Is your home covered this bush-fire season?
The Australian summer carries with it an inherent bushfire risk, therefore having a policy that protects your property assets in a bushfire is crucial.
Due to drier and warmer than average conditions since autumn 2017 in Southern Australia, most states, including Victoria, are warning of an above normal fire season. If your property is located in a high-risk area, or the urban fringe, it is critical that you make sure it’s insured for enough to rebuild it completely in the event of a fire.
The average cost of rebuilding a home has increased over time. Additionally, changes in building standards and regulations in 2010 means properties in at-risk areas now have Bushfire Attack Level (BAL) ratings and must be built using specific design and materials such as gutter guards to reject leaves, window shutters and non-combustible decks. These changes can significantly increase the cost to rebuild making it even more important to keep your home and contents insurance up to date.
Most insurance policies operate on a sum-insured basis that sets a specific limit on how much you will receive in the event of a total loss, regardless of how much it costs to rebuild. If you haven’t reviewed your level of insurance cover in the last three years or if you have an older home, you may well be underinsured.
It’s also important to review the level of your house contents cover. We would recommend that you prepare a room-by-room inventory (including photos) of everything you own inside and outside your house and then ensure your sum insured value if sufficient to replace your property in the event of the bushfire. If you are insured through Lanyon Partners, the inventory & photos can be sent to us so we can save them on file in case a claim needs to be lodged in the future.
If you are uncertain about your current level of insurance cover, please click here for a home contents calculator to assist you in estimating the cost of rebuilding your property.
If you have any queries, please contact Tony Hudson on (03) 9861 6100.
Disclaimer: The information contained herein is of a general nature only and is not intended to be relied upon nor is it a substitute for appropriate professional advice. Whilst all care has been taken in the preparation of the material, it is not guaranteed to be accurate. Individual circumstances are different and as such require specific examination. Lanyon Partners cannot accept liability for any loss or damage of any kind arising out of the use of or reliance upon all or any part of this material. Additional information may be made available upon request.