Natural disasters are becoming increasingly common, severe and geographically indiscriminate. This is having an expensive ripple-on effect: higher insurance premiums, more instances of under-insurance and more pressure on the tax-payer to meet the shortfall. So what can you do to stay protected?

If you haven’t had to review your property insurances in the last 12 months, you’re lucky. It’s time to dust off your policy to ensure you’re properly covered. This is also a critical time to seek professional advice. Without it, you could be exposed and underinsured in some way. Unfortunately, many people find themselves in this situation after a catastophe either because premiums have become unaffordable or because they have become unavailable because of the increasing frequency of extreme weather events.

You could also be paying too much. Insurance companies have to source the recent $1 billion+ recovery bill from somewhere, and they’ll be looking at you for a hand any day now. If you sit tight, you could lose valuable protection, and find yourself paying a pretty penny for it. Insurance often comes in packages, but rarely can your needs be packaged up. It’s important to source a bespoke cover, and this process can be supported by professional insight and systems.

If your business is flood affected and your insurance does not cover your recovery needs, you may be eligible for the $50,000 from the Disaster Recovery Grant created by the Federal and State Governments for Small Businesses and Not-for-Profit Organisations. And, if the shocking impact of the recent floods has prompted you to wonder about your insurance, please reach out to our experienced Financial Services team and enquire about a complementary Discovery meeting: mail@adviceco.com.au

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