Insurance policies can be very complicated, and it is essential that you consult with your policy before listing a Space on SpacetoCo. I think it’s safe to say that most Australian’s are never 100% positive on exactly what their insurance covers.
There are a variety of insurance products available and if you are a commercial venue that rents your space out already, you probably fully understand how it works.
However, if you’re one of the lucky homeowners who finds yourself with that extra unused Space that so desperately needs some love and attention, it’s important ou read through your policy to see whats covered. If you have invited people into your home AND you are making money from this, some policies may not cover everything.
There is generally a Product Disclosure Statement (the boring part that nobody reads) that will articulate what is covered and what is not. You might find there are things like fires and floods that are not covered by your policy because you didn’t specifically ask for them, so make sure you double check!
A regular review of insurances is an important aspect of any property ownership and SpacetoCo recommends a comprehensive policy at all times.