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Industrial Special Risks (ISR)
Australasia Underwriting Pty Ltd (AUPL)
  • Docs available F
  • Contract required
Max Coverage AUD 25M Min Premium AUD 8K/Year

Coverages: Business Interruption | Contents | Property Damage

Australasia Underwriting's (AUPL) Industrial Special Risks (ISR) Insurance provides comprehensive protection for customers with Commercial asset values above $1m. This policy safeguards against physical loss or damage to property and offers optional business interruption coverage. Utilising the Mark V wording, it delivers tailored solutions to meet complex commercial needs.

Property
Keystone Underwriting Pty Ltd
  • Contract required
Max Coverage AUD 500K Min Premium AUD 120/Year

Coverages: Crime | Property Damage

Property insurance safeguards businesses against various risks, including accidental loss or damage to stock and contents from events like fire, storm, or malicious acts. Coverage extends to theft of stock or contents, loss or damage of money due to theft or fire, accidental or malicious glass breakage, and accidental loss or damage of portable or valuable items occurring away from the primary business location. Key benefits include the ability to package with other products, individual quotes or scheme solutions, and coverage limits up to $500,000 for property damage and $50,000 for theft.

NDIS Property Owners Liability
Amazon Underwriting Pty Ltd
  • Docs available F
  • Contract required
Max Coverage AUD 20M

Coverages: Public Liability

Amazon Underwriting's NDIS Property Owners Liability Insurance offers coverage tailored for property owners leasing to NDIS Specialist Disability Accommodation (SDA) providers and/or Supported Independent Living (SIL) providers. Policyholders can choose liability limits of $10 million or $20 million. This policy can be purchased stand alone or together with Amazon’s NDIS Property, providing a tailored insurance package.

NDIS Property
Amazon Underwriting Pty Ltd
  • Docs available F S
  • Contract required
Max Coverage AUD 5M

Coverages: Property Damage

Amazon Underwriting’s NDIS Property Insurance is tailored for owners of Specialist Disability Accommodation (SDA) properties. It provides comprehensive coverage for buildings, contents, and loss of rent due to insured events. Optional extras include flood cover and landlord workers' compensation. With flexible limits and underwriting expertise, this policy ensures NDIS property owners are protected against risks while supporting safe and secure accommodation for participants. This policy can be purchased stand alone or together with Amazon’s NDIS Property Owners Liability providing a comprehensive insurance package.

Flexible Residential Strata Plan
Flex Insurance
  • No contract required
Max Coverage AUD 25M

Coverages: Strata - Residential

Flex Insurance offers customizable residential strata insurance, allowing property owners to tailor coverage to their specific needs. Standard policies include protection for buildings and common areas against loss or damage, as well as liability coverage for personal injury or property damage claims. Optional add-ons include coverage for voluntary workers, machinery breakdown, and catastrophe insurance, providing comprehensive protection for strata properties. 

Residential Strata Plan
Flex Insurance
  • No contract required

Coverages: Strata - Residential

Flex Insurance’s Residential Strata Plan insurance provides tailored coverage for strata-titled properties, including apartments, townhouses, and multi-unit dwellings. It covers building damage, common property, and legal liability, ensuring comprehensive protection for owners and residents. Optional extras like machinery breakdown, catastrophe cover, and voluntary workers insurance offer added protection. Designed for flexibility, it supports the unique needs of residential strata communities across Australia.

Property and Casualty
CFC
  • No contract required
Max Coverage AUD 20M Min Premium AUD 500/Year

Coverages: Property and Casualty

Property and Casualty insurance from CFC offers comprehensive protection for businesses against physical loss, damage, and third-party liability. Covering everything from fire and theft to public liability and business interruption, it’s designed to keep operations running smoothly after unexpected events. With tailored policies and expert claims support, CFC helps businesses manage everyday risks and recover quickly from unforeseen disruptions.

Real Estate PI
Edge Underwriting Pty Ltd
  • No contract required
Max Coverage AUD 10M Min Premium AUD 8K/Year

Coverages: Professional Indemnity

Edge Underwriting's Real Estate Professional Indemnity (PI) insurance offers comprehensive civil liability coverage tailored for property professionals. It includes protection against contractual breaches, intellectual property infringements, and cyber risks. The policy also covers court attendance costs and provides reputation and brand protection through public relations consultancy services. Additionally, it offers reimbursement for withheld fees to mitigate potential larger claims.

Landlords Insurance
CHU Underwriting Agencies Pty Ltd
  • No contract required

Coverages: Landlords

CHU's Landlord Insurance is tailored for property investors renting out strata units, apartments, villas, or townhouses. It offers coverage for landlords' contents within the unit, such as appliances and furniture, against accidental loss or damage. Additionally, it protects against rental-specific risks like loss of rental income due to tenant departure or default, tenant-caused damage, and liability for injuries occurring within the rented unit.

Contents Insurance
CHU Underwriting Agencies Pty Ltd
  • No contract required

Coverages: Contents

CHU's Contents Insurance for Strata offers comprehensive coverage for residents of apartments, units, villas, and townhouses, safeguarding personal belongings like clothing, electronics, furniture, and jewellery against risks such as theft, accidental or malicious damage, water damage, fire, and storms. The policy also includes legal liability protection, ensuring financial security in unforeseen circumstances.

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What is property insurance? 

Property insurance safeguards Australian property owners against financial losses from events like natural disasters, theft, and accidents. It covers residential, commercial, and industrial properties, ensuring protection for structures and contents. Australia's bushfires, floods, and cyclones make property insurance an important tool in protecting against major financial losses. 

The Australian property insurance market is huge, with gross written premiums projected to reach approximately $14.32 billion by 2024. This growth reflects the increasing demand for coverage due to the country's unique environmental and social challenges. For insurance brokers, understanding the nuances of this insurance is vital to effectively advise clients and guarantee comprehensive protection. 

Property insurance industry trends and emerging risks 

Property insurance in Australia aims to adapt to new risks and shifting demands. Climate disasters are increasing claims and premiums, while reducing affordability and access to coverage for properties in high-risk areas. Brokers need to stay informed to help clients navigate these challenges effectively: 

The property insurance market is dealing with higher costs, more claims, and fewer options for coverage. These changes make it harder for people to get affordable and complete insurance. Brokers need to guide clients through these challenges to help them protect their properties. 

Property insurance FAQs 

What is the best property insurance company? 

Choosing the best company in Australia for this insurance depends on individual needs and preferences. Customer satisfaction surveys often highlight insurers that excel in transparency and service quality. Comparing providers based on reviews and coverage options helps identify a suitable choice. 

How do I choose the right property insurer? 

When choosing a property insurer, consider the following factors: 

  • coverage options: ensure the policy covers all potential risks relevant to the property 
  • premium costs: compare premiums to find a policy that fits the budget without compromising necessary coverage 
  • exclusions and limits: review policy exclusions and claim limits to understand what is not covered 
  • customer service: assess the insurer's reputation for handling claims efficiently and providing quality customer support 

By evaluating these aspects, one can select a property insurer that aligns with their specific requirements. 

Is property insurance mandatory in Australia? 

No, this insurance is not mandatory for all Australians. However, certain situations require coverage to protect financial interests or comply with legal requirements. 

Are there specific legal requirements for property insurance? 

While individual property owners are not legally obliged to have insurance, some cases make it mandatory: 

  • strata properties: owners in strata schemes must have strata insurance to cover shared areas and the building itself 
  • mortgaged properties: lenders often require insurance to secure their investment in case of damage or loss 

The Australian Prudential Regulation Authority (APRA) makes sure property insurance providers follow rules and stay financially stable. 

Is it illegal to not have house insurance in Australia? 

No, it is not against the law to own a house without insurance in Australia. However, without coverage, property owners risk significant financial losses from damages or liabilities. Certain policies may be required by law depending on the property type. 

Although not universally mandated, house insurance is important in many circumstances to safeguard assets and comply with specific obligations. 

What insurance do you need on your house? 

Homeowners in Australia typically consider two main types of insurance: 

  • building insurance: covers the physical structure of the home 
  • contents insurance: safeguards personal items within the home 

What is the difference between home and property insurance? 

In Australia, the two are often used interchangeably, both referring to coverage for the building and its contents. Property insurance includes various types, like seasonal homes, specialty homes, and tenants insurance. This page covers these categories to help brokers meet different client needs. 

How much should you insure your house for in Australia? 

Homes should be insured for their full rebuild cost to cover total loss. This warrants sufficient coverage for reconstruction without financial difficulties. 

What factors determine the insured amount? 

  • construction materials: the type and quality of materials impact costs 

  • property size and features: larger homes or extra features like pools increase costs 

  • location: local labour and material costs affect rebuilding expenses 

How can you calculate your property's rebuild cost? 

Homeowners can use online tools, like those from the Insurance Council of Australia, to estimate rebuilding costs. These tools help ensure coverage matches current prices. Updating property insurance policies regularly reduces the risk of underinsurance.