Property and Landlord Insurance

If you own a commercial property, clearly it makes sense to protect that asset and the income which it generates. Just think, what would happen if the asset was destroyed or the income from it disappeared tomorrow?

Vital types of cover:

Damage to your Property

Covers the cost of demolishing and rebuilding your property, including the cost of complying with new building regulations.

Cash Flow

Reimburses you for any loss of gross rentals which are suffered as a result of your tenant moving out following damage to your property.

Liability

Protects you against claims for personal injury or damage to property arising from the ownership of your property.

We offer the following protection:

Landlord Insurance

Commercial Property Insurance

Building Insurance

Landlord building Insurance

we’ll ask the questions others wont.

While we all hope that our commercial property is a lucrative investment, it also comes with significant risks. Here’s just some of the questions we ask to make sure we get the right insurance.

Are you aware that when a commercial property becomes vacant for an extended period of time, your policy could almost become worthless? Potentially cover for your building and cash flow could be compromised. Finding a new tenant for a commercial property, which becomes vacant, can take quite some time. While the absence of rental income can be a financial burden, you should take additional precautions to avoid even greater losses. By talking to us, we can negotiate with your insurer to ensure cover is maintained. If you are acquiring a property which is already vacant…make sure you let us know prior to making an offer.

Traditionally many property owners have Cash Flow Cover for a 12 month period. As projects have become larger and more complex, unless the building is quite small and basic, it is evident that 12 months is very unlikely to be enough. Consider if your building was required to be demolished, new plans approved by council, construction completed and new tenants in and paying rent. Is 12 months enough? We can arrange for longer periods of time to ensure you are covered.

The first part is to get the values right and that’s not an easy job, unless you use the services of a professional property valuer. It is anticipated that up to 75% of properties are not covered for the correct amount. Our experience is that many property owners mistakenly use the purchase price of the property, minus the value of the land, as the sum insured. Virtually all polices currently in the market require you to insure for replacement cost i.e. buildings completely rebuilt but using new materials plus the cost of complying with current building regulations.

Similar problems occur if the tenancy of your premises changes, as the insurers calculate their terms on the perceived risk introduced by that tenant. Changes of tenancy from a fabricating business to a kitchen manufacturer will have significant consequences.

  • If my property is vacant for a period of time, that doesn’t matter does it?

    Are you aware that when a commercial property becomes vacant for an extended period of time, your policy could almost become worthless? Potentially cover for your building and cash flow could be compromised. Finding a new tenant for a commercial property, which becomes vacant, can take quite some time. While the absence of rental income can be a financial burden, you should take additional precautions to avoid even greater losses. By talking to us, we can negotiate with your insurer to ensure cover is maintained. If you are acquiring a property which is already vacant…make sure you let us know prior to making an offer.

  • Will my insurance run out before my cash flow returns to normal after a major event?

    Traditionally many property owners have Cash Flow Cover for a 12 month period. As projects have become larger and more complex, unless the building is quite small and basic, it is evident that 12 months is very unlikely to be enough. Consider if your building was required to be demolished, new plans approved by council, construction completed and new tenants in and paying rent. Is 12 months enough? We can arrange for longer periods of time to ensure you are covered.

  • The last time I did my insurance renewal, did I really get the values right and we all know what that means if a claim occurs?

    The first part is to get the values right and that’s not an easy job, unless you use the services of a professional property valuer. It is anticipated that up to 75% of properties are not covered for the correct amount. Our experience is that many property owners mistakenly use the purchase price of the property, minus the value of the land, as the sum insured. Virtually all polices currently in the market require you to insure for replacement cost i.e. buildings completely rebuilt but using new materials plus the cost of complying with current building regulations.

  • Should I tell you if my tenant changes?

    Similar problems occur if the tenancy of your premises changes, as the insurers calculate their terms on the perceived risk introduced by that tenant. Changes of tenancy from a fabricating business to a kitchen manufacturer will have significant consequences.

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