As the natural disaster season looms into vision, national insurance body the Insurance Council of Australia have sent out a message urging people to check over their policies before the season sets in.
The Federal Government has put forward its response to the Natural Disaster Insurance review which was commissioned after last years horrific disaster season. The Government has proposed a standard flood definition which will be: “the covering of normally dry land by water that has escaped or been released from the normal confines of: A. any lake, or any river, creek or other natural watercourse, whether or not altered or modified; or B. any reservoir, canal or dam”.
The flood definition along with 47 recommendations is set to ensure consistency among policy holders although skeptics are wondering if flood insurance will be an affordable commodity amongst everyday Australians.
With hundreds of thousands of people affected last year in Australia’s string of cyclones, floods, and bush-fires, the Insurance Council are stressing the importance of following up on property insurance especially focusing on inclusions and exclusions.
Following a release from the Bureau of Meteorology on the Cyclone outlook for the season with an 80 per cent chance of an increase in Cyclones, insurance companies are fearing the worst.
The CEO of The Insurance Council of Australia Mr Rob Whelan says the company has been working toward increasing public knowledge of insurance products and policies and to educate people on the risks involved to their property. He said “the best approach to tackling natural disasters is planning and mitigation”.
By Krystal Ayoub
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