Themes, strategies and themes are key ingredients for a residential property insurance policy.
The following is a brief summary of the main themes that are key to residential insurance.1.
Residential property insurance covers your home as a whole.
The residential property is considered to be the ‘house of the community’.
This means that it must be maintained in a condition that is in keeping with the needs of the property owners.
It should be maintained free of vandalism, neglect, and decay, and be of acceptable size.
This includes the size of the house itself and the size and shape of the rooms.2.
You need to be insured for the whole house.
If you have a large house or property with multiple dwellings, you will need to buy separate insurance policies for each.
You will need a separate policy for each of the two main types of dwellings, and a separate insurance policy for the main home.3.
The main home will have to be at least 2.5 metres by 2.0 metres (12 feet by 12 feet).4.
The property owner must pay a penalty for damage or damage to the main house.5.
If your main home has fallen on hard times, the damage to your home will need insurance covering it.
If the main residence has suffered an injury, this will be covered by your insurance.
If it has been badly damaged, this is not covered.6.
Your main home needs to be repaired or replaced if the main property is destroyed.
If the main dwelling has to be demolished, it is covered by the homeowner’s insurance.7.
Your principal residence is at least 25 years old.
If your principal residence has a water damage, the principal residence must be repaired.
If it is a fire damage, you can purchase separate insurance for your principal dwelling and the water damage to be covered separately.
If you buy separate coverage, you need to have the insurance policy in place before you buy it.8.
Your property is in an area of Victoria that is subject to a flood, flood hazard, or storm event.
If there is a flood hazard in your area, your insurance policy must cover your principal home.
If an area is under a flood risk, your policy will cover your main house if you live in it.
If an area has a storm event, your insurer must pay out an appropriate insurance premium.
If no flood hazard is in the area, you do not need to insure your main residence.
If a storm is in your part of Victoria, you must insure your principal house.9.
The insurance policy is compulsory.
If all of the above is true, you cannot insure your house with just one policy.
You need to ensure that all of your neighbours are insured and that your neighbours know about it.10.
The principal residence needs to meet a certain standard.
If this standard is not met, you may need to cancel your insurance policies.11.
You must have your principal property insured by your insurer before you can buy your own insurance policy, or it will be unaffordable.12.
Your insurance is compulsory and you need a policy to be in force.
If one or more of the following is true and you do have to cancel, your insurers policy will be inoperative and your policy may be cancelled at any time.
Your principal residence will have been damaged by flooding.
You have damaged the principal house by flooding or by a storm.
You are at risk of a flood event.13.
You are in a flood zone and your principal has to cover this flood.14.
You have damaged a flood damage or flood hazard.
Your main home is at risk.15.
Your residence has been damaged and you cannot afford to buy insurance to cover it.16.
Your home is in a drought, drought hazard, flood, or other flood risk area and you are not at risk or cannot afford insurance to buy coverage.17.
Your residential property has been declared a flood emergency and you can’t afford insurance.18.
Your current insurance policy will not cover your property.19.
You cannot afford the costs of insurance and cannot buy coverage because of the drought.20.
You do not want to insure or buy insurance.
You cannot afford a new policy or an existing policy because you are in an emergency.21.
Your house is not in a safe condition and you have not had a recent flood event or flood risk.22.
You live in a rural area and are unable to afford insurance coverage.23.
You can’t get insurance because you have suffered from a flood.24.
Your business does not have enough income to cover the insurance premiums.25.
Your existing insurance policy covers the principal.
You do not have a policy in force or a plan to pay out the premium.
You should not be worried about getting coverage as the policy covers you.
You can still get coverage if you:1.
Have a current mortgage or a mortgage for your main property.2, Have a property that is on