Steps to take before disaster strikes to help protect your home and belongings.
Know your disaster risks
To find out if your home is in a natural disaster prone area, contact:
- your insurance company
- your local council
Ask them about flood mapping, historical flood records, and the Bushfire Attack Level (BAL) of your home. If you contact your council, ask them whether your house meets natural disaster standards.
You can take steps to help protect your property from the risk of disaster. See the Insurance Council of Australia site for ways to reduce your risk.
Check if you’re underinsured
You’re underinsured if your insurance doesn’t cover all the costs of rebuilding your home or replacing its contents.
The market value of your home might not be enough to pay for a rebuild. The costs to rebuild after a natural disaster can increase due to:
- the need to meet current building codes to better protect it from future disasters
- higher demand in affected areas for builders and supplies
Use a home insurance calculator to work out your rebuilding costs. Find a calculator that asks lots of details about your home. This may include if it’s built on a slope, the quality of fittings and age of the home.
Check if your insurer offers a ‘safety net’ on your policy. This means they add up to 30% to your sum-insured amount in the event of a total loss.
Securely store important documents
Protect important originals
Place important documents and records in a fire resistant, waterproof safe at home or in a safe deposit box. These may include:
- marriage or birth certificates
- wills and powers of attorney
- passports
Keep electronic copies
Scan or take photos of important documents. Store these files on:
- an external hard drive — store this away from your home. Keep in a locked drawer at your work, with your solicitor, or with a close friend or relative
- online cloud storage — Australian Cyber Security Centre has information to help make sure your documents are secure
Make an emergency plan
Take time to plan what your household will do in an emergency. This may include where to get information, when to evacuate and what to pack.
The Australian Red Cross has free tools to help you plan for an emergency.
Smart Tip
These resources can help you plan and prepare for bushfires or floods:
- EmergencyWA — My Bushfire Plan
- Country Fire Authority Victoria — Before and during a fire
- NSW Rural Fire Service — Bushfire survival plan
- ACT Emergency Services — Bushfire survival plan
- Get Ready Queensland – Prepare for and understand flood risk
- NSW State Emergency Service – Things you can do before a flood
- Victorian State Emergency Service – Be flood ready
.
.
Wealthness Pty Ltd ABN 13 231 248 112 [t/a Better Financial Planning Australia] is a Corporate Authorised Representative of Infocus Securities Australia Pty Ltd ABN 47 097 797 049 AFSL No. 236523. It is important to be aware that Better Financial Planning Australia is not authorised by Infocus to provide advice relating to credit services or property advice. Infocus is not responsible for any advice outside of the scope of this authorisation and should you wish to act on any of this general information, please first seek professional financial advice.
Wealthness Pty Ltd t/as Better Financial Planning Australia will endeavour to update the website as needed. However, information can change without notice and Wealthness Pty Ltd t/as Better Financial Planning Australia does not guarantee the accuracy of information on the website, including information provided by third parties, at any time.
This information is of a general nature only and neither represents nor is intended to be specific advice on any particular matter. Infocus Securities Australia Pty Ltd strongly suggests that no person should act specifically on the basis of the information contained herein but should seek appropriate professional advice based upon their own personal circumstances. Although we consider the sources for this material reliable, no warranty is given and no liability is accepted for any statement or opinion or for any error or omission.
Wealthness Pty Ltd t/as Better Financial Planning Australia does not give any warranty as to the accuracy, reliability or completeness of information which is contained in this website. Except insofar as any liability under statute cannot be excluded, Wealthness Pty Ltd t/as Better Financial Planning Australia and its employees do not accept any liability for any error or omission on this website or for any resulting loss or damage suffered by the recipient or any other person.
Wealthness Pty Ltd (ACN 613 313 250) [t/a Better Financial Planning Australia] Corporate Authorised Representative of Infocus Securities Australia Pty Ltd ABN 47 097 797 049 AFSL Licence No. 236523.
Source: ASIC MoneySmart
