Insurance Information Get a free insurance quote.

Natures Fury - Time to Check Your Insurance


The communities of Exmouth and Moora in Western Australia don't have a lot in common with Sydney.

But this year there is a uniting bond. All have felt the full force of Mother Nature.

Flooding in the Wheatbelt town of Moora caused an estimated $10 million dollars worth of damage to homes and property. Cyclone Vance ripped through Exmouth in the North West of the State costing the community millions more. Sydney's hailstorm bill has topped $1 billion and is still rising.

All this is a timely reminder about insurance to protect your assets from acts of nature over which we have no control.

Insurance is one of those intangible things - you pay out the money but you never see anything tangible in return - except in the event of some misfortune.

Insurance companies try hard to position themselves as being reputable and fair and spend millions in advertising trying to get this message across. The benefits they are selling include timeliness and ease of making claims and trustworthiness when it comes to paying claims.

Even banks are now are now becoming more sympathetic when it comes to natural disasters. Westpac has offered a special relief program to assist customers seriously affected by the Sydney hailstorm. Customers with home loans may now apply to suspend repayments for up to three months and may defer credit card payments for a month.

Despite all the goodwill, you need to do your homework when considering the best options for insurance. Here are 10 tips when considering insurance for your hard-earned assets.

  • Insure with a reputable company. All companies must be licensed under the Insurance Act 1973 and comply with its regulations. The Australian Prudential Regulation Authority (APRA) oversees this. Their role is to see that companies have the ability to meet future claims. If there is a dispute between an insurer and a domestic claimant, the matter may be referred to the Claims Review Panel of Insurance Inquiries and Complaints Limited for an independent decision.

  • Ask around. Talk to your neighbors, friends and contacts that have made a claim. Word of mouth travels quickly during a natural disaster. Check out what the company's attitude is when it comes to paying out. It's when the chips are down, like in Exmouth, Moora and Sydney that insurance companies have to perform.

  • Ensure you are adequately insured. Don't try and save a small amount of money on your policy and find out later that you've under insured.

  • Revalue your assets annually. Prices change, houses appreciate and cars generally depreciate. Maintain the sum insured at current day values.

  • Cover all your assets. The major insurance categories are houses, cars, personal valuables and home contents. Make sure some form of insurance covers all your personal assets.

  • Check the speed of claims payments. The quicker you get paid the quicker life gets back to normal. The time value of money means that any delays will actually be leaving you out of pocket.

  • Shop around. There are a range of products on the market. Ring around and find the policy that best suits your needs - both from a value perspective based on price and premiums and also breadth of cover.

  • Check the details. Remember to always check the details and don't be afraid to ask questions so you know exactly what you are and aren't covered for.

  • Store your policy in a safe place. Set up a system so you know where your policy is if you need to refer to it at any stage. It's amazing how frustrating it can be looking for those misplaced important documents during a time of crisis.

  • Seek help. If you require help, seek out a professional insurance broker who can provide you with advice and options.

    • Stick to these tips and you'll have peace of mind next time a natural disaster hits your home.

    Thomas Murrell MBA CSP is an international business speaker, consultant and award-winning broadcaster. Media Motivators is his regular electronic magazine read by 7,000 professionals in 15 different countries.

    You can subscribe by visiting http://www.8mmedia.com. Thomas can be contacted directly at +6189388 6888 and is available to speak to your conference, seminar or event. Visit Tom's blog at http://www.8mmedia.blogspot.com.

    MORE RESOURCES:
    Unable to open RSS Feed $XMLfilename with error HTTP ERROR: 404, exiting     		RELATED ARTICLES
    Buildings Insurance and the Threat of Flood
    What is the impact of increased flooding risk in the UK? What happens if your home becomes effected by flood?Flood is an increased problem in the UK. Buildings insurance companies are concerned about the rising risk of flood.
    Everything You Need to Know About Life Insurance
    Life insurance is a type of protection that can be bought and insures the buyer in the event of death. The risk that is assumed by the insurer is the risk of death of the insured.
    Inexpensive Life Insurance To Protect What You've Earned
    Adequate life insurance to cover your income producing ability is a product that is really needed today to give peace of mind. Life insurance was originally conceived to protect a man's family when his death left them without income.
    What to Look for in Good Health Insurance
    Health insurance is a kind of protection that provides payment of benefits for covered sickness or injury. Included in health insurance are various types of insurance such as accident insurance, disability income insurance, medical expense insurance, and accidental death and dismemberment insurance.
    Converting An Unwanted Life Insurance Policy Into Ca$h
    Do You Own A Life Insurance Policy That You No longer Need or Want?It is possible that you may be able to can get a CASH settlement in excess of the current cash surrender value by selling your policy in the secondary market to an investor.Reasons To "Sell" A Policy:Family SituationsBankruptcyEstate ReductionEstate Tax RevisionBusiness Was Sold1035 ExchangeDrain On IncomeDivorce - SeparationDeath of A SpouseRetirementDeclining HealthNon-Performing PolicyWealth PlanningWork Related ChangesQualifying Types Of Life Insurance:GroupWhole LifeTerm (Convertible)JointUniversalVariableKey Man (business related)Who Is A Qualified Candidate?Mature men and women over age sixty-five years of age who have an existing life insurance policy and whose circumstances have changed since purchasing the policy originally may qualify for a purchase and sale of their policy.
    Insurance Glossary of Terms
    Assured - Those insured under the terms of an insurance policy.Benefit - The money paid to the policyholder when a claim is made.
    Term Life And Whole Life Insurance
    Which type of policy is best for you, term or whole life? The answer depends on several factors, including:Your Needs. If you need coverage only until your children graduate from college, for example, you might be better off with a term life policy.
    A Few Things Everyone Should Know About Disability
    Did you know? One year of disability can wipe out 10 year's worth of savings.Other interesting things to know about disability:- 7 out of 10 people between the ages of 35 and 65 become disabled for three months or longer.
    Why Dont Insurance Companies Reward Us for Being Healthy?
    Insurance is always a gamble, a bet actually.You are betting that you'll eventually get sick or hurt.
    Origin Of Long Term Care Insurance
    In the early 1980's Medicare started using a system called the diagnosed related group of guidelines for advance payments to hospitals. This has really given hospitals authority and incentive to discharge patients very soon after admission to the hospital.
    Eleven Money-Saving Auto Insurance Tips for Senior Drivers
    Following a few simple tips and taking these measures will ensure that you are getting the lowest rates possible on your auto insurance policy.1.
    UK Young Driver Motor Insurance - Build Your Own No Claims Bonus or Insure through Your Parents
    For may young drivers, affording the costs of motor insurance is an issue. With first time insurance costs running to several thousands of pounds in some instances, it is no wonder that younger motorits are looking for ways to keep premiums down.
    Do You Pay Too Much For Your Car Insurance?
    Do the premiums just seem to get higher and higher every year?It is amazing how many people just receive their insurance renewal when it is sent out each year and pay it off without a second thought!But, at the back of their mind, is this niggling feeling of discontent about the amount they are paying. Unfortunately many feel there is nothing they can do about it, they are literally being held to ransom by the insurance companies.
    Will Online Automobile Insurance Quotes Really Save Me Money?
    If you're looking to save money on your auto insurance then online automobile insurance quotes are definitely something you want to look into. But there are more benefits to shopping online besides saving money.
    Is an HSA a Type of Insurance?
    A Health Savings Account (HSA) is not a type of health insurance. But that's an easy mistake to make!HSAs are closely associated to health insurance, although they do not provide any insurance benefits themselves.
    Health Care and Health Insurance Costs Can Be Controlled Through Lifestyle Choices
    As you probably know all to well, the cost of healthcare and health insurance premiums continue to increase at levels substantially above the general inflation rate. The reasons given for these extraordinary cost increases are numerous and include: technological advancements in the medical field, increased demand for medical services and prescription drugs, the aging of the population, cost shifting caused by the uninsured and governmental reimbursement rates, state and federal mandates, and costs associated with medical related lawsuits.
    Flat Insurance in the UK
    What are the factors involved in flat insurance? Do I need to provide both buildings and contents cover? Who will cover shared flats or flats with student tenants?The responsibility to insure the building fabric of a flat lies with the freeholder. This means that if you own your flat on a leasehold basis then you only need to insure the contents.
    Need Low-cost Temporary Family Health Insurance?
    Many families will find themselves without medical coverage at some point in their lives. So, what do you do if you find yourself in this situation? Here are some thing that you should consider when purchasing quality, low-cost temporary family health insurance.
    The Life Insurance Policy and What You Need to Know Before You Buy
    Are you looking to buy a life insurance policy? Well, be careful. Life insurance can be difficult to understand and it's easy to be conned into buying something under false pretenses.
    Factors That Affect Your Car Insurance Premium
    Many factors affect the premium you will pay for auto insurance. Each is a statistically based risk for a specific population.

    home | site map | contact us