09/29/2022 | News release | Distributed by Public on 09/28/2022 17:52
The Insurance Council of Australia (ICA) has recently stressed that now is the time to prepare property for future disasters. This comes as the Bureau of Meteorology has forecast the third year of La Nina across eastern Australia during spring and possibly summer.
Whilst Australians are used to droughts, floods, fires, and storms many are still recovering and rebuilding from the destructive floods that impacted communities in south-east Queensland and New South Wales in 2021 and 2022.
These events were felt so close to home and are still being felt here at Acumentis. The Acumentis Lismore office was inundated, team members lost homes and stood shoulder to shoulder with their local communities who lost so much. To this day, Acumentis is still supporting many Australians with property and insurance replacement valuation advice as they navigate repairs, rebuilding, and recovery from these events.
This recovery has been hampered by building supply and labor shortages, and record low rental vacancies, leaving people displaced and flood-damaged homes not yet repaired.
With the recent forecast for a third La Nina and Cyclone season approaching the ICA has provided 5 top tips to prepare.
To prepare it is important that you don't wait until you need to make a claim to find out if you're adequately insured for all replacement costs.
How Acumentis can help?
Insurance Valuations
Engage Acumentis property professionals to undertake an insurance valuation. An Acumentis valuation will make sure your building is insured for the full amount it would cost to replace, not just the replacement construction costs - which have also significantly changed in the past two years. Acumentis experts will ensure all elements of replacement including building costs, escalation, demolition/removal of debris, re-design fees and application fees are all considered and conform with current regulations.
What is the benefit of an Insurance Valuation?
When is an Insurance Valuation Required?
In some instances, an Insurance Valuation is required for compliance, dependant on the state in which the property resides. In all other cases, Acumentis recommends getting an independent insurance valuation if:
"Acumentis is frequently engaged by insurers following property damage to determine if the sum insured is adequate. It is too often not and the result for home and business owners is devastating. I urge property owners to seek professional advice from a property valuer for peace of mind before this next round of weather events."
Nathan King, National Director Advisory Acumentis
Don't wait until it's too late, get on the front foot and prepare now for natural disasters with an Acumentis Insurance Valuation.