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Date Published : Tuesday, January 08, 2008
Thousands of Australian homeowners are counting the cost of the second major storm to hit residential New South Wales and Queensland in a month.
Just as insurance companies sort out claims from December's storms, house owners in the region look set to claim on their home insurance again after being caught up in the remnants of the cyclone which hit Queensland.
The second wave of storms, which have left thousands stranded in the worst flooding to hit eastern Australia in 20 years, are set to cost insurance companies more than $100 million in repair bills, the Australian claims.
For those that have been hit, including in the cut-off town of Coraki, claiming on home insurance can be just as stressful as choosing the right policy in the first place.
Kerrie Kelly, chief executive of the Insurance Council of Australia (ICA), said: "Policyholders who have been affected by the recent Sydney storms and who have not yet contacted their insurer should do so before carrying out major repair work and more importantly before contracting third parties to undertake any repairs."
Choosing the correct insurance policy is essential to claiming damages on it, according to the ICA. Making sure that all contents - especially costly electrical equipment - are fully covered is a key requirement for any household.
Homeowners are also warned to make sure the insurance policy covers all instances of damage and theft.
Ms Kelly added: "It is extremely important to review any existing insurance policies you may have or consider taking out insurance to cover you for any possible loss that may occur -through theft or natural disaster."
Insurance companies paid out over $1 billion last August after 98,000 households were hit by storms in the New South Wales Hunter Valley region.
Compare insurance providers and apply for deals online.
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