BY PRISCILLA HARRY
Insurance is vital when it comes to dealing with real estate.
This was another key point discussed at the HAUSPLES 2019 home and auto show last Friday at the Sir John Guise Indoor complex in Port Moresby.
Former PNG Real Estates Industries Association executive Daniel Berry told a seminar that the security of real estate transactions depends on insurance, which is of paramount importance.
“The insurance policy must be dealt with first and foremost before owning a property in the event of disaster, natural disaster, and all properties can be appraised under the policy and therefore all properties must be insured,” did he declare.
Mr. Berry reflected his experience during his tenure as President of the PNG Real Estates Association. apartments, including tenants were affected.
Mr Berry said judicious use of leases was not in place between tenants and its landlords.
He said real estate or property owners need to make sure insurance is the first step before a property is leased, agreed or leased to clients.