Property market update: Melbourne, July 2022
Melbourne continued its downward spiral in July, as the property values in the city recorded deeper declines during the ...
As the year draws to a close, storm season is just beginning, with wild weather already impacting parts of the country. Here are five things you need to do to prepare your investment properties.
Storm cells can be highly unpredictable, and can bring flash flooding, strong winds and frequent lightning strikes. The effects of these conditions can cause major damage to your investment property, so it’s important to be prepared.
In particular, check that your insurance policy is up-to-date, and that it adequately covers the cost of any potential damage.
People often assume that their investment properties are insured against storm damage, however it’s important to read the fine print of your policy. When it comes to insuring your property against storm damage, it is important to consider your circumstances to determine the level of insurance needed.
If your investment property is governed by a body corporate, it’s likely that strata insurance is bundled along with building insurance as a portion of your body corporate fees.
Strata insurance is held by your body corporate and generally covers the structure and common areas of your apartment building. However, strata insurance does not cover personal belongings that are inside your unit, so it is vital that you take out contents insurance.
If you are unsure whether your insurance policy is up-to-date or what it covers, make sure you contact your insurer before storm season hits.
See below some top tips for being prepared for storm season:
Body corporate is a term used to describe the entity that owns or represents the building owners.
In real estate, insurance is a contract or policy that protects an individual or entity’s property from damages and losses, receiving reimbursement from an insurance company.
An investment property refers to a land, condo unit or building purchased to earn profit through rentals or capital appreciation.