We live in an age where we have insurance for almost every area of our lives… from our pets to our income, from our overseas holidays to our mobile phones.  We insure everything to make sure that what is valuable to us remains safe for the future.  
 
Considering real estate, whether it is your home or your investment property, is usually our biggest asset, it is generally considered a must have when it comes to insurance and something most property owners have.  The question is, are you covered for everything you need?
 
As the G20 Summit fast approaches the eyes of the world are fixed on Brisbane as we invite the most influential, powerful people from across the globe into our fair city.  As unappealing as the thought is, realistically with all of this attention comes the need for heightened security across our city and especially throughout the CBD where many of the high profile attendees will be spending time.
 
In an earlier market news we touched on the extra security measure that are being taken by event organisers in terms of CBD street closures and in some cases possible lock downs, but as a property owner – especially in terms of CBD apartments – something you need to investigate now is whether your building is covered in the event of a terrorist attack.
 
Recently we have had a chat to a number of building managers in the CBD and have found not all buildings are currently insured in the event of a terrorist attack.  While the likeliness of something terrible happening is low, as with all insurances it is generally better to err on the side of caution to ensure your investment is safe if the worst were to happen.   For example, as a CBD owner myself, our building implemented a cover of $2.5m for a fee of approximately $800 for the Event, ie one week’s cover.
 
Terrorism and vandalism insurance can protect your asset should anything terror related happen but also if your building falls target to the protestors that generally accompany an event like this and are known for spraying their messages across buildings in prominent areas to gain attention.  In any case, these types of damages can be costly to fix so having the insurance in place before the event, where the risk is higher than ever before, could be a very good idea.
 
For more information or to get the ball rolling in getting your building (and your investment) insured, contact your building  or Body Corporate Manager today so they can organise quotes with your insurer.