Details and conditions of insurance policies need to be checked thoroughly and premium rates should be compared amongst companies. Check for types of cover such as “new for old” and replacement versus market value.
Contents insurance covers most movable items and personal effects and it is recommended that owners and those renting premises take out this insurance. Separate cover is normally needed for items such as jewellery and art collections.
When purchasing a property, it is important that home building and public liability insurance is taken out in the final property settlement stage. The owner is responsible for this coverage.
Motor Vehicle Insurance
There are two types of motor vehicle insurance: Compulsory Third Party (CTP) Comprehensive Motor Vehicle Insurance CTP is mandatory and must be obtained before a vehicle can be registered. Whilst comprehensive insurance is not compulsory, it is highly recommended.