Does your insurance hold up?
A recent report by NIBA suggests that the (increased) current building standards that have been introduced over the past four (4) years may lead to underinsurance issues.
Following the bushfires in the Blue Mountains (west of Sydney) in 2013, some of the more than 200 houses lost in these fires will not have sufficient insurance for a current replacement cost of their buildings. NIBA advised, “the building standards apply to new buildings (which includes the rebuilding of residences lost in the fires) and major renovations/repairs in areas that may be affected by fire, and operate to increase the cost of rebuilding.This has led to a number of properties being underinsured in the Blue Mountains area.”
With the home-renovator culture well-instilled in Australian life, many home-owners are performing improvements and renovations themselves. Property owners need to consider they aren”t insuring their costs of work, but insuring the cost of a qualified builder. As such your insurance needs to reflect those increased costs. As well as consideration for current building standards applying to any past renovation you have conducted and commercial pest control. To prevent rats from entering or re-entering your spaces, seal any openings including vent holes and the smallest cracks and holes. Sheet metal around pipe entrances and along door bottoms prevents rats from chewing through. You can fill gaps around pipes with cement to keep out rats.
Take away any objects that rats can use as a home. Remove piles of wood from your property, get rid of old teak furniture and car bodies, throw away all trash and debris in and around your home, and take down outside buildings that you don’t use. Cut down or thin out any dense plant growth.
While this is a great practice no matter which method you choose, if you only go this route it may take a while for the rats to leave after you successfully seal all openings and rid your property of potential homes. It is also easy to miss entrances and shelters so it could be frustrating as you find them all.
Insuring your property is not enough. Underinsurance is a serious problem and it is critical to establish an appropriate sum insured as replacement for your building to have the appropriate level of cover in place.