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Getting the right cover for storm damage

May 27, 2016

Most states in Australia were hit by some kind of bad weather this month. Perth experienced torrential down pour and high winds, resulting in roofs being lifted from houses and extensive damage to homes and businesses, especially in the Southwest of WA.

Melbourne, Adelaide, Hobart and Canberra were also affected by dangerous winds and heavy rainfall this month, with severe weather warnings in place for each state.

When storm season does roll around, we see a marked increase in damage-related claims. Unfortunately, many Australians are not covered for storm-damage, or are under-insured.

How do I know if I am under-insured?

Under-insurance is a big issue in Australia. Many people think they are covered for a specific incident, but if and when they do make a claim, discover they are actually not covered at all. As a result, they waste significant funds paying for insurance that is never used.

This is why we recommend having your existing insurance reviewed by a broker. A good broker will be able to assess whether you are insured for storm damage, and other incidents relating to bad weather.

They can then recommend a more suitable insurance product, or give you peace of mind around the product you are currently paying for.

Case Study – Hail Damage caused by 2010 Perth Storm

When hail damaged thousands of vehicles in the big Perth storm of March 2010, many individuals were not actually covered for hail damage.

This meant many Western Australians were left with big repair costs, which could have easily been avoided if they were covered adequately.

A simple insurance health-check could have saved these people from significant repair expenses, and of course, stress.

What kind of cover do I need?

Most good insurance companies should provide protection against fire, storms and earthquakes in their Home Insurance package.

Always ask your insurer if you are covered for these items, as some companies offer specific natural disasters as an ‘addition’ to their base-level product.

By way of example, we provide cover for the elements listed above, plus, we offer a broader level of cover for individuals who require it. This broader level of cover is known as our ‘Accidental Damage’ policy.

Your insurance broker should ask you a series of questions to determine whether you need a broader level of cover. In many cases, additional cover is not required, but we believe it is important that every possibility is assessed before an insurance product is recommended.

That way you’re not paying for insurance that won’t help you, if and when you need to make a claim.

For more information our Home Insurance package, please click here.

Get covered now

If you’d like your existing insurance policy reviewed, or would like to take out a Home Insurance policy to protect your property from storm damage, please contact us.

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