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Insurance. How to Avoid the Worst Mistake in Property: being under-insured
Updated on: June 23, 2022, 6:06 a.m.
Published on: June 21, 2015, 6:46 a.m.
Home Loans & Insurance

Insurance. How to Avoid the Worst Mistake in Property: being under-insured

Receive a FREE insurance health check and you will go into the draw for a luxurious dinner for two! 3 x Lucky Winners will be taking a break from their busy Pacific Games schedule to enjoy the superb surroundings of an International Hotel. Call now on 321 6808 or click here to contact the team at Trans Pacific Assurance Limited.

In Papua New Guinea there are low penetration levels of insurance – among the lowest in the world. This results in risk and insecurity. Recent major fires in Lae and Port Moresby have caused tremendous damage to property and businesses not to mention the hopes and dreams of those worst affected. This article will explain how a free insurance health check on your home or your business can provide great security and peace of mind.

The health check process aims to summarise your insurance profile. Many property and business owners in the past have discovered too late that their coverage did not include what they thought it included. Greg Peck, General Manager of L.J Hooker agrees “Some property owners ignore the risk of not being insured and a lot of property owners are under-insured or are even sold the wrong policy to start with”.

To avoid this situation you should be asking yourself very basic questions about your exposure across the entire range of possible problems. Let’s talk through an example: if a 3 bedroom home in Tokarara valued at K450,000 was damaged by fire or storm – it would use all of your life savings to rebuild. An appropriate policy covering you against this might cost less than a packet of biscuits and a can of soft drink! Now though, your life savings would be free from the burden of rebuilding your home.

Investment properties, businesses and their buildings are also open to the insurance health check process. This recently resulted in a new TPAL customer saving money and greatly increasing the level of coverage.

Workers’ Compensation and Public Liability insurances are an absolute must as accidents do happen in and around workplaces and your risk really needs to be managed. “Don’t pretend for a minute you don’t need insurance” says Peck “as it is only after the event we hear from property and business owners and we see who’s been careful and thoughtful with risk and who has been ‘unlucky’!”.

Call 321 6808 now or click here to arrange a meeting with the team at Trans Pacific Assurance Limited.

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