Flooding in NSW took its toll
New South Wales and parts of South East Queensland recently experienced its worst flooding in decades, with torrential rain and widespread floods leading to thousands being evacuated and parts of these states being classified as areas of natural disaster, leaving locals entirely stranded. The Insurance Council of Australia declared a catastrophe across 1,095 postcodes in NSW, the ACT and QLD.
‘Defence Service Homes Insurance placed disaster response specialists on standby to move into affected communities and assist policyholders with claims as soon as it was safe to do so,’ says Leona Hardman, National Manager Defence Service Homes (DSH) Insurance.
DSH Insurance received claims for flood, storm and rainwater related damage within the first few hours of the event, and staff were able to provide support to policyholders once the floodwaters receded.
‘DSH Insurance was quick to respond, with our staff managing over 700 calls and over 300 claims in the very first week,’ Leona says.
The NSW floods came on the heels of other extreme weather events across the country in recent years, including unprecedented hail, severe storms and, of course, the Black Summer bushfires. These events have highlighted Australia’s underinsurance problem, with the Australian Securities and Investments Commission stating that up to 80% of homeowners are underinsured. While some may underinsure their property on purpose, usually in the belief that ‘it’ll never happen to me’, for many others the shortfall is unintentional.
‘Having too little coverage on either home building or contents insurance can be a big problem for families, as in the event of a natural disaster they might not have enough money to pay for costs not covered by their insurance policy,” Leona says.
It is important for DSH Insurance policyholders to read their Product Disclosure Statement and Key Facts Sheet to understand what their home building insurance covers.
For more than 100 years, DSH Insurance has provided comprehensive home insurance to Australian Defence Force members and veterans. It provides value for money and peace of mind, by protecting homes against floods, storm damage, fires and more - offering economical premiums and charging no excess (other than for earthquake and some accidental damage).
‘Just as we have stood with our policyholders through the pandemic and the bushfires we will stand with those who have been devastated by these floods,’ says Leona.