Is your property properly insured?

Property experts advise revisiting your insurance coverage every 2 to 3 years to ensure your policy keeps up with rising costs due to inflation and market changes. Having the right insurance coverage tailored to your property's specific needs is essential for mitigating potential losses and maintaining stability in challenging times.

Insuring your residential or commercial property is a fundamental step in safeguarding your investment against unforeseen risks and disasters. It provides financial protection and ensures you can recover swiftly and effectively from events like fires, floods, earthquakes, or theft. It offers peace of mind by covering repair or rebuilding costs, protecting not just the physical structure but also the assets and livelihoods associated with it.

In today's dynamic market and economy, homeowners often find their insurance coverage inadequate when faced with unforeseen incidents affecting their property.

Factors such as increasing construction costs, inflation, and rising living expenses can all impact the true value needed to rebuild or repair after emergencies like fires, floods, or earthquakes.

What you can do.

To ensure that your insurance coverage accurately reflects the rebuilding or repair costs of your home, investment property, or business, it's crucial to periodically reassess its value.

Use an online calculator

• Online calculators provide estimates and are a simple way to gain an idea of what it may cost to repair or rebuild your property in the event of damage.

Get an independent assessment and valuation

• A professional valuation incorporates specific property details for full peace of mind.
• It requires in-depth knowledge of construction, materials, and costs by qualified valuers.
• Getting a Replacement Cost Assessment is invaluable when first taking out insurance, following major improvements and renovations, and following a disaster, to determine the reinstatement cost in the event of partial or total loss.

Proper insurance tailored to your property's needs is essential for financial protection and swift recovery.