The bushfires that began burning throughout Australia in September 2019 have brought devastation to many Australians, including some SSAA members.
The team at SSAAIB has been working hard by accelerating our efforts, as the fires ramped up during the holiday period and providing as much support as possible to our affected members.
To date, there are reports suggesting that there are in excess of 1,700 structures destroyed as a result of the devastating fires raging across our beautiful country. 1,300 of these are expected to be in NSW alone. Claims from the bushfires will only grow as access to a number of areas across NSW have now been granted and insurance professionals are in the areas actively assisting insurance policy holders and the greater community at large.
I would like to make you aware that the NSW State Government has advised that it will cover site clean-up costs for all destroyed or damaged properties. This is for both insured and uninsured properties. This means that insurance payments can be fully utilised for rebuilding the properties that have been lost or affected. Please visit the Rural Assistance Authority website on or call them on 800 678 593 (Monday to Friday 8.30am to 4.30pm).
Unfortunately, The Insurance Council of Australia estimate that up to 80% of the homes destroyed are UNDERINSURED. We cannot stress how important it is to review your property insurance on an annual basis. Always take in to context any alterations that may have been done throughout the year and allow for any inflation in buildings’ costs, as well as costs for the replacement of your contents.
As many who have been affected by the bushfires start the long process of rebuilding, the realisation of underinsurance is starting to become a reality. Policy Holders have simply underestimated the value of their assets or have looked for lower sums insured in an attempt to SAVE MONEY!
SSAA General Insurance Brokers highly recommend that you review your current sums insured for all your policies. In our experience, people are normally surprised at just how much they own. DVDs, CDs, linen, towels, jewellery, inherited Items, plates and cooking appliances – it all adds up to more than you realise. We recommend that whilst this is fresh in your minds, you review your own policies to ensure you are insured for the correct amounts.
Please, either give me a call on 0455 777 685 or Hayley on 0497 205 641 at out NSW Office to discuss underinsurance or any other insurance matter in more detail. Head to the resource section on our website, www.ssaaib.com.au for useful information and a checklist to assist you in calculating your sums insured.