Are There Gaps in Your Property Cover?

Even well-managed properties can develop gaps in protection due to changing conditions, updated regulations, or overlooked details. A quick review can help ensure your cover still matches your current situation.

When Did You Last Review Your Insurance?

If your insurance hasn’t been reviewed in the past 12 months, there’s a chance it may no longer reflect your property’s true value or risk level.

It’s important to check whether:

• Your sum insured matches current rebuild costs
• Any renovations or upgrades have been accounted for (such as solar, air conditioning, or new appliances)
• All properties under management are properly covered

Outdated policies can leave you underinsured when it matters most.

Are Roles and Responsibilities Clear?

Confusion around responsibilities can lead to issues during claims or disputes.

For landlords, it’s important to understand:

• What your insurance covers compared to strata (if applicable)
• Who is responsible for maintenance versus tenant-related damage

For property managers:

• Ensure management agreements and instructions are up to date
• Have clear processes in place for repairs, complaints, and emergencies

Clear roles help avoid delays and misunderstandings.

Is Your Documentation in Order?

Good record-keeping is essential if a claim needs to be made.

You should be able to easily access:

• Property condition reports
• Routine inspection records
• Maintenance and repair invoices
• Tenant communication history

If gathering this information would be difficult, your systems may need improvement.

Are You Staying on Top of Maintenance?

Preventative maintenance plays a key role in reducing risk.

Regular checks should include:

• Fixing small issues like leaks or cracks early
• Inspecting gutters, roofing, and drainage
• Ensuring smoke alarms and safety requirements are up to date

Addressing minor issues early can prevent costly problems later.

Are You Aware of Hidden Risks?

Some risks are often overlooked, including:

• Renovations that haven’t been reported to insurers
• Changes in tenancy type (such as moving to short-term rentals)
• Updates in legislation affecting landlords or property managers
• Misunderstandings about what building, contents, or landlord insurance covers
• Incorrect assumptions about strata responsibilities
• Unauthorised occupants or sub-letting

If your circumstances have changed, your policy should be updated to match.

Do You Fully Understand Your Cover?

Many issues arise not from a lack of insurance, but from misunderstanding what is included.

Make sure you know:

• Your excess amounts
• Limits on claims such as loss of rent
• Any exclusions in your policy

Having a clear understanding helps avoid unexpected surprises.

A Quick Check Can Save Bigger Problems

Property risks are always evolving due to market conditions, regulations, and tenant expectations.

If you’re unsure about several areas, it may be time for a review. Taking a few moments now to check your cover can help prevent much bigger issues down the track.