Insurance is going to be one of the hot issues of the flood recovery so this is a good time to review and really understand your own insurance even if you are not affected.

Firstly, tips for those immediately affected

1.  Whatever your insurance company says, their view is not final.

2.  Most important is to submit a claim even if your insurance company or broker says you are not covered.

3.  Before you clean up, or remove rubbish, damaged goods, take lots of photos, note brands, models.

4.  All financial institutions are required to have hardship provisions – for everything, credit cards, mortgage, any financial commitments.  Any problems you have in getting assistance from your company, business, bank etc there are Financial Ombudsman to approach and support you.

For all insurance cover

1.  There are no definitions for flood, storm damage and so on.  This will all be a hot debate, and it will be political, as a result of the current natural disasters in Australia.

2.  Check your policy – different companies define and cover the following in various ways:

– Flash flooding and stormwater – most policies cover these

– Riverine / inland flooding – rarely covered, often many definitions

– Actions by the sea – rarely covered, often many definitions

Whilst you are at it, check out other natural disasters such as fire.

And again, most important is to submit a claim,  be in the system – no one yet knows what will be the outcomes, recovery programs, political decisions.  This is going to be a long process and there will be changes and provisions people, businesses, politicians have not yet though of.

Your EcoProperty Support Team