Building Insurance


Whether you’re a private homeowner or landlord, or you own commercial property, one thing you cannot afford to be without is building insurance. Increased access to online insurance quotes means that consumers compare products based entirely on price without understanding what is covered and what is not.

Many people believe all cover is created equal, and often don’t take the necessary steps when correctly valuing their property. Although automated online calculators can be extremely helpful, many people don’t use them, or mistakenly insure their building for its market value instead of its insurable replacement value.

The best way to ensure your building is adequately protected is to speak to a professional at Aspire Insurance Solutions who has extensive experience in all types of buildings, both residential and commercial.


Types of Building Insurance


Before you start thinking about what type of insurance you need for your building, it’s important to understand that there are different products for different types of buildings. Choosing the wrong could mean that you’re actually not covered in the event of a claim.

1. Home Building & Contents Insurance

  • The basic requirement if you own or are purchasing a home with a mortgage
  • Protection from severe financial losses due to fire, storm, flooding, and other events
  • Liability protection for potential third party claims
  • Option to add coverage for your belongings & contents, which are also at risk
  • Typically does not cover any landlord or holiday rental activities

2. Landlord Building & Contents Insurance

  • The basic requirement for any property that is leased or holiday let in any capacity
  • Protection against natural perils, as well as damage caused by tenants or guests
  • Specialised landlord liability protection for potential third party claims
  • Option to add coverage for contents, both rental & personal
  • Option to add coverage for various types of income loss, depending on the nature of the property

3. Commercial Building Insurance

  • A vital type of business insurance designed for individuals or companies who own property occupied by commercial tenants
  • Liability protection for potential third party claims as a property owner
  • Option to add coverage for contents that the property owner is financially responsible for
  • Option to add coverage for lost rental income resulting from a claim situation
  • Compliments lease agreements to ensure property owner and tenant interests are protected

4. Commercial & Residential Strata

  • Unique policies designed for buildings owned under Strata Title & typically managed by a Body Corporate
  • Various tailored options to suit residential, commercial, or combined residential & commercial buildings
  • Protection from severe financial losses due to fire, storm, flooding, and other events
  • Liability protection for potential third party claims
  • Additional cover options for various exposures unique to a Strata Title building & Body Corporate entity


Valuing Your Property


If you’ve ever taken out building and/or contents insurance, or you’ve used an online calculator, building & contents value is always one of the main questions. Many people misunderstand property value as the market price they paid or what they would receive if they sold it. However, this does not reflect the cost of replacing or repairing a building following an insured event.

Your property valuation needs to incorporate the entire cost of demolition, rebuilding to modern-day requirements, and all the associated professional fees. Your contents valuation should be based on replacing everything you own.

Getting this right is absolutely critical and avoids the potential of being “underinsured”. Underinsurance is one of the most overlooked and misunderstood risks for any consumer and imposes significant penalties on a claim outcome if an asset is not valued adequately, leaving the policyholder in a potentially detrimental financial position.

At Aspire Insurance, we will assist you in ensuring you know what steps to take to value your building correctly and give you the correct advice to protect your asset and financial interests.


Advice You Can Trust


Our experience in the insurance industry means our insurance representatives have the expertise to effectively assess your needs and tailor coverage options to your needs and budget.

Our goal is to provide you with coverage that gives you peace of mind and our access to multiple product lines helps to achieve the lowest possible premiums with some of Australia’s leading insurers.