Coming back after a disaster
THE devastating effects of April’s Cyclone Debbie are still being felt, with the real headaches only now setting in for the owners of roughly 5400 properties affected; 650 of those deemed uninhabitable.
Insurance Council of Australia figures place the total estimated value of insured losses at $897 million, from more than 56,000 claims. Meanwhile, a shortage of labour and materials has seen the cost of repairs skyrocket. The lessons learned should include how to make sure your potential insurance claims are paid, according to Katrina Haskew, managing director of financial services company Leading Advice.
“In a country which seems to constantly be on fire or flooding, learning how to manage the fallout quickly from natural disasters is a must,” Ms Haskew said.
The first thing to do is turn to technology, as early as the day you take out insurance.
“We recommend electronically documenting all insured items that very day, simply by taking photos on a smartphone” Ms Haskew said. “They can easily be forwarded when submitting a claim … if this hasn’t been done (when disaster strikes), there are still other options.
“You can always go through your phone’s photo album to see if you have taken photos of your belongings incidentally.”
Look for an insurance company that is up to date with modern digital user experience.
“Many insurers now have apps where you can make a claim on your phone at the point of the accident and lodge these photos directly using the app,” Ms Haskew said.
“There are also apps where you can record your home and property inventory, designed to ensure you recover your assets.”
If you are dealing with the fallout of damage to your property and do not have proof of some of your belongings, think outside the square.
“Sometimes even friends and family may have photos of your items in their Facebook or other social media accounts,” Ms Haskew said.
“A quick look could end up saving you hundreds of dollars in items you may have otherwise forgotten about, or not been able to prove existed.”
It is important to act quickly once the damage has occurred.
“Dealing with your insurance company might be the last thing on your mind if faced with floodwaters or serious damage to your home,” she said. “However, putting this off even for a few days could put you behind hundreds, if not thousands of people in the payout queue.”
Ms Haskew also claimed that it is never too early to plan for the next disaster.
“You never know when the unexpected will arise,” she said. “Get the appropriate insurance plans in place before disaster strikes. This could end up saving you a …world of heartache.”