It has been reported that landlord insurance claims have increased by 42% during in the last year and the average total claim by landlords increased by 20% as well.

It is important then that all landlords with fully or partly-furnished properties ensure that their landlord insurance coverage is sufficient. Items that can typically be claimed for with landlord insurance include refrigerators, dishwashers, mattresses, framed pictures, washing machines, beds and plasma televisions. Other more unusual claims include air conditioners, door handles and lawnmowers.

Landlord insurance covers the risks that can occur in rental properties which are not included under the strata title or home and contents insurance policies. The sad fact is however that less than half of Australian landlords do not have landlords insurance.

Many landlords think that are saving money by not having insurance and agent fees, their assets are in danger if they do not have landlord insurance. Even if a landlord has relatively careful and good tenants there is still a danger of damage that can be caused unintentionally that can result in big expenses. Only a landlord-specific insurance would help recover these losses.

Costs incurred by intentional or malicious damage to property, loss of rent due to non-payment, theft and legal liabilities that are filed against the tenant are the most common incidents covered be landlord insurance.

Many business owners underestimate the importance of business insurance. Business owners will make many sacrifices to be successful like working longer hours and sacrificing their own salary to begin with In order to gain success, they use their salary instead to reinvest the cash flow back into the business.

Protecting a business is as important as the growth of a business and having business insurance is one way of protecting all the hard work that has been done. Having business insurance will also help increase the value of the company.

Many do not have a sound plan when it comes to insurance coverage, a lot of the time not factoring insurance expenses in their budget. They place very little importance on it only considering business insurance as an option once they become very successful and feel as if they are in a better financial position to pay for it.

Underestimating the importance of business insurance could prove to be a costly error for start up companies. One insurance policy that all businesses should have as well as up-start or growing business is the disability insurance. The founder of the business as well as any essential members of the businesses management team can be covered under a disability insurance policy. This insurance policy imperative as it insures that the business can remain fully operational with very little disturbance in the case of accident or injury.

As well as disability insurance a business owner should also ensure they have adequate health insurance. As many business owners have many of assets connected with assets of their business having health insurance will make sure that the business is not harmed in the event that the owner has large medical expenses.

Another often overlooked form of insurance is liability coverage insurance, this covers you against any potential accident or liability of your customers, clients and employees. Someone injuring themselves on your premises can be grounds for liability claims. Liability insurance also protects you against any claims relating to your product or service

When applying for business insurance, it is important to seek the proper advice, to ensure you find the most cost-effective insurance provider

As a business expands, the insurance coverage necessary will change and become more complex, therefore, it is important that you renew and update your policy to suit your changing needs and requirements.

As you progress through your working life, your financial needs and income will change. Getting into good financial habits will prove to be extremely beneficial. It is important that you always keep track of your money and take control of your finances.

You must work at creating a budget that you can stick to this does not have to be a complicated one. You can start by listing the amount of money that is going in to your bank account and where it goes from there. You can start making financial decisions once you have control of this being on top of your finances can also help you plan for unexpected expenses.

Having a budget, will allow you to start saving immediately whether it is a small or a large amount. You must regularly set aside a certain amount of money to facilitate your savings. It is important to save regardless of whether you are saving for something specific in the immediate future, having savings set aside will allow for excess funds to be drawn upon when unforeseen expenses appear.

If you have saved a large amount of money, it is a good idea to invest some of this rather than letting it sit in your bank account where it will be accruing very little interest. You can choose from a wide range of investments and your decision will depend on the amount of risk that you are willing to take with your money.

Of course, you can always seek expert financial advice from a licensed planner or adviser. Finding a good one can be hard and you should speak to a number of advisers before deciding. You should have basic prior knowledge before speaking to an adviser so that your can get the most out of your meeting with them. This will allow you to make a sound decision with more confidence.

With so many products out in the market, it’s now even easier to find the right flexible product to suit your needs. Home buyers can now use their home loan to help them achieve other lifestyle goals while they continue to pay off their mortgage.

Those looking to purchase a property should consider the following to help determine the level of flexibility you may need for your particular circumstances:

• First Home Buyers – it’s a good idea for people in this market to look for a home loan with a low interest rate over a long term, unrestricted additional repayments and a redraw facility.

Being able to make additional repayments, combined with the flexibility of a redraw facility, allows you to build up funds in your mortgage account which may be used in the future for larger expenses, unexpected emergencies, or a rise in interest rates.

• Home Buyers/Renovators – may select a home loan with a low introductory interest rate or ‘Honeymoon rate’, so if you want to renovate as soon as you move in, the low interest rate repayments can help you cover the cost of doing so.

Alternatively you could use this ‘honeymoon’ period to make additional repayments to build up your mortgage account to help cover any future renovation costs or a rise in interest rates.

• Experienced home buyers – buying their second or third property.  An experienced home buyer might select a split loan option, so that they can fix the interest rate on part of the home loan and pay the variable interest rate on the remainder of the loan amount.

This can allow you to protect a portion of your mortgage against future interest rate rises while still allowing you to make additional repayments to help reduce your mortgage account.

• Property investors – may focus on rental income, tax savings and set monthly repayments.  A basic home loan which will provide a low interest rate over a fixed interest period – allowing for set repayments which will not fluctuate with interest rate changes – may suit the property investor.

The variety of home loans is increasing all the time, providing home buyers with a wide selection of choices. So it is important that you decide on the loan and interest rate options which will best suit your lifestyle.

While overseas travel is an exciting experience for all Australians, the Australian consular office deals with human tragedies every day – approximately 25,000 cases every year! This has included 1,200 hospitalisations, 900 deaths and 50 evacuations of Australians to other locations for medical reasons.

For victims with no travel insurance, such tragedies are a long-term financial burden. Whether it’s hospitalisation, a medical evacuation or return of a deceased body it can be very expensive. A daily hospital visit in Asia can cost up to $800, a medical evacuation depending on the country can range from $60,000 to $95,000 in some cases.

There is no doubt that travel insurance should become a compulsory part of holiday planning for all Australians. These are just some questions we’ve handled at eChoice which may be of assistance to you.

Question: If the government issues a travel warning to my destination, will travel insurance cover me?

Answer: The Department of Foreign Affairs and Trade (DFAT) issues travel warnings and it is worthwhile registering on their website for these email alerts. Insurance will depend on the policy that you and the insurer have agreed upon. Since there are different advisory levels, this could affect whether or not you get a complete refund. Every policy is different, so it is worthwhile reading the terms and conditions of your policy to find out the extent of the cover.

Question: Will travel insurance cover terrorism?

Answer: Generally, insurance policies will not refund the expenses for trip cancellations due to terrorism in your destination. If you returned to Australia earlier than scheduled after a terrorist act, there is a good possibility that your insurance policy will not cover these expenses. Again, discuss the terms and conditions with whoever your insurer is and investigate the different possibilities.

Question: Will I have enough coverage using a credit card?

Answer: The Insurance Ombudsman Service has warned consumers about free travel insurance that comes with credit cards. There have been cases where the insurer will reject claims where the consumer has paid for the trip and expenses with cash.

To ensure you’re covered, you must check with your credit card company that it provides enough travel insurance. Some credit cards provide insurance if you were injured at the point of departure and arrival of your trip but actually when you’re at the destination. There are some credit card travel insurances that do not cover domestic trips sets a time limit to your trip.

If you do have credit card travel insurance, make sure that you know what you are covered for, as in some cases you must spend a minimum amount of money for the card to activate the insurance policy.

You must also check whether your family members that are travelling with you are also included in the insurance. And ensure that you receive written confirmation prior to departing on your holiday.

Question: Are all companies that provide emergency assistance the same?

Answer: No. Although insurance policies indicate a free or reverse-charge phone number, the quality of the medical services that you can contact may vary. There are some emergency assistance companies that have a presence in many countries while there are others who have offices in Australia only and outsource emergency services to other emergency assistance companies overseas. It would be wise to ask your insurer about the emergency services that are provided at the place that you will be going.

Question:  What would happen if I do not buy the preferred insurance of the tour operator?

Answer: No one can be forced to buy the insurance that is offered by the tour operator even if they claim it’s the best option. Before agreeing, check out other insurance deals and compare their coverage, exclusions and price with other policies.

If you would like to find out more about trave insurance, feel free to contact eChoice Insurance – we’re here to help!

A lot of property vendors love to sell during spring because the sunlight adds beauty to the gardens and days are longer. These reasons can convince buyers to spend for a property. However, vendors must work very hard during spring in order to attract the attention of buyers.

While the upcoming federal election will see a pause in the property market over that weekend, it will be full steam ahead after that. Here are ten tips that will assist you in selling your home in Spring.

First, you must seek advice from local real estate agents and recent house prices. No matter whether it is through auction or private sale, you must research your local area and get a feel for the media house prices.  Got to open house inspections, and experience first hand selling methods, the materials required for marketing your property.

Be realistic with the price you want, use services such as Residex and Australian Property Monitors to value not only the property you live in but also the area.

Preparing your home for an inspection is a huge task, remove all the clutter from the rooms which will negatively impact the inspection.  These items can be stored away or it may be a good tome to have a garage sale. The property needs to look comfortable, so keep it simple!

The outside is just as important as the inside, first appearance matters! Fix any broken gates or fences, if your house is dirty, then it may be time to hire a pressure hose remove dirt or freshen up the pavement.

Any evidence of dampness or moisture around or inside the property should also be fixed – this can easily devalue the property.

Most vendors are now providing a building and pest inspection report, and copies are left for potential buyers at open for inspections. Apart from this being a nice touch, it also provides security and peace of mind to potential buyers.

The photography and marketing material is crucial; buyers can sometimes take only 5 to 10 seconds before they make a decision to view the property.

Not all buyers are pet lovers and if you do have a pet, it would be a good idea to organize a pet sitter or take him with you when you leave the property for inspections. Beware of any pet odours or traces of fur which may steer people away from the property.

Ensure that the contract of sale and dates are sorted before negotiations begin as this can delay the process for every party involved and could potentially scare off the buyer.

Lastly, ensure the property is presentable during open for inspection days. Some vendors leave cakes and biscuits, other place flowers through the house. Speak to your real estate agent and find out what has worked for recent property sellers. Good luck!

Farm Insurance – Protect Your Livelihood

Farm insurance covers a farm and its contents against incidents such like man-made accidents and natural disasters. It also includes the insurance of those who live in the farm and those who will visit the farm when accidents happen. Farms cannot be insured under the business insurance due to the changing prices of crops, livestock and farm lands.

Most insurance companies cover farms against natural disasters that have affected residential and commercial buildings, motor vehicles, boats, farm property, transit cover, farm machinery, theft, working dogs and wet sheep.

Farm insurance covers crop insurance for reducing excess, re-sowing subsidy, agreed value, automatic renewal, fire and hail, straying stock cover, revision of yield and deferred payments. It also has livestock insurance that covers you against losses due to accidents, illnesses, diseases and theft.

Just like a sound financial plan, farms are like businesses that need adequate insurance from an insurance company company that understands the farm business and will solidly back your insurance goals and objectives.

You can also choose the farm insurance that will work best for you according to the level of protection that you can afford and the method of payment that you prefer.

You can either choose a farm insurance personal policy that covers home buildings, valuables, motor vehicles and boats. You can also go for the farm pack business which has a wider coverage which includes livestock, business interruption and legal liabilities.

Interest Rate Fears Eased

Due to the lower-than-predicted inflation hike in the Consumer Price Index Data, the possibility of an official interest rate hike tomorrow has lessened. Although the data which was released might dampen the plans of the Reserve Bank of Australia to move the interest rate, Australians are fighting to sustain the costs of living.

As an example, there has been a surge in the cost of cigarettes after the tax hike that was implemented by the federal government earlier this year. Because of the 25 percent excise tax, overall tobacco costs went up by more than 17 percent one year into June. News.com.au reports that it is the steepest tobacco price rise since December 1975.

It is also reported that the cost of beer increased by about six percent one year into June but the prices of fruits went down by about five percent from April to June of this year because of weather conditions and seasonal availability.

Last month the Reserve Bank of Australia opted to maintain the official cash rate at 4.5 percent. They also suggested that they would not consider any movement in interest rates, from this level during their meeting on the 3rd of August unless there have been noticeable changes to inflation.

Mortgage Protection and Mortgage Insurance – What’s the Difference?

Mortgage protection insurance  is not the same as Lenders Mortgage Insurance. Mortgage protection is made to protect the one that is insured. If the insured person died or become permanently disabled, the insurance company will pay out a lump sum benefit payment to the person which they can use to pay the mortgage.

On the other hand, the Lenders Mortgage Insurance protects the home loan lender or provider if the borrower cannot pay the mortgage anymore. This insurance makes sure that the lender or the bank will not lose any money when that happens. Lender’s Mortgage Insurance is often required if the borrower will request for more than 80% of the property value or if the borrower takes a low document home loan.

The global financial crisis that has brought more scrutiny amongst insurance companies.Nowadays, the mortgage insurance company will review the profile of the applying party for up to four to five days. If they require additional information, the reviewing process would take another four to five days. This is to make sure that the insurance company doesn’t make a bad investment.

If you’d like to know more about mortgage protection insurance, contact us.

Trauma Cover and Cancer

Trauma insurance gives a lump sum benefit repayment on diagnosis of a a critical illness. You must have satisfied the situations specified in the policy. The lump sum is to get the best medical and rehabilitation service to adjust to your new life.

Medical costs would include hospital treatment, specialist medical services, allied health services, health administration costs, residential aged care and medicine costs. Meanwhile, rehabilitation costs include therapy costs, special education, community care costs, transport, home modifications, counseling programs, electronic aids and educational materials.

The costs for cancer trauma cover are the non-financial burden of disease costs which include the suffering, pain and premature death that cancer brought. Since it is the most difficult cover to measure, it is often qualitatively and quantitatively calculated according to the healthy years lost. Another non-financial cost is the government loss expenses for foregone taxes and welfare payments.

Meanwhile, the costs which bring financial impact to the cancer patient are the productivity costs which are calculated through losses in productivity, employment impacts, absences and career costs. If the patient is self-employed or is running a business, it should be specified in the cover policy so that its rightful amount can be estimated.

A trauma insurance patient that has cancer will have an estimated lifetime economic cost of about $966,000. From this number, $851,000 goes to non-financial costs while $114,500 is dedicated for financial costs. From the financial costs, about one-third of which or about $40,000 are dedicated to rehabilitation and medical expenses.

However, expenses for the rehabilitation and medical needs may vary from one cancer type to another. Cancer types such as lung cancer non-Hodgkin lymphoma and leukemia can cost more than the $114,500 average insurance cost. Trauma insurance patients can also get financial support from sickness allowance, career payment, worker’s compensation, disability support, rent assistance and charities.