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Insurance an afterthought?
This blog post comes courtesy of Damon Edwards, manager of our Ballarat branch. Here, he provides a great analogy for why doing your due diligence is so important when choosing your insurance policy.
As you search for that perfect property, be it your first home, an investment, or it may be just time for change, no doubt one of the key determinants when you make the purchase will be price.
A house can tick all the boxes in terms of size, condition and location but if it’s out your price range, unfortunately it becomes unattainable. What would happen though if you found the ideal place with everything you were looking for but it was priced 25% below all others? On the surface it is modern & well kept, close to amenities & transport and in a great neighbourhood, but the price seems just too good to be true! An inspection before accepting the price would be a must.
Whether it’s a qualified builder, an estate agent or the discerning eye of Mum and/or Dad, one would most definitely do their due diligence. Unfortunately we can be less meticulous when it comes to the purchase of insurance.
One’s vision is often narrowed in on the cost and understanding the full ins and outs of the contract you’re entering in to can be an afterthought. What the policy covers & excludes, claims service and how your enquiries are handled need also to be considered before taking out a policy.
Whilst the cost of an insurance policy is but a fraction of the cost of purchasing a property, it is an equally important decision. Ultimately the policy is there to protect that asset should the unthinkable occur. You should always consult your qualified insurance risk adviser for advice on the best policies available to suit your needs