Recent arson and property damage across Victoria are strong reminders for businesses and landlords to recheck their insurance coverage rather than waiting for annual renewals.
Key Roles & What to Check
Nearby Businesses
Ensure your property policy covers fire/malicious damage originating outside your shopfront. Confirm your business interruption timeline accounts for long rebuilds, and update replacement values for equipment and stock.
Hospitality Venues
Verify that sums insured match current fit-out costs and that accidental fire is distinguished from malicious damage. Check if business interruption accounts for extended closure times and report all active security systems (like CCTV) to your insurer.
Landlords
Keep your insurer updated on your exact tenancy mix to meet disclosure requirements. Confirm your policy explicitly covers arson and malicious damage.
Owners Corporations
Review total building tenancy mix as standard strata cover is assessed globally. Ensure the committee evaluates insurance risks before new leases are signed, and review higher excess structures driven by recent market shifts.
Why is this important to review now?
With shifts in insurer underwriting practices and new regulatory measures, such as Victoria's tobacco retailer licensing scheme introduced in February 2026 confirming your policy aligns with current market realities protects your asset regardless of your industry.
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