Despite the recent drenching of Australia’s east coast over the last month that damaged properties and left thousands of homes without power, new data from Compare the Market has found that only 17.8% of Aussies surveyed considered thunderstorm and hail damage as a top concern for their homes in the next 12 months. Furthermore, just 4.8% of people surveyed said floods were their top concern.
Given the recent wild weather across the eastern states and the Insurance Council of Australia (ICA) already reporting over 6,300 claims made only in far north Queensland from the 10th of December 2023, thunderstorms, hail, and floods can create excessive damage in a short amount of time, which could take days, if not weeks or months, to remedy.
Speaking on how people can prepare for potential wild weather in the coming months, Compare the Market’s Executive General Manager for General Insurance Adrian Taylor said that the small things can add up.
“It always pays to be prepared,” Mr Taylor said. “From cleaning out the gutters so that they don’t overflow and cause water damage in your ceiling to securing outdoor furniture or checking your home and contents insurance policy to see what you are covered for, these seemingly small tasks can make all the difference.
“Other preventative measures such as fixing any holes in the roof and trimming overhanging branches around the property might minimise potential damage if a severe weather event were to happen.
“People should also prepare an emergency kit if they need to evacuate due to flooding. This kit should include a first aid kit, spare clothes and any toiletries needed for a few days, a battery-operated AM/FM radio and torch with additional batteries, and important documents such as passports, ID, and any insurance certificates in a water-tight folder or container.
“Additionally, for people with home and contents insurance, it may be worth reviewing the sum insured on their policies before any weather events hit and making any adjustments needed.
“While insurance companies will generally increase the sum insured in line with inflation at their yearly renewal notice, people should take an active part in reviewing the level of cover they need for rebuild costs as well as the total cost of belongings, as this, in particular, can change greatly in a year.
Compare the Market’s data also showed people had a greater concern for storm, hail and flood damage to homes in Queensland than in any other state, which may not be surprising, given that “Queensland is the most natural disaster impacted state in Australia.”
Over a quarter of Queenslanders stated that thunderstorms and hail were a top concern for their home in the upcoming 12 months, while a further 10.7% stated floods were of the most concern. And while the tragedy of the 2022 floods in Lismore is still being felt in the area, only 3.6% of New South Wales residents listed floods as a top concern for their homes.
| State | Thunderstorms/hail as a top concern for the home in the next 12 months | Flood concern for the home in the next 12 months |
| Queensland | 25.4% | 10.7% |
| New South Wales | 19.3% | 3.6% |
| Victoria | 15.2% | 4.2% |
| South Australia | 14.7% | 1.3% |
| Western Australia | 9.3% | 1.9% |
| Australian Average | 17.8% | 4.8% |
The Australian Capital Territory, Northern Territory and Tasmania have been excluded from the above table detailing top home concerns due to lower sampling. However, those responses have been included in all other breakdowns in the media release.
Mr Taylor also said that the research findings were interesting, given the context of when they were collected.
“I find it interesting to see that despite the flooding and wild weather events that were happening over the December Christmas period on the east coast of Australia, people still seem to underestimate the probability that this could also happen to them,” Mr Taylor said.
“We are seeing more violent weather events happening more frequently, so being unprepared is no longer an option. One way we would advise people to start their preparation is to consider getting home and contents insurance or review the policy they may already have in place.
“We’ve seen many changes happen within the home and contents insurance space within the past year or so, with new players also entering the market. So, if people haven’t reviewed their needs with what their policy provides in the past year or so, there may be more suitable policies out there for their circumstances.
“Not only may people be able to find a better policy by comparing, but they may also find some savings, which can be a gift in the current cost of living crunch. We’ve seen a customer save over $1,200 per year on their home and contents policy just by comparing.”
*Compare the Market asked 1,005 Australians aged 18 and over in January 2024
+ Home and contents savings for a brick veneer, cement tiled home in Mernda, VIC. The home was insured for $534,600 ($500 excess) with contents valued at $93,700 ($500 excess).
-ENDS-
For interviews and more information, please contact:
Noémi Hadnagy | m: 0433 377 252 | e: [email protected]
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