East Coast Storms – Are you covered?

Budget brief

EBM’s thoughts are with those families who are mourning the tragic loss of loved ones. We also extend our sympathies to those who have lost homes and property as a result of the catastrophic storms. 
 
The storms along Australia’s east coast have interrupted everything from the internet to shipping – and amassed an insurance bill already topping $56 million in just four days.
 
Wild weather has brought flooding, strong winds and high tidal surges along much of the east coast impacting properties in Queensland, New South Wales, the ACT, Victoria and Tasmania.
Along with the devastation, many property owners, including landlords, are questioning if their losses will be covered. The majority of claims concern typical storm impacts, such as roof and gutter damage and damage due to fallen trees. Confusion about insurance cover has stemmed from media reports concerning beachfront properties which have suffered massive damage from king tides. 
It is unknown whether these specific properties will be covered by insurance as almost all policies exclude losses caused by “actions of the sea”, such as coastal erosion, king tides or storm surges. The number of properties affected by this exclusion is likely to be minimal. 
RentCover policies include cover for storms, however exclude flood and actions of the sea.  To enable us to determine the exact cause of damage we are requesting that anyone who has suffered damage to their property please submit a claim.  The definition of flood is very specific and again we suspect the number of true flood claims will be minimal.
“Our claims specialists are here to assist RentCover policyholders who have suffered losses from the wild weather and subsequent storms. We can also advise what to do if your tenants contact you about storm damage to your property,” said Sharon Fox-Slater.
“We will help with your insurance claims so you can get your rental property back to normal as quickly as possible.”
Policyholders with home and contents, business or other insurance cover arranged by EBM should contact their Broker for assistance.
 
 
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