Natures Fury - Time to Check Your Insurance

The communities of Exmouth and Moora in Western Australia don't have a lot in common with Sydney.

But this year there is a uniting bond. All have felt the full force of Mother Nature.

Flooding in the Wheatbelt town of Moora caused an estimated $10 million dollars worth of damage to homes and property. Cyclone Vance ripped through Exmouth in the North West of the State costing the community millions more. Sydney's hailstorm bill has topped $1 billion and is still rising.

All this is a timely reminder about insurance to protect your assets from acts of nature over which we have no control.

Insurance is one of those intangible things - you pay out the money but you never see anything tangible in return - except in the event of some misfortune.

Insurance companies try hard to position themselves as being reputable and fair and spend millions in advertising trying to get this message across. The benefits they are selling include timeliness and ease of making claims and trustworthiness when it comes to paying claims.

Even banks are now are now becoming more sympathetic when it comes to natural disasters. Westpac has offered a special relief program to assist customers seriously affected by the Sydney hailstorm. Customers with home loans may now apply to suspend repayments for up to three months and may defer credit card payments for a month.

Despite all the goodwill, you need to do your homework when considering the best options for insurance. Here are 10 tips when considering insurance for your hard-earned assets.

  • Insure with a reputable company. All companies must be licensed under the Insurance Act 1973 and comply with its regulations. The Australian Prudential Regulation Authority (APRA) oversees this. Their role is to see that companies have the ability to meet future claims. If there is a dispute between an insurer and a domestic claimant, the matter may be referred to the Claims Review Panel of Insurance Inquiries and Complaints Limited for an independent decision.

  • Ask around. Talk to your neighbors, friends and contacts that have made a claim. Word of mouth travels quickly during a natural disaster. Check out what the company's attitude is when it comes to paying out. It's when the chips are down, like in Exmouth, Moora and Sydney that insurance companies have to perform.

  • Ensure you are adequately insured. Don't try and save a small amount of money on your policy and find out later that you've under insured.

  • Revalue your assets annually. Prices change, houses appreciate and cars generally depreciate. Maintain the sum insured at current day values.

  • Cover all your assets. The major insurance categories are houses, cars, personal valuables and home contents. Make sure some form of insurance covers all your personal assets.

  • Check the speed of claims payments. The quicker you get paid the quicker life gets back to normal. The time value of money means that any delays will actually be leaving you out of pocket.

  • Shop around. There are a range of products on the market. Ring around and find the policy that best suits your needs - both from a value perspective based on price and premiums and also breadth of cover.

  • Check the details. Remember to always check the details and don't be afraid to ask questions so you know exactly what you are and aren't covered for.

  • Store your policy in a safe place. Set up a system so you know where your policy is if you need to refer to it at any stage. It's amazing how frustrating it can be looking for those misplaced important documents during a time of crisis.

  • Seek help. If you require help, seek out a professional insurance broker who can provide you with advice and options.

    • Stick to these tips and you'll have peace of mind next time a natural disaster hits your home.

    Thomas Murrell MBA CSP is an international business speaker, consultant and award-winning broadcaster. Media Motivators is his regular electronic magazine read by 7,000 professionals in 15 different countries.

    You can subscribe by visiting http://www.8mmedia.com. Thomas can be contacted directly at +6189388 6888 and is available to speak to your conference, seminar or event. Visit Tom's blog at http://www.8mmedia.blogspot.com.

    In The News:

    pen paper and inkwell


    cat break through


    Cheap Health Insurance Rates and Personal Health Insurance

    If you've been out of school for a couple of... Read More

    Affordable Insurance Quotes To Save You Money!

    Whether you're looking for insurance quotes for auto, life, travel... Read More

    Private Medical Insurance- Finding The Right Policy for You

    Why Private Medical Insurance Is Becoming So PopularRecent research indicates... Read More

    Factors That Affect Your Car Insurance Premium

    Many factors affect the premium you will pay for auto... Read More

    Life Settlement Overview

    A "Life Settlement" is a lump sum settlement paid to... Read More

    5 Steps To Cheap Car Insurance Premiums

    Although car insurance is compulsory, it's not necessary to pay... Read More

    UK Young Driver Motor Insurance - Build Your Own No Claims Bonus or Insure through Your Parents

    For may young drivers, affording the costs of motor insurance... Read More

    Are You Running the Risk of an Uninsured Business? Beware & Get Business Insurance

    Human life is precarious and so are the activities they... Read More

    Saving on Auto Insurance: The Road to Reduction

    The road to saving on auto insurance is something that... Read More

    Converting An Unwanted Life Insurance Policy Into Ca$h

    Do You Own A Life Insurance Policy That You No... Read More

    Life Insurance: Why Theres No Need to be a Desperate Housewife

    Life insurance looks set to make a comeback in the... Read More

    Buildings Insurance and the Threat of Flood

    What is the impact of increased flooding risk in the... Read More

    Japanese Overseas Travel Insurance

    If you are an expatriate planning on long-term residence in... Read More

    Entrepreneurs, Fill in the Gaps of Your Homeowners Policy

    Business Owners Policies for the Self-EmployedWho needs a business owner's... Read More

    Handling Your Motor Vehicle Accident With Your Own Insurance Company

    This "How To" article is crucial, up-to-date information concerning what... Read More

    Senior Health Care Insurance

    Health Insurance For Seniors On The NetWhen a good friend... Read More

    Insurance Providers Weather the Storm While Consumers Flounder

    We have just had the first year's anniversary of the... Read More

    Health Insurance 101 for Individuals and Families

    The changing healthcare and health insurance landscape in the United... Read More

    The Life Insurance Plan Online

    Thank goodness the internet age has arrived helping us to... Read More

    Health Insurance Providers Online - Benefits to Applying Online

    Health insurance providers are going online to find new customers.... Read More

    Why Dont Women Have Life Insurance?

    Traditionally, life insurance companies solicited men as the main breadwinners... Read More

    Choosing the Best Life Insurance Option for You

    Life insurance in the UK is becoming more and more... Read More

    Can I Get Affordable Dental Care?

    In the United States most companies offer their employees dental... Read More

    Who Else Wants to Understand Travel Insurance Policy Language?

    Aren't all travel insurance plans basically the same?No. When you... Read More

    Health Savings Accounts (HSA): How Do I Tell a Good One from a Bad One?

    The Health Savings Account (HSA) is becoming well-known as an... Read More

    Health Care and Health Insurance Costs Can Be Controlled Through Lifestyle Choices

    As you probably know all to well, the cost of... Read More

    Life Insurance Whole Life or Term Life - Find Affordable Life Insurance

    Life insurance, whether you need term or whole life, can... Read More

    Bankers Long Term Care Insurance

    How many times have you seen people whose life was... Read More

    Long Term Care and Long Term Care Insurance

    A person might need long term care (LTC) if he/she... Read More

    Life Insurance, the Universe, and Everything

    You may have noticed that life insurance is coming back... Read More

    Long Term Care Insurance How Much Should I Buy?

    Long-term care insurance policies have a variety of features and... Read More

    Do I Need Travel Insurance?

    In the United States health insurance, unlike many other countries,... Read More

    Types of Auto Insurance Coverage Explained

    A question you might ask yourself is: why must we... Read More