We appreciate that protecting your personal assets is just as important as ensuring you have cover for your commercial risks. Our personal insurance policies provide you with a convenient way to protect your major personal assets. Often this can be under one insurance policy to simplify things for you even further.
When the unexpected happens, would you be financially prepared to recover from loss or damage to your home or vehicles? With our personal insurance policies, you can secure your personal assets from both defined or accidental event level of covers.
To ensure our insurance cover meets your specific needs, you can select a combination of home, contents, motor vehicle and boat coverage for your specific budget and requirments.
Boat Insurance (Pleasure Craft) Insurance
Boat Insurance often referred to as Pleasure Craft Insurance or Marine/Hull Insurance is to cover your Hull, special accessories, contents & liability Insurance. It can sometimes also have specific additional covers such as Water Skiers Liability which is very important to include if relevant to you to ensure that the boat owner/skipper has cover if a skier is injured and negligence is alleged.
Both Power boats and Yachts have to consider many individual factors such as if there is any competitive activities such as racing being undertaken as this can affect your insurance cover. This is where an Insurance Brokers input can be invaluable to ensure that you have your vessel insured appropriately.
Motor Vehicle / Car Insurance
Personal Motor Insurance can really vary in both price and cover and the two often go hand in hand. If your vehicle is goods carrying /or being used partially for business it is important to ensure that your insurance policy acknowledges this. Is your policy an Agreed Value or Market Value policy? It is also important to look if it includes a No Claims Bonus Protection and Windscreen / Glass Extension. What are the conditions and excesses applicable for drivers under 30? All these factors and many others can be discussed with your Insurance broker to ensure the cover you have is the right one for you.
Be it a Hobby Farm or a Business Working Farm which can vary to a Crop or Winery to having livestock or a combination of these every farm is different. A Farm Package policy can include a Domestic Home & Contents as well as Business Buildings, Stock & Equipment, Machinery Breakdown for items such as Water Pumps, Fencing Cover, Farm Machinery, Farm Liability & much more. It is a minefield of possibilities. An insurance broker is best suited to ensure that you have the most appropriate covers in place to fit both your needs and budget.
Fine Arts Insurance
Did you know that Home Insurance usually limits the amount of cover you have for Fine Arts, Antiques, Curious, Jewellery, Money & much more? If you like to indulge in the finer things in life or simply just have some family heirlooms that you would like to ensure are properly insured you will more than likely need to look at a Prestige Home Policy or at the very least adjust your standard Home Insurance policy to specifically note these items.
Home Insurance covers your Building, Contents, Valuables & Liability. If it is a rental property it can also include Loss of Rent following an insured event or tenant default (loss of Rent) or even theft and malicious damage by tenant.
Just like with Motor Insurance, Home Insurance has many insurers all vying for your business. Many compete on price alone however there is much more to consider than just the premium. Such as is the cover Defined Events only or is it an Accidental Damage Policy? Does it include cover for your valuables such as portable electronic equipment and jewellery away from the home? What are some of the specific policy limits that may be important to you? Insurers also often either deal exclusively via Insurance Brokers or Direct to the public meaning that many of the insurers that offer this type of insurance are only able to be accessed via an Insurance Broker so when calling around to various call centres you are often missing many great insurers deals that are available in the market. Should you wish to review your home insurance a quick phone call to your broker can often be time very well spent.
Very similar to Home Insurance however it does have its own special needs and requirements. It is important that if you are moving out of your home and renting it out as an investment property that you review your insurance coverage. If it is a rental property it can also include Loss of Rent following an insured event or tenant default (loss of Rent) or even theft and malicious damage by tenant.
Just like with Motor Insurance home Insurance has many insurers all vying for your business. Many compete on price alone however there is much more to consider than just the premium. Such as is the cover Defined Events only or is it an Accidental Damage Policy? What are some of the specific policy limits that may be important to you? Insurers also often either deal exclusively via Insurance Brokers or Direct to the public meaning that many of the insurers that offer this type of insurance are only able to be accessed via an Insurance Broker so when calling around to various call centres you are often missing many great insurers deals that are available in the market. Should you wish to review your home insurance a quick phone call to your broker can often be time very well spent.
Owner Builders Indemnity / Warranty Insurance
Owner Builder Home Indemnity or Warranty Insurance is required in several states of Australia including Western Australia & Victoria. It is required when an owner builder sells their property within the Statutory Indemnity period as specified under the Building Act in their state. For example this is 7 years from the Date of Building Licence in WA and 6 years from completion date of the works in Victoria.
The cover is established to indemnify the new owner for any structural defects in the property however prior to the cover being taken the seller must obtain a property inspection report and any known defects that are highlighted in this report are excluded from the cover. As per the act there is a pre-determined excess and maximum indemnity amount per claim. The policy will cover all new purchasers of the home until the Statutory Indemnity period ends. A claim can only be honoured due to the owner builders death disappearance or insolvency.
This is a compulsory cover for all projects over $16,000 in Victoria & $20,000 in Western Australia. Failure to provide evidence of this Builders Indemnity Insurance to the selling agent can result in fines up to $10,000. The purchaser also has rights to pull out of the purchase contract prior to the completion of the contract.
Should you require this cover please go to our quick quote page or otherwise please do not hesitate to contact Competitive Insurance Solutions.Owner Builders Quote Request
Owner Builder Insurance / Construction Insurance
This is similar to a Commercial Builders Contract Works Insurance Policy which covers the Building that has been built thus far against Fire, Storm, Theft, Malicious Damage & many other perils. It also covers Public Liability.
It is important when looking at these type of policies that you get a policy that includes Liability for your contractors as well as yourself and that the policy has a wording specific to owner builders and not just a Commercial Builders Wording with a few adjusted. Owner Builders have specific requirements and need to insure with an insurer that acknowledges and understand these risks. If you are renovating rather than building a whole new home for instance you may have some existing contents or existing building structures that need to be insured under this policy.
Many people do not think to tell their current Home & Contents Insurer of their renovations and insurers have exclusions in their wordings if works are being undertaken above a certain amount.
If you are looking to undertake construction works at your home as an owner builder we suggest contacting a broker who specialises in this type of work such as the staff at Competitive Insurance Solutions.
Residential Strata Insurance
Strata Properties both small and large have unique needs and requirements. Not only are there Buildings that need to be insured but also ;
- Common Area Contents - Communal areas can often be overlooked as to the cost involved to reinstate these areas following a loss,
- Loss of Rent & Temporary Accommodation - If any residence need to vacate after a major loss so that repairs can be undertaken
- Public Liability - Cover for injury or property damage where negligence may be alleged against the Strata.
- Office Bearers Liability - for decisions made as a Strata Manager or if you are on the Council of Owners
- Fidelity Guarantee - Embezzlement of funds from a strata trust account
- Machinery Breakdown / Fusion Cover if you have lifts, pools, bore etc.
- Workers Compensation - To cover injury to any contractors or workers whilst on your property doing work
With all of the above and many other exposures to be considered strata insurance can be quite overwhelming and with many insurers only dealing with insurance brokers and not direct with the public or with Strata Managers to ensure that you have the most appropriate and competitive policy it is best to speak with an Insurance Broker to assist you.
Strata Landlords Insurance
When renting out strata units often people think they can rely on the Strata (Building) Insurance to cover them. This is not the case however and a specialist Insurance policy does exist to cover you for these gaps in cover.
This cover is not just required if you lease out the property with some contents or furniture included. This is because this policy includes all of the following covers :
- Contents Including Furnishings, Carpets, Curtains, Fixtures & Fittings
- Public Liability claims against the property owner
- Loss of Rent due to Tenants Default
- Loss of Rent due to Tenants Early Departure
- Workers Compensation - for any contractors used such as for repairs or general up keep and maintenance.
All of these covers are included and it is a very quick and simple policy to set up at cost of usually around $300-$350.
With Competitive Insurance being a specialist in this area we are even able to do it cheaper than this above RRP price due to our large buying power with the insurers and our association with our valued business partners.
Please click on the below to request a quote if you would like to try us out.Strata Landlords Quote Request
To meet the growing needs of your family or personal portfolio, we recommend your insurances be reviewed regularly to ensure that your insurance remains relevant with your existing range of policies.
Please contact us at Competitive Insurance Solutions if we can assist you with any queries.