12 November 2010

Tips for protection during the Victorian bushfire season

The Insurance Council of Australia (ICA) today urged Victorian householders to make sure they have the appropriate insurance cover to avoid severe financial loss in the event of a disaster this bushfire season.

ICA Chief Executive Officer, Mr Rob Whelan, said an important part of an overall risk management plan is to ensure valuable assets are adequately protected.  

“With the bushfire season approaching now is the time to reassess the value of your home and contents and the level of insurance cover you have to financially protect them,” he said.

The ICA strongly advises that all householders undertake a detailed review of their insurance needs by carefully checking the cost of rebuilding their home and the cost of replacing all property contents inside and outside the home.

Mr Whelan said policyholders should prepare an inventory of their contents by undertaking a room-by-room evaluation. To assist policyholders, free calculation guides are available on most insurance company Web sites.

“Householders that live in a high risk bushfire area should also consider obtaining a quote for the cost of a complete rebuild of their property which can be obtained from a registered builder,” he said.

The ICA advises householders to have a clear understanding of what coverage they have, as well as any exclusions that may be a part of their particular insurance policy.

Mr Whelan said it is important to be aware of these exclusions and to query any part of a policy they do not understand.

“Australia has a highly competitive general insurance market which allows consumers to shop around and find an insurance policy that best suits their individual circumstances,” he said.


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