Don’t Wait Until It’s Too Late: Review Your Insurance Before Cyclone Season
As North Queensland residents gear up for the upcoming cyclone and storm seasons, it’s vital to take a proactive approach to protecting your home and property.
With the Insurance Council of Australia (ICA) warning that 90% of all catastrophe losses over the past decade have occurred between October and April, there’s no better time to review and update your insurance policy to avoid any nasty surprises.
The Reality of Rising Risks
The Bureau of Meteorology’s latest forecast indicates that while an average of 11 storms is expected this season, the likelihood of severe cyclones is on the rise due to increasing ocean temperatures. North Queensland residents know all too well the destructive force of these weather events.
Yet, despite the warnings, many homeowners remain underinsured—or worse, uninsured—when disaster strikes.
Hurricane Milton serves as a painful reminder of the dangers of complacency.
Many residents were left devastated, not only by the storm itself but by their lack of adequate insurance coverage. Whether it was due to the cost of premiums or the belief that “it won’t happen to me,” too many individuals found themselves without the financial protection they needed to rebuild their lives.
Don’t let this be your story!
The Importance of Reviewing Your Policy
Insurance is not a one-time purchase – policies can change at each renewal.
Whether it’s due to new regulations, fluctuating premiums, or adjustments to coverage limits, homeowners often aren’t aware that their policy has changed until they need to make a claim.
The ICA recommends reviewing your policy in advance, as a key preparation step before cyclone season hits. Here are some critical actions to take:
- Check your sum insured: The cost of home repairs and rebuilding has risen by 27% since 2020, and many homeowners are underinsured without realising it. Make sure your policy reflects current construction costs to ensure you’re adequately covered.
- Update your contents inventory: Take a detailed inventory of your household contents, including major appliances, electronics, and valuable items. This will not only help you choose the right level of cover but will streamline any future claims.
- Reduce risk through property maintenance: Regular property upkeep can minimise damage in the event of a storm or cyclone. Trim trees, secure loose items, and ensure your roof and gutters are in good condition.
Don’t Risk the Consequences
The ICA’s data shows that since 2013, 78% of all declared insurance catastrophes have taken place between October and April.
It’s a time of heightened weather-related risks, including cyclones, severe thunderstorms, floods, and bushfires. Unfortunately, many homeowners fall into the trap of thinking they are prepared – until they’re not.
Avoid the financial and emotional distress of being caught off guard.
Speak to your insurer today and ensure that your cover is up to date. By reviewing your policy and taking practical steps to prepare, you can safeguard your property and provide peace of mind for yourself and your family.
Don’t wait until it’s too late: Get your insurance reviewed NOW!
Is Your Business Protected from Cyclone Damage?
In addition to personal home insurance, it’s crucial for business owners in North Queensland to ensure they are adequately protected. Have you reviewed your business insurance recently? Are you covered for storm damage to your property, including tools, stock, equipment, signage, glass windows, or displays?
Perhaps you haven’t yet invested in business interruption insurance, which can provide critical support to keep your operations running after a major weather event. These are vital aspects of risk management that should not be overlooked.
Northern Insurance Solutions Can Help
At Northern Insurance Solutions, we specialise in guiding businesses toward better risk management strategies. We can work with you to make sure your insurance coverage is comprehensive and tailored to your specific needs, so your business is more resilient in the face of extreme weather.
Give us a call at our Ayr office today on 07 4783 1310 to discuss your insurance needs and get peace of mind for the coming cyclone season. And don’t forget to download our Cyclone Preparation Checklist to ensure you’re fully prepared.
View our Cyclone Checklist
Northern Insurance Solutions
Locals Supporting Locals
#NorthQueenslandInsurance #CyclonePreparedness #StormSeason2024 #HurricaneMilton #InsuranceReview #BusinessInsurance #HomeInsurance #NorthernInsuranceSolutions #DisasterPreparedness #RiskManagement #BusinessResilience #AyrInsurance
