurance
Consultant: Items covered may include a laptop, tablet or mobile phone. General property commonly covers portable items. If you have office equipment, those should be covered under your business contents insurance.
Events covered under a general property policy varies from one insurer to the next. The events listed below are covered under the most common policies in Australia.
- Damage due to fire or storm
- Damage due to a rollover or vehicle collision
- Theft after forced entry
- Accidental damage
- Theft without forced entry (‚Äòopen air' coverage)
Some insurers also include flood cover. Make sure to check with the insurer or your insurance broker to see how flood is exactly treated by your policy. Whilst it is important to always check your specific policy, the three points listed above are prevalent for the most part of general property policies. How much does General Property Insurance cost? General property insurance costs differ depending on four main factors:
- The property's total value;
- Your business type;
- The property's geographical location;
- Your required cover.
The property's total value to be insured will extensively have the greatest influence on the insurance cost. Simply put, the more you need insurance for, the more expensive it will cost. Your business type will also have an impact, and generally, based on claims history. The lower your claims rates are, the more likely you will pay for less insurance. Your general property cover can be affected based on claims history for your postcode or suburb, similarly to your home and car insurance. Your required cover can have a major impact on the cost. Basic fire and storm damage policies cost less than policies that cover ‚Äòopen air' theft and flood.
Our advice is:If your tools generate you an income, they are not generally covered under your home and contents policy so unless you can afford to replace them yourself, we advise to fully insure them with all covers for full replacement value.
General Advice Warning: This advice is general and does not take into account your objectives, financial situation or needs. You should consider whether the advice is suitable for you and your personal circumstances. Before you make any decision about whether to acquire a certain product, you should obtain and read the relevant product disclosure statement.
Advisr does not provide advice and does not hold a financial service license (AFSL). All information above has been provided by Amanda Morris.