This fact sheet is one of a series that looks at the steps you can take to give yourself the best chance of fixing or replacing your property and belongings if they're damaged or destroyed in a natural disaster, such as a bushfire, flood or storm.
To find other fact sheets in the series go to www.InsuranceCheckup.tas.gov.au.
Step-by-step
Whether you are wanting to understand insurance, looking for the right insurance, updating your current insurance or making an insurance claim, there are some things you can do to make it easier and cheaper for you to get on your feet again after a natural disaster:
1. Understand how insurance could work for you
Get clear on what insurance is and how it might help you rebuild and recover after a natural disaster (see Fact Sheet 2: How insurance works).
2. Think about what a natural disaster might cost you
Find out if you live in a disaster-prone area using the RiskReady tool on the TasALERT website at www.alert.tas.gov.au/riskready. Contact your insurer, local council or the emergency services for advice about risk reduction steps you can take which may help to lower your premium (see Fact Sheet 3: Risk and natural disasters).
3. Identify what you need to be able to replace
Work out exactly what you want to insure and what those things would cost to replace or rebuild (see Fact Sheet 4: What it would cost you to replace everything you own).
4. Get clear on your insurance needs
Consider your personal situation and how insurance might help you (see Fact Sheet 5: Home insurance and contents insurance, Fact Sheet 6: Insuring your business against natural disasters, Fact Sheet 7: Insuring your rural property against natural disasters, Fact Sheet 8: When you could be responsible for roads, bridges, fences and power poles, Fact Sheet 9: Renters insurance, and Fact Sheet 10: Landlord insurance).
5. Choose the right insurance cover
Think about what you would need to look for in an insurance policy to make sure it covers natural disasters (see Fact Sheet 11: Insuring against bushfire and Fact Sheet 12: Insuring against storm and flood).
6. Pick the right insurer and policy
Compare at least three insurers and insurance policies, making sure you understand exactly what would be covered under each policy (see Fact Sheet 13: Finding and comparing insurers and insurance policies and Fact Sheet 18: Glossary).
7. Make a good decision
Don't just go for the cheapest; it's important to make sure that you get the right insurance for your particular needs.
8. Pay your first premium
Check the information you get from your insurer to be clear on how often you have to pay your premium (e.g. once a year or monthly). Keep your documents in a safe place.
9. Keep your insurance cover up to date
Review and update your insurance policy regularly, or whenever you change something that might affect your policy (see Fact Sheet 14: Managing and updating your insurance).
10. Know what to do if the worst happens
Make a claim if you have experienced a natural disaster that is covered under your insurance policy (see Fact Sheet 15: Claiming insurance after a natural disaster).
11. Understand your rights
Know what you can do if you're not happy with a decision your insurer has made or the way they are working with you (see Fact Sheet 16: When things don't go well with your insurer).
12. Think again about the cost of insurance
Consider all of the options available to you – even if you think insurance is out of your reach (see Fact Sheet 17: When you think you can't afford insurance).
Resources
For general information, and for calculators and other tools to help you manage your own insurance:
- Understand Insurance: www.understandinsurance.com.au
- Find an Insurer: www.findaninsurer.com.au
- Money Smart: www.moneysmart.gov.au
Important notice
This fact sheet gives you basic and general information only. It does not cover every situation or everything you may need to know about insurance. It does not take into account your personal circumstances. Make sure you carefully read Key Facts Sheets and Product Disclosure Statements. Ask your insurer as many questions as you need in order to understand how your insurance policy will work for you. Use other tools available to you and seek professional advice if needed.
Information in these fact sheets has been drawn from a number of publicly available Government and non-Government resources.
This project has been jointly funded by the Commonwealth and Tasmanian Governments under the Disaster Recovery Funding Arrangements.