{"id":7617,"date":"2022-08-30T12:00:46","date_gmt":"2022-08-30T02:30:46","guid":{"rendered":"https:\/\/adelaideprivatewealth.com.au\/storm-flood-and-fire-insurance\/"},"modified":"2022-08-30T12:00:46","modified_gmt":"2022-08-30T02:30:46","slug":"storm-flood-and-fire-insurance","status":"publish","type":"post","link":"https:\/\/adelaideprivatewealth.com.au\/storm-flood-and-fire-insurance\/","title":{"rendered":"Storm, flood and fire insurance"},"content":{"rendered":"<div>\n<p>It\u2019s devastating when a natural disaster destroys or damages your home. Finding out you don\u2019t have enough insurance can add to your distress.<\/p>\n<p>Understanding what events and damage are covered by insurance can help you get the right cover for your home.<\/p>\n<p>Knowing if you live in a disaster-prone area can give you a better understanding of your risk. This helps you choose coverage for the events that are most likely to happen to your home.<\/p>\n<h3>Find out if you live in a disaster-prone area<\/h3>\n<p>To find out if your home is in a natural disaster prone area, contact:<\/p>\n<ul>\n<li>\n<p>your insurance company<\/p>\n<\/li>\n<li>\n<p>your local council<\/p>\n<\/li>\n<li>\n<p>an\u00a0<a class=\"external-link\" href=\"https:\/\/www.triplezero.gov.au\/triple-zero\/regional-services\" target=\"_blank\" rel=\"noopener\">emergency services organisation<\/a>\u00a0in your state or territory<\/p>\n<\/li>\n<\/ul>\n<p>Ask them about flood mapping, historical flood records, and the Bushfire Attack Level (BAL) of your home. If you contact your council, ask them whether your house meets natural disaster standards.<\/p>\n<div class=\"smartTip\">\n<p><em>Smart tip<\/em><\/p>\n<p><em>If you live in North Queensland, visit the Australian Government\u2019s\u00a0<a class=\"external-link\" href=\"http:\/\/nqhomeinsurance.gov.au\/\" target=\"_blank\" rel=\"noopener\">North Queensland home insurance<\/a>\u00a0website. This site helps you compare home insurance policies based on where you live.<\/em><\/p>\n<\/div>\n<h3>Understand storm and flood cover<\/h3>\n<p><strong>Storms<\/strong><\/p>\n<p>Most\u00a0<a href=\"https:\/\/moneysmart.gov.au\/home-insurance\/choosing-home-insurance\" target=\"_blank\" rel=\"noopener\">home insurance<\/a>\u00a0and\u00a0<a href=\"https:\/\/moneysmart.gov.au\/home-insurance\/contents-insurance\" target=\"_blank\" rel=\"noopener\">contents insurance<\/a>\u00a0covers storms. This includes damage caused by lightening, cyclones, strong winds, rainwater, hail and snow.<\/p>\n<p>Rainwater is usually defined as water that falls from the sky. Cover usually includes damage caused by:<\/p>\n<ul>\n<li>\n<p>rainwater run-off \u2014 excess rainwater that collects and flows in normally dry areas<\/p>\n<\/li>\n<li>\n<p>rainwater that overflows from stormwater drains<\/p>\n<\/li>\n<\/ul>\n<p><strong>Floods<\/strong><\/p>\n<p>For some policies, cover for damage caused by floods is optional. For example, floods caused by overflowing streams, rivers, creeks and dams due to rainfall or a rise in the water level.<\/p>\n<p>Even if you do pay for flood cover, most policies have exclusions, including:<\/p>\n<ul>\n<li>\n<p>Actions of the sea, such as storm surges, high tides and king tides.<\/p>\n<\/li>\n<li>\n<p>Flood water combined with run-off or rainwater.<\/p>\n<\/li>\n<li>\n<p>Flood not caused by rainfall, for example a landslide caused by a storm.<\/p>\n<\/li>\n<li>\n<p>Flood as a result of a blocked or broken stormwater drain, water pipe or gutter.<\/p>\n<\/li>\n<li>\n<p>Damage to gates, fences, retaining walls and driveways.<\/p>\n<\/li>\n<li>\n<p>Rainwater entering your home due to a structural defect, faulty design or poor maintenance.<\/p>\n<\/li>\n<li>\n<p>Wind, rainwater, hail or snow entering your home through an open window or door.<\/p>\n<\/li>\n<\/ul>\n<p>If you\u2019re not sure what cover you have, ask your insurer or read your policy\u2019s product disclosure statement (PDS).<\/p>\n<h3>Understand fire cover<\/h3>\n<p>Most home and contents insurance covers you for damage caused by fire, including bushfire.<\/p>\n<p>Generally, a flame has to cause the damage. This means you\u2019re not covered for heat-related damage, like scorching and melting, or smoke, ash and soot damage. For example, if your home is damaged by a nearby fire or bushfire.<\/p>\n<p>Common exclusions from fire insurance include:<\/p>\n<ul>\n<li>\n<p>A bushfire that occurs less than 72 hours after you bought your policy.<\/p>\n<\/li>\n<li>\n<p>Intentional fires.<\/p>\n<\/li>\n<li>\n<p>Accidental fires caused by negligence or recklessness.<\/p>\n<\/li>\n<li>\n<p>If your house doesn\u2019t comply with fire regulations, for example a heater isn\u2019t installed properly.<\/p>\n<\/li>\n<\/ul>\n<p>CHOICE provides more information on the\u00a0<a class=\"external-link\" href=\"http:\/\/www.choice.com.au\/money\/insurance\/home-and-contents\/articles\/bushfire-cover-update#know-your-definitions\" target=\"_blank\" rel=\"noopener\">definition of fire and how to check it in your policy\u2019s PDS<\/a>.<\/p>\n<h3>Check if you have enough insurance to rebuild and repair<\/h3>\n<p>If you live in a disaster-prone area, it\u2019s worth considering \u2018total replacement cover\u2019 with your home insurance. This covers whatever it costs to repair or rebuild your house to the same standard. It\u2019s generally more expensive, but means you\u2019re less likely to be underinsured.<\/p>\n<p>However, most insurers only offer \u2018sum-insured cover\u2019. This is an estimate of how much it would cost to repair or rebuild your house.<\/p>\n<p>To avoid being underinsured with sum-insured cover, check if your insurer offers a \u2018safety net\u2019 or \u2018safeguard\u2019. This means they add up to 30% to your sum-insured amount in the event of a total loss.<\/p>\n<p>For more information, see\u00a0<a href=\"https:\/\/moneysmart.gov.au\/home-insurance\/choosing-home-insurance#rebuild\" target=\"_blank\" rel=\"noopener\">cover the cost of rebuilding your house<\/a>.<\/p>\n<p>Also check your policy or ask your insurer about claim limits (or caps). These are maximum amounts for repairing damaged items and the total amount you can claim.<\/p>\n<h3>What to do after a natural disaster<\/h3>\n<p>For steps and help to manage the recovery process, see\u00a0<a href=\"https:\/\/moneysmart.gov.au\/dealing-with-natural-disasters\/what-to-do-after-a-natural-disaster\" target=\"_blank\" rel=\"noopener\">what to do after a natural disaster<\/a>.<\/p>\n<p><span><span style=\"font-size: 10px\">Source:<br \/>Reproduced with the permission of ASIC\u2019s MoneySmart Team. This article was originally published at\u00a0<a href=\"https:\/\/moneysmart.gov.au\/home-insurance\/storm-flood-and-fire-insurance\" target=\"_blank\" rel=\"noopener\">https:\/\/moneysmart.gov.au\/home-insurance\/storm-flood-and-fire-insurance<\/a><\/span><span><\/span><\/span><\/p>\n<p><span style=\"font-size: 10px\">Important note: This provides general information and hasn\u2019t taken your circumstances into account.\u00a0 It\u2019s important to consider your particular circumstances before deciding what\u2019s right for you. Although the information is from sources considered reliable, we do not guarantee that it is accurate or complete.\u00a0You should not rely upon it and should seek qualified advice before making any investment decision. Except where liability under any statute cannot be excluded, we do not accept any liability (whether under contract, tort or otherwise) for any resulting loss or damage of the reader or any other person.\u00a0 Past performance is not a reliable guide to future returns.<\/span><\/p>\n<p><span style=\"font-size: 10px\">Important<\/span><br \/><span style=\"font-size: 10px\">Any information provided by the author detailed above is separate and external to our business and our Licensee. Neither our business nor our Licensee takes any responsibility for any action or any service provided by the author. Any links have been provided with permission for information purposes only and will take you to external websites, which are not connected to our company in any way. Note: Our company does not endorse and is not responsible for the accuracy of the contents\/information contained within the linked site(s) accessible from this page.<\/span><\/p>\n<p>The post <a rel=\"nofollow\" href=\"https:\/\/mlcsocialfeed.p2.clientcommunity.com.au\/latest-articles\/storm-flood-and-fire-insurance\">Storm, flood and fire insurance<\/a> appeared first on <a rel=\"nofollow\" href=\"https:\/\/mlcsocialfeed.p2.clientcommunity.com.au\/\">MLC Contemporary<\/a>.<\/p>\n<\/div>\n<p class=\"wpematico_credit\"><small>Powered by <a href=\"http:\/\/www.wpematico.com\" target=\"_blank\" rel=\"noopener\">WPeMatico<\/a><\/small><\/p>\n","protected":false},"excerpt":{"rendered":"<p>It\u2019s devastating when a natural disaster destroys or damages your home. Finding out you don\u2019t have enough insurance can add&#8230;<\/p>\n","protected":false},"author":4,"featured_media":7686,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[15],"tags":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.8 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Storm, flood and fire insurance - Adelaide Private Wealth<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/adelaideprivatewealth.com.au\/storm-flood-and-fire-insurance\/\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"asim_stellar\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"5 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/adelaideprivatewealth.com.au\/storm-flood-and-fire-insurance\/\",\"url\":\"https:\/\/adelaideprivatewealth.com.au\/storm-flood-and-fire-insurance\/\",\"name\":\"Storm, flood and fire insurance - 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