After the Storm

The Morning After the Storm:

The day after a storm, you do not want to regret wishing you had read your homeowner's insurance policy more closely but that is exactly what happens particularly if you have insured direct with an insurer rather than use a Broker. It is then you learn that even though you saved lots of money with such a cheap product, you do get what you pay for. With major Storms comes wind and water damage claims resulting in a huge number of claims being lodged all at the one time. All wanting to be dealt with and paid out straight away.

There are often questions and disputes about whether damage was caused by excessive rain, wind or flooding. Homeowners often find themselves being told that damage to their home is not covered because it was caused by flooding, which is not generally covered in homeowner’s policies. With many insurers, you need to specifically request the policy to be extended for flood insurance for that.

But here is the difficulty. After much pressure from the Federal Government, many insurers now automatically include Flood cover but they will cost this risk. In many instances, this pushes the cost of insurance much higher causing the Insured to seek out cheaper cover elsewhere.

With Direct Insurers, they will not advise you about how their policy compares to their competitors. To do so will mean they have to put this advice into a “statement of advice” (SOA). They are also meant to complete a “needs analysis” to justify their advice. Too much work that adds to too much costs. This will add to the price of cover. It is better to warn you that they will not give you any advice, that they will only give you the facts about their cover, it is up to you to ask the questions about the policy. They will certainly not tell you what is wrong with their product.

 So if you are not getting any advice at the time of taking out the policy, what do you expect when you come to make a claim?

 The storm damage claims are the less black and white areas of claims.  Disputes often erupt about whether the water that caused the damage was the result of flooding or whether it was wind-driven, in which case the damage generally would be covered.

If you use an Insurance Broker, they negotiate this area for you and this is why so few claim disputes occur when you have a professional expert on your side making sure the insurers are playing fair.

It is natural for Insurance companies to seek to reduce claim payouts. The more they save, the more profitable and competitive they can be. You cannot assume they are willing to part with their money willingly or easily. They are accountable too.

This is another reason why using an Insurance Broker who acts for you is so important.

  

Latest News

Robert Cooper - Elite Broker again

We are pleased to announce that once again Insurance Business Magazine has recognised Robert Cooper amongst the top Elite Insurance Brokers in Australia. See here

It is the fourth time in six years Robert has received this honour.

It is a great recognition for CPR Insurance Services who strive to provide the best possible standard of customer care and service to assist obtaining the best possible cover at the best possible price to meet the needs of for our clients.

Such awards are not possible without the outstanding support provided in the office by Julia, Aidan and Mandy, along with the fantastic support our clients continue to show to us. Thank you to all.

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CPR Insurance nominated for Brokerage of the Year

We are please to announce that CPR Insurance Services has been nominated as a finalist in the Brokerage of the Year (1 to 5 Brokers) for the inaugural Insurance Business Awards. 

A Black Tie Gala Dinner in Sydney on the 4th May 2018 will announce the winner, so fingers crossed.

CPR Insurance Services has been in existence for more than 7 years now and continue to grow and develop. It is thanks to our wonderful clients who appreciate us being part of their own businesses as their Risk and Insurance Advisers.

We continue to follow the simple philosophy of providing Expertise, best possible service and being there for our clients when they need us, such as at Claim time. We are here to save you.

Find out who made the cut here!

The Insurance Business Awards will bring together industry leaders to celebrate excellence in the insurance profession, recognising leading brokers, brokerage businesses, insurers and underwriting agencies in Australia for their contribution to the industry over the past 12 months.

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