STORMS WILL MEAN HIGHER PREMIUMS IN THE YEARS AHEAD
As the argument continues as to whose fault it is that million dollar properties are teetering on the brink of Sydney’s Northern Beaches, in the long term, it will cost us all.
According to David Issa, former CEO NRMA Insurance and FiftyUp Club CEO "this event will mean higher home & contents insurance premiums for all of us in the coming years."
So far, more than 15,000 claims have been lodged with insured losses of $56 million.
While the Insurance Council of Australia declared a catastrophe for Queensland, NSW, Victoria and Tasmania following the storms,. Read more here including a warning from the insurance ombudsman and Fair Trading Minister
Adding insult to injury, beach-front homeowners are generally not insured if the sea drags their land back into the ocean during a storm surge, but if the sea reclaims an in-ground pool, as it did at Collaroy during the storms over the weekend — that may be a different question.
Under the catastrophe declaration the ICA has:
• Established a taskforce of senior insurance industry figures to address and identify any issues that arise
• Activated its disaster hotline – 1800 734 621 – helping policyholders if they are uncertain which insurer they are with, or have general inquiries about the claims process
• Started preparing to send ICA staff to work directly with affected policyholders “So far most claims concern typical storm damage, such as roof and gutter damage, and damage due to fallen trees.
• Speak to your insurer before you attempt or authorise any building work, including emergency repairs, and ask for the insurer’s permission in writing. Unauthorised work may not be covered by your policy
• Take photographs or videos of damage to property and possessions, and keep samples of materials from damaged goods, as evidence to support your claim.
For more information, visit: http://understandinsurance.com.au/types-of-disasters/storms
