A Positive From A Negative
We can all recall the natural disasters of recent times. Bushfires, floods, hail and wild winds have ravaged many parts of Australia.
One of the more unpleasant outcomes came later, when many families struggling to come to terms with total losses found that their insurance didn’t cover them or provided only limited coverage for their homes, cars and personal property.
The public outcry was predictable and damning of the perceived heartlessness of the insurance industry. It wasn’t pretty…
In response to the community outrage, with some considerable Government pressure, the Insurance Council of Australia (ICA) responded by updating the General Insurance Code of Practice.
The changes are intended to take effect no later than July 1 this year and many stem from the experiences of the 2011 storm season, while others have been developed over the past few years following extensive consultation with consumer groups and the industry.
It is important to also remember that theses changes mean little if you don’t have adequate insurance cover. Make sure you keep your home and contents and other property are adequately covered for full replacement value.
If you have any doubts about your insurances, you should speak to an insurance professional for advice and comparisons.
For more information on the updated Code, go to: www.codeofpractice.com.au