Sandy giant reminder to review your insurance

Homes and businesses destroyed by storm then fire. Photo: Reuters/Shannon Stapleton

With summer in Australia comes the threat of bush fires, hail storms, cyclones and flooding. The arrival of the super storm Sandy in the US is a not too subtle reminder to us all to ensure that our insurances are in order. This includes the home, the business and of course business interruption.

With every major storm anywhere in Australia comes the risk of localised flooding and more than ever the risk of flood should be insured against. With businesses, even if you are not flooded yourself, if there is the threat of disruption through a loss of power (some parts of the US will be without power for over a week), prevention of access, damage to a customer or to suppliers, then you need flood insurance.

While storm and flooding are the biggest causes of property losses in Australia, a very hot summer is predicted and we have had some bush fires already.

To protect your life’s work, take a few moments just to make sure that you have paid your insurance, and that the sums insured are enough to fully reinstate your property without any penalty being imposed that you may not be able to afford.

As always, hope for the best but plan and insure for the worst.

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