Most people have some sort of home and contents insurance, sure. But without regular revision as your property, possessions, and things like laws and market conditions change with time, your level of coverage can easily fall short.
Ask yourself, when was the last time you reviewed your policy? Since then, have you:
Keeping your cover up to date is easy thanks to our comprehensive insurance analysis. With just a few details from you, we’ll let you know how your current policy would fare under various adverse events, highlighting any gaps and presenting a range of alternative options.
Increasingly common extreme weather combined with population-driven residential developments on floodplains has made it harder than ever to get affordable flood insurance. If your property’s flooded in the past, you’ll know how expensive it is to get insured to a level that will cover a rebuild if things go underwater. Worse still, some insurers will only offer cover to a certain level, or even flat out refuse you coverage.
Parametric insurance is a game-changing new approach to insurance against natural disasters like floods. Unlike traditional claims-based policies which compensate you for damage and loss, parametric cover pays out a lump sum if triggered by an objectively defined event. Once the trigger is met, you get fast payouts with no claims process, guaranteeing a base level of cover, or giving your traditional policy a top up.
Let’s look at an example. A homeowner has ‘traditional’ loss and damage insurance that covers flooding, but the insurer has set a policy limit of $250,000. Knowing that in the event of a major inundation this would barely cover the cost of cleanup, the policy holder decides to top up their protection with parametric insurance.
The homeowner, along with their broker, look at historical data and determine that volume of rainfall over a set period is an ideal trigger event to use. Knowing that previous major floods had followed X mm of rainfall in the period of Y hours, they configure a policy that will immediately payout of $200,000 if those rainfall conditions are met, regardless of whether their property is flooded or not.
In the unfortunate event of a flood damaging their home and possessions, the homeowner will likely get an instant payout through parametric insurance (because the predefined rainfall would most likely precede a major flood). They’d also be able to claim up to $250.000 through their traditional cover, based on any damage and loss incurred.
The triggering event is tied to a specific parameter, or index, being met or exceeded. For an insurer to accept the proposed event and related parameter, it must be:
As one of only a few Australian insurance brokers specialising in parametric insurance, Burstows works with you to design and negotiate the right trigger parameters for your desired coverage level. If there’s pushback from the insurer, we have the option of choosing an alternate company or changing to a different index, while still protecting you from the risk in question.
To help you better understand your risk and work towards more complete cover, we:
To help you settle on the right risk transfer approach, we:
To help you maintain your coverage and support you when things go wrong, we:
To help you better understand your risk and work towards more complete cover, we:
To help you settle on the right risk transfer approach, we:
To help you maintain your coverage and support you when things go wrong, we:
Having worked in the industry for over 3 decades, we’ve developed the relationships and inside knowledge necessary to negotiate the best custom cover you won’t find anywhere else.
“Are you OK?” – the first words you’ll hear when you contact us after an insured event affects you. Afterall, people are irreplaceable. And while property isn’t as important, we know it’s key to you living your best life.
Whether you’re an apartment person, have a house in the suburbs, or live out bush, we can help you protect what’s important. Leveraging modern technology and the full complement of cover options, we help homeowners Australia-wide.
Home in on any weaknesses in your current building and contents cover and ensure your lifestyle is protected in the event of an accident, burglary, or worse. We comprehensively review your assets and existing policies, and present alternative insurance products, highlighting the strengths of each. All our findings are delivered to your inbox in a professional report.
Sounds good, right? And we haven’t told you the best bit yet – it’s 100% free!
All you need to do is let us know a few details about your current cover, and we’ll get to work.
Detailed summary of your current cover and exposures, based on a thorough review by our team.
A CoreLogic building replacement estimate, so you can see if your current cover is enough.
Flood mapping, for clarity on your level of risk.
It is a good idea to do a regular annual review to reassess your circumstances, using a broker that continually tests the market for you.
The insurance market is ever-changing with providers regularly changing premiums. Sometimes they are expanding specific ‘profit centres’, or trying to recover their profit margins after a large-scale loss.
Because things fluctuate, it’s important you test the market with other insurers offering similar cover so you can possibly avoid high premium rises at renewal.
Sure, it’s easy to get cover online. But no, it’s not all the same.
Did you know there are two levels of cover – “Defined Events” and “Accidental Loss or Damage”? The former will only payout in specific circumstances like fire, certain natural disasters, and theft. The latter covers a broader range of things that will be excluded in a Defined Events policy alone. This could be things like damage due to structural defects, poor workmanship, or accidents like dropping a valuable and having it smash on the ground.
On top of that, each insurer has unique coverage which can seem similar at first but with specific limits on sections of coverage it can mean in certain claims you are left $10,000s out of pocket.
It’s important to review and compare policies so you know exactly what you are buying. An experienced home and contents insurance broker can help you understand your options, and recommend the right level of cover for your needs.
