We are always hearing about natural disasters on television but quite often we don’t think we will ever be affected. However, natural disasters are becoming all too common in Australia and these seem to be getting more frequent reported on. For this reason, it’s important that you have the right insurance in place so you can be assured you’re prepared for the unexpected.
Climate change affecting flooding
Climate change is impacting on the increase in natural disasters and recent research completed by the University of New South Wales shows that Australian communities are more at risk from flash flooding due to our warming temperatures.
An analysis of weather patterns over the past 30 years shows that intense rain pour during storms is increasing as temperatures rise. The study suggests that a five degree temperature rise could see flood peaks increase by 5-20%. The total volume of rain is also expected to increase.
This could mean that Australians can expect an increase in the intensity of flash flooding during storms in smaller catchments. Local councils will need to take appropriate steps, such as redesigning sewage and roads, to address this issue and prevent the impact of flash flooding in Australian communities.
Protect yourself from the unexpected
While it’s important the local governments take steps to improve infrastructure to address the increase in natural disasters, you need to protect yourself by having the appropriate insurance cover in place. If you’re affected by a natural event such as flooding, it could cause considerable damage and the aftermath could amount to hundreds of thousands of dollars.
When it comes to your own house, your home and contents insurance will be responsible for covering natural disasters such as flooding. Your general business insurance can help cover your business in the case of a natural event, such as flash flooding. Although it may be tempting at times to let insurance lapse to avoid the immediate expense, remember that the cost of damage to your home and business after something happens can be considerable.
It’s important to read the wording of your Product Disclosure Statement carefully to ensure you’re covered for natural disasters which may apply to you. For example, flood cover is often not an automatic inclusion in your policy and it may need to be added. Your insurance broker will have good knowledge of the details of your policy so it’s always best to speak with them to ensure you have the correct cover in place. After all, you don’t want to find out after an unforeseen event that your insurance policy won’t cover you.
The information above is of a general nature only and should you need specific advice please consult your insurance broker. If you have any questions or would like a quick quote, contact Elliott Insurance Brokers today and we would be happy to help.
