WARNING! BUSH FIRE SEASON IS HERE
It is always worthwhile checking your Property Sum Insured not only at renewal but also around this time of year to ensure it is adequate. With your current sum insured can you afford to rebuild or replace what you have at present?
If your insurance cover won’t do this you may well be underinsured.
The correct sum insured should be sufficient to allow all contents to be replaced, the same type of building rebuilt including fit out and services, any architects fees, planning approvals and the like and also allow for the demolition and removal of any debris which might remain on site after the fire. (For dwellings, you should also allow for temporary accommodation expenses elsewhere)
All indications appear to be pointing to a very bad bushfire season for the summer. This means damage to not only bushland and pasture but also potential destruction of homes and other property.
While we recommend everyone checks the adequacy of Property (and contents) sums insured annually, we specially draw the attention of folk with property in such areas to make a special check, particularly if your sum insured has remained unchanged for some time (-or you have recently completed renovations or extensions and not adjusted your sum insured).
The sooner you review your sum insured and amend it the better. Don’t wait until the fire is coming over the hill and then try to get increases at the last minute – in all likelihood you won’t get it.
The above applies whether it is your home, business or church.
Why not spare a thought (and prayer) for those affected this summer by bushfire or other disaster.
EA Insurance (email: insurance@ea.org.au Phone: 03 9890 6851)
