Review Your Insurance Policies
An alarming 80 percent of property owners are underinsured according to data from the Insurance Council of Australia. There are many home owners and investors that are not aware that they may be underinsured, while some may underinsure their property on purpose, believing that an event may never happen and to save on annual premiums. It is important to regularly review your insurance policies to ensure that you are adequately covered, and the policy terms are still the same.
Remember, when reviewing your cover to consider the following:
Building cover – Do not include the land value in the insured amount. Consider any renovations, alterations or additions to the property and consider what the current replacement of the building would cost.
Contents cover – Have you added to your fixtures and fittings? Does your Landlord policy cover your investment property contents?
Landlord insurance – Do you have your investment covered for some of the common risks associated with renting, to mitigate financial loss?
Take the time now to review your insurance cover and ensure you are correctly covered for any unforeseeable events.
Is it time to have your air conditioning serviced?
An air conditioner’s filters, coils and fins require regular maintenance for the unit to function effectively and efficiently throughout its years of service. Neglecting necessary maintenance will ensure a steady decline in air conditioning performance while energy use steadily increases. The weather is slowly turning it on in Perth and your tenant will be using the air conditioning units a lot over the hotter days.