Property Insurance Coverage
Perth, Sydney, Melbourne, Brisbane & Canberra

A property insurance review begins with what is owned, where it is located and who has agreed to insure it. Separate buildings, tenant improvements, contents, stock and equipment, including property held for others. Explain ownership, leases and finance interests accurately. A landlord, tenant and business operator may each have a different interest in the same premises. Describe the use of every insured location, including storage, mixed occupancy and areas not currently in use. The broker needs that detail to discuss the relevant wording rather than assuming that a building address captures all assets and responsibilities at the site.

Valuation should follow the basis required by the proposed policy. Ask whether the figure needs to address rebuilding, replacement, market value or another defined measure. Consider specialist installation, access and associated costs where relevant, supported by suitable valuation advice or current quotations. An accounting value and an insurance value can serve different purposes. Explain unusual construction, heritage features, specialist machinery and assets with long lead times. Discuss how sub-limits, settlement conditions and any underinsurance provisions operate in the actual wording. A high overall sum insured does not necessarily resolve a restrictive limit applying to a particular asset or cost.

Bring leases, asset registers, building information and relevant maintenance records to the review. Identify who maintains services and which party must reinstate improvements after damage. Keep material renovations and changes in occupancy documented. Describe security and protection systems accurately, including any known defects or incomplete work. If the policy requires particular information to remain current, ask how changes should be reported. Obtain suitable building or legal advice where responsibilities are unclear. The insurance proposal should reflect the property’s actual condition and use rather than an assumption based on a previous tenant or an outdated valuation.

Ask the broker to explain how the wording treats the events and assets that matter at the location. Flood, storm, theft, accidental damage and machinery-related losses may be defined or restricted differently. Review exclusions and endorsements as well as the list of selected sections. For stock, explain seasonal peaks and property temporarily elsewhere. For equipment, identify items used away from the premises. Keep a record of decisions about optional cover and limits so the next review can revisit them intelligently. A summary or certificate is useful evidence, but it should not replace reading the applicable policy terms and schedule.

After property damage, prioritise safety and take appropriate steps to prevent further loss. Photograph affected areas when safe and retain information about the cause and extent of damage. Contact the insurer or broker about assessment, emergency work and repair arrangements. Keep invoices and a record of urgent action taken, distinguishing temporary protection from permanent reinstatement. Avoid disposing of significant damaged items before guidance where practical, particularly if they may be needed for inspection. Separate the physical property loss from interrupted trading and other consequential costs, because those may require different policy sections and their own triggering conditions.

Before renewal, update acquisitions, disposals, improvements, locations and changes in occupation. Revisit values and the time needed to obtain permits, specialist materials, equipment and installation services. Consider how essential records would remain accessible if the premises and its main computer systems were affected together. Ask how the program treats temporarily vacant areas and property held away from the principal address. The review should connect the declared interests and values to the real property portfolio, with the broker explaining significant limitations. It should not assume that every deterioration, maintenance issue or loss of market value is an insured event.