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Early bushfires highlight importance of insurance

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 Early bushfires highlight importance of insurance

Yesterday’s bushfires around Western Sydney and South East Queensland are a sobering reminder to consumers and property owners to make sure they have adequate insurance arrangements in place ahead of the coming summer season, according to the National Insurance Brokers Association (NIBA).

Following a hot 2012 summer and a dry 2013 winter, the fires in Sydney commenced on the back of the warmest overnight and day temperatures recorded so early in spring in more than 100 years. In some places temperatures reached in excess of 31 degrees.

Two homes were destroyed in the fires and meteorologists are warning that Sydney could continue to see warmer than normal conditions for most of September and October, increasing the risk of bushfires.

NIBA’s Chief Executive Officer, Dallas Booth, said that the fires highlight the need for consumers to seek expert advice about insurance cover as soon as possible.

"Insurance can be a very complex product to understand, so we recommend consumers speak to an insurance broker to make sure that the things that are most important to them are adequately covered," said Mr Booth.

"Brokers know the insurance market and they really understand the different policy wordings offered by the various insurance companies, so their advice means consumers can be confident that they have the very best cover in place should the worst happen.

"The early on-set of bushfires is a stark reminder of how quickly natural catastrophes can strike, and why it’s so important to have the right level of cover."

Mr Booth added that many people did not realise that insurance brokers deal with personal as well as commercial insurance and their role is to represent the customer, not the insurer.  

Last changed: Sep 12 2013 at 5:38 PM

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