Your Home
Your home may be your most valuable and loved asset. Imagine losing everything in a flood. Then imagine not being covered by insurance. Most flood and storm policies won’t pay for water damage that is caused by wear and tear, for example, if water gets in because you haven’t kept the property in a good condition. Some policies don’t cover flood at all. Check your product disclosure statement. Talk to your insurer today to make sure that you are covered.
Your insurance cover
There is a limit to the amount of money that the insurer will pay to repair or rebuild your home. This is called your ‘sum insured’. Building costs are constantly increasing and they also increase after a natural disaster. Talk to your insurer about what the right level of cover is for you. You can also use their online calculators to find out. Some insurers allow up to 30% extra if your building costs blow out.
Your policy terms
Each year some insurance claims are denied, or people get less than they expected. Many more people discover too late that they are underinsured by thousands of dollars. Have you checked your policy recently? Each insurance policy is different. Shop around and find the right policy for you.
My checklist
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I've read my Product Disclosure Statement and schedule
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My sum insured for building is
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I’ve checked my sum insured against an online rebuilding calculator
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I’ve checked that I’m covered for flood
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My sum insured for contents is
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I’ve checked my sum insured against an online calculator
Where can I get more help?
| Organisation | Information | Contact details |
|---|---|---|
| Disaster Response Legal Service NSW | If you’ve been affected by a bushfire, storm or flood, we can help you with everyday legal problems including insurance claims and disputes, financial hardship, tenancy and Centrelink. | Website: www.disasterhelp.legalaid.nsw.gov.au |
| Insurance Law Service Financial Rights Legal Centre | Specialises in credit/debt matters. For legal advice call the Legal Advice Line or visit their website. | Phone: 1300 663 464 Website: www.financialrights.org.au/getting-help/insurance |
February 2020