Homeowners are being warned they could be left out of pocket if their property is impacted this bushfire season, as insurers and local governments eye changes in regulation.
A string of dangerous weather and early bushfires in Australia’s southeast has raised fears for another devastating bushfire season after homes were engulfed by blazes in 2019-20.
“While most insurance companies should pay out, there are some issues and challenges that result in policyholders being underinsured or not insured at all,” Professor Sherris said. Building codes are a set of standards established by local, state, and national governments and change over time to incorporate new standards in fire safety and environmental changes.
“It is the same if you renovate parts of your property to the new building codes. Your property is valued higher because it is more resilient to bushfires. Unless your insurance company is aware of this and reassesses your insurance premium based on your new building codes, you will be underinsured.”The fire continues to burn in a northerly direction, to the south west of Hat Head. The fire may reach Hat Head Rd later this evening, cutting off access to the town.
Unfortunately, Professor Sherris said, that might mean home insurance premiums increasing for some owners at a time when many families are already doing it tough.
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