Insurance cover rises, yet a quarter of Australians still unprepared

More than one-third of respondents had a storm action plan in place.

Over a quarter of Australians don’t know who would be liable in certain storm-related insurance claims, according to a Budget Direct survey.

Respondents with total contents covered on their home insurance increased from 38% in 2021 to 53% in 2023. 

Total rebuild cost coverage also rose from 35% to 41% over the same period.

Although, Australians are focusing on storm preparation ahead of the upcoming natural disaster season. The survey highlights an increase in gutter cleaning and home insurance coverage compared to previous years.

In 2023, 15% of Australians reported never cleaning their gutters, down from 21% in 2021. 

Nearly half of respondents now clean their gutters once a year, an improvement from 36% in 2021, though still below the biannual recommendation. 

Younger Australians, particularly those aged 18 to 27, were the most consistent in maintaining their gutters, with some cleaning them quarterly.

Additionally, more than one-third of respondents had a storm action plan in place, with Queenslanders being the most prepared, as 46% of them reported having an emergency plan for severe weather.

In almost 50 years, Australia recorded 10 biggest insurance catastrophes with the recent SE Qld and NSW Floods being the costliest one thus far with $4.04b (A$6b).

($1.00 = A$1.49)