Home owner’s Sum Insured Safeguard
October 1, 2020
In the event of a catastrophe, the cost to replace a building would significantly increase due to the volume of claims and a limited supply of builders and building supplies to go around. During these unprecedent times the settlement by your insurer may not be sufficient to rebuild your property.
This has been evident in the past catastrophes and Insurance Brokers Australia can now offer our clients this safeguard. If insurers determine that the cost to repair or replace your Buildings is greater than your policy’s Buildings sum insured, then insurers will pay up to 30% more than your policy’s building sum insured to:
Repair the Buildings to the condition it was in at the time immediately before it was destroyed, lost or damaged; or
Replace the Buildings; or
Pay the reasonable cost of the Buildings repair or replacement.
Terms and Conditions:
Please read the relevant Product Disclosure Statement[PDS] to decide whether it suits your needs. Insurance Brokers Australia can provide a policy PDS and are happy to provide you with further information you will require.
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