The recent bushfires have brought home some unfortunate statistics when it comes to the victims replacing lost or damaged property.

Insurers are estimating a payout of around $26 million, however the total rebuilding costs are indicated a lot higher. It is estimated that costs of replacing fencing alone is $4 million and that the majority of this was not insured. When insurance claims are paid for fencing, it is estimated that 50 to 70% are underinsured and farm sheds are around 50% underinsured.

Underinsurance is not just limited to farm risks; home and business insurance policies are affected as we have previously reported. Please ensure you cover for 'full' value to get the value of your insurance should you need to claim. If in doubt, please contact our office for further advice on 1300 784 011.

Back to news items