Some homeowners in Brisbane will be painfully aware of the cost of underinsurance after hail storms battered the east coast city last week. The most recent reports from ABC say the total cost of the adverse weather has reached $1 billion dollars and counting.
Catastrophic hailstorms battered the Queensland capital on Thursday November 27, damaging property and leaving many claiming on their home and contents insurance. However, for others, a lack of coverage left them with a large clean-up project and a big bill.
Insurance & Risk Professional published the latest claim figures, showing that almost 58,000 insurance claims were made as of Tuesday morning (December 2).
The super-cell storm that struck south-east Queensland resulted in more than 15,000 home and contents claims and almost 43,000 lodged on car insurance policies.
The Insurance Council of Australia has classed the storm as a catastrophe, as 71 millimetres of rain, 6 millimetres of hail and winds up to 140 kilometres an hour hit the coastal region.
Director at insurance provider Assurity Peter Roberts said insurance brokers are playing a critical role in helping clients make claims, as well as advising them on how to avoid further damages.
“This is where brokers really come to the front of the pack as far as the broker-client relationship, working together to get the job done,” he says.
“Responding to natural catastrophes and disasters in a timely, professional, practical and compassionate manner, in conjunction with any industry-wide response, is one of the 12 service standards that insurance brokers have committed to in the Insurance Broker Code of Practice,” Insurance & Risk Professional continued.
The storm, which is set to continue, puts into light the need for Australian homeowners to secure their premises against the worst. Australian property is particularly at risk from adverse weather, though not everyone is covered effectively.
Our research shows that almost one-third of Australian homes (31 per cent) are uninsured, and more are drastically under-insured (43 per cent). This leaves property owners with the constant risk of losing their most precious assets to weather and other more daily threats.