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Insurance check up - Storm or Flood

Your insurance check-up. Be prepared for a storm or flood.

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.

Useful contacts

This publication is a general guide to the law. You should not rely on it as legal advice, and we recommend that you talk to a lawyer about your situation. The information is correct at the time of printing. However it may change.

© Legal Aid NSW 2020