Safeguarding your property

Your home and mortgage are both significant commitments and so it makes sense to protect them.

It's a worrying reality that upwards of 81% of homeowners are underinsured by up to 10 per cent or more, according to the Australian Securities and Investments Commission. Insurance is often the last consideration for homeowners, but it's probably one of the most important.

Home and contents insurance, which protects against damage or theft of your possessions, should be considered an essential component of owning a property; you should also think about insuring yourself and your ability to meet your mortgage repayments.

Income protection safeguards home owners from falling behind with their mortgage in the event of serious illness; life insurance will also ensure that in the event of death that loved ones don't face losing the family home.

As well as these types of insurance, investors should consider taking out landlords insurance as well - which will cover your investment property in the event of tenant damage.

While all these different requirements may seem overwhelming, they are all part of the home buying process and should all be factored into your buying strategy. Remember, there is help at hand: so ask questions, do your research and build your strategy to property success.