Is Your Insurance Policy Ready for Storm Season?

Storm season in Queensland can bring unpredictable weather, from heavy rain and hail to strong winds. Being prepared may mean more than just clearing gutters and trimming trees - is your home insurance policy ready for whatever the weather throws at it? Choosing the right home and contents insurance could be a critical step in your storm season preparations.

Let's take a look at the following factors to help make the decisions on home insurance policies less overwhelming.

 

Protecting one of Your Biggest Assets - Your Home

A crucial step may be deciding how much coverage you need for your home's structure. In the event your home is damaged or completely destroyed, how will your policy respond? Many insurers offer cover up to a "sum insured" amount, which is the calculated cost to rebuild your home if it was completely destroyed1.

Alternatively, some insurance policies offer "total replacement cover," which generally insures you for the cost of repairing or rebuilding your home to its previous standard1. The options available will depend on the insurer, so it's vital to read the Product Disclosure Statement (PDS) carefully.

No matter which option you have, avoiding underinsurance could be crucial to protect your home and belongings during storm season in Queensland.

 

Building and Contents Insurance

When you insure your home, it's important to remember that a standard building policy generally doesn't cover your personal belongings. For that, you may need contents insurance. Just as you can't predict when a storm might damage your roof, you also can't predict when your furniture, electronics, or other possessions might be affected.

To assist with obtaining adequate contents coverage, take an inventory of your belongings in each room. Don't forget items stored in a shed or on your patio. Keeping this inventory updated could help you maintain the right level of cover.

When looking at contents policies, check how your items are valued. Some policies cover the "replacement value," if you were to buy brand new replacements. Others may cover the item's value at the time of the loss or damage2. The PDS is your best resource for understanding the specifics of what your policy covers.

 

Inclusions and Exclusions in a Policy

Home insurance policies are not all the same. The level of cover and the events included can differ significantly between insurers.

When comparing policies, check if cover is included for events like:

  • Flood
  • Fire
  • Storm and cyclone
  • Accidental damage
  • Break-ins/Theft
  • Vandalism

 

Some of these may be standard inclusions, while others might be available as optional add-ons for an additional cost. Comparing your options could help you find a policy that matches your needs, especially in a storm-prone area of Queensland.

 

Understanding Your Excess

When you compare insurance quotes, you will encounter the term "excess." The excess is the amount you agree to pay towards a claim before your insurer covers the remaining cost. For example, if you have a $500 excess and make a $5,000 claim that is accepted, you would pay the first $500.

You can often adjust your excess to suit your budget. A lower excess generally means a higher premium, while a higher excess could lower your premium. It's about finding a balance that works for you.

 

Choose Your Policy with Confidence

With Queensland’s storm season upon us, taking the time to understand and choose the right home insurance could give you confidence and security. By carefully evaluating your coverage needs, you could protect your home and belongings from the unexpected – Peace of Mind, Rain, Hail or Shine.

We have partnered with CGU Insurance to help our Members find a suitable policy. Get the peace of mind you deserve this storm season.

 

Queensland Country Bank Limited ABN 77 087 651 027 AFS Licence No. 244533 acts under its own AFSL and under an agreement with the issuer, Insurance Australia Limited ABN 11 000 016 722, AFSL 227681 under the CGU brand. Any advice provided is general advice only and does not take into account your individual objectives, financial situation or needs (“your personal circumstances”). Before using this advice to decide whether to purchase a product, you should consider your personal circumstances and the relevant Product Disclosure Statement. The Product Disclosure Statement and Target Market Determinations are available from www.cgu.com.au.

1 Moneysmart, 2025, Choosing home insurance - https://moneysmart.gov.au/home-insurance/choosing-home-insurance

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