Insured losses from the recent Cyclone Debbie have reached over $224 million from 19,600 claims and is expected to exceed $1 billion, on the report of Insurance Council of Australia (ICA).
In the recent devastating floods post Cyclone Debbie, many businesses and homes lost everything. Unfortunately, many were not covered by flood insurance and had no time to salvage any goods before the water hit.
Understand Insurance have noted some great tips on how to prepare for future flooding:
- Check your current insurance policy to see if you are covered for flood damage
- Prepare a room-by-room inventory of the contents of your home or business, and avoid underinsurance by checking the sum insured matches the value of your contents.
- Keep important papers in a safe place where flood water cannot destroy them
- Prepare a flood plan that sets out what to do and when and how to act during a flood
- Check you have comprehensive vehicle insurance. Remember that compulsory third party does not cover you for damage to your vehicle
- Prepare a flood readiness kit, including a torch, water, radio, candles, matches, new batteries and any important documents or contact numbers
- Listen to the ABC Local Radio for updates or visit the Bureau of Meteorology website
- Know where and how to turn off mains power, water, gas and solar power
- Decide on the best strategy for protecting your pet and other animals
At East West Insurance Brokers, we believe making sure your Business Property, Comprehensive Vehicle and Home & Contents Insurance are up to date, not only provides peace of mind but is an important safeguard against significant financial loss. For more information on getting covered for future floods, contact the East West team on 1800 809 132 or firstname.lastname@example.org