Property Insurance

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hlcrouch's picture
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Joined: 01/12/2017 - 9:30am
Property Insurance

Hi, we are about to purchase 100 acres near Ballarat in Victoria and will need to insure the property.  Wondering if anyone has any advice for two complete novices?

admin's picture
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Joined: 28/02/2011 - 2:19pm
 
Hi hlcrouch,
With regards to the question on insurance, as a minimum (on the assumption that I know little about the infrastructure on the property) you will require the following cover:
- Domestic structures (home & contents) - accidental damage
- Farm structures (farm sheds, tools, improvements) - fire, storm and perils
- Livestock - fire cover
- Fencing  - fire cover
- Farm Liability - third party property damage and personal injury
- Farm motor (tractors, quads\atv's, small farm machinery etc) - this can be covered for fire & theft or if registered and taken on road then also ability to cover third party. Alternatively they can take comprehensive cover this will include the above and accidental damage.
This is not an exhaustive list but will hopefully provide you with some assistance. If you are interested I can send a proposal and go through the formal quoting process.
Regards,
Alex Cohn
Agguard insurance
 
 
hlcrouch's picture
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Last seen: 5 months 3 weeks ago
Joined: 01/12/2017 - 9:30am

Thank you for your reply.

barb's picture
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Joined: 23/11/2011 - 9:38am

I would insure with a company that insures farms and businesses specifically. There are a number of companies that do this. Mine is WFI and Elders is also well known. I am sure that there are other good companies out there too.

As suggested by admin., you need to insure you buildings, your home, your vehicles and equipment, fences etc., my insurance company also insures my tools and chemicals, fertilisers and all this type of thing. During the past few years I have had to claim my hay shed and also 600 m of electric fenies that were destroyed in cyclone Debbie early last year. they have even paid for my cattle that were killed in a lightning strike in the paddock. Insurance is only expensive until you need it, as the saying goes. Good luck with your new property. Country living beats city dwelling by a country mile so to speak.

Cheers, Barb

hlcrouch's picture
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Last seen: 5 months 3 weeks ago
Joined: 01/12/2017 - 9:30am

Thanks Barb, we have the basics covered but I will need to look into it further based on these replies.  We are leaving cyclones behind by moving back to Victoria from Cairns, hoping this wet season is cylone free for everyones sake.  Cow dreaming has been happening for a long time so we'll see how it goes for real.

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