Property Insurance Claim Work
It is important to prepare your property for the storm and cyclone season so you can avoid expensive repairs in the future. Part of safekeeping your home is applying for proper insurance coverage. An insurance cover secures your home in the event of bad weather and other accidents.
Frequently Asked Questions
How Can I Find Out If My Home Is In A Disaster-Prone Area?
Contact any of the following if you want to find out if you live in a disaster-prone area:
- Your insurance company
- Your state or territory’s emergency organisation
- Your local council
You can ask them to provide you with relevant information on your area. This includes historical flood records, flood mapping and your home’s Bushfire Attack Level (BAL). Your local council can also determine whether your home meets the required natural disaster standards.
How Can I Determine The Total Amount I Can Claim From My Insurer?
You can either check your policy or ask your insurer about insurance caps or claim limits. Insurance agencies have varying claim limits for total amounts you can claim and for repairing residential properties.
How Can I Determine If I Have Enough Insurance Cover To Rebuild My Home In The Event Of A Natural Disaster?
The two most common insurance types are the total replacement insurance and the sum-insured cover. Knowing what they cover is important in determining whether you will have enough to recover in the future.
Total replacement insurance covers are ideal if you live in a disaster-prone area. This type of insurance covers all rebuilding and repair costs at the same standard. This type of insurance is more expensive that sum-insured covers but lessens the risk of your home being underinsured.
Sum-insured covers is generally what most insurance providers give to their policy holders. Your coverage for this one is an estimate of the overall cost of rebuilding your property. You can avoid getting underinsured by checking whether your insurer has a “safety net”. This safety net adds up to 30% to your sum-insured amount in case of total property loss.
