Bushfires are more likely this spring across large parts of the country, from western Victoria to Townsville, according to the annual Seasonal Bushfire Outlook, Spring 2021.
The report, which includes data from multiple agencies, outlined that a wet winter in many parts of the country means that fires are likely to become an increased risk as grass fuel dries out and temperatures rise.
I live in a city; why should I worry?
While it might sound like a problem just for regional Aussies, cities are also adversely affected by bushfires, and increased natural disasters such as extreme weather events or bushfires can affect insurance in several ways.
For example, the 2019 bushfire season saw more than 38,000 claims lodged and more than $2.32 billion in estimated insured losses. The handling of claims is one of the main concerns, along with increasing losses by insurers meaning premiums are likely to rise.
That same period saw almost 5 million hectares of land burned in New South Wales, and insurance estimates place the number of homes lost at more than 1,500. The news that the bushfire season ahead provides a timely reminder for homeowners to ensure that their landlord insurance policy covers them for likely future events, which includes bushfires across large parts of the country.
What does the report mean for me?
It makes sense that as spring begins and the summer bushfire season is likely to start earlier as per the forecast, that investors take time to review their landlord policies and ensure it provides appropriate cover. It’s also worth noting that most insurers will embargo the placement of new policies if an insured event is imminent or already taking place.
How does the Eagle Protect Policy respond?
Don’t worry though, Eagle Protect landlord insurance policies offer extra protection not typically covered in standard insurance policies, including cover for insured events such as fire, storm and flood, as well as loss of rent, for example, if the property is damaged in a fire and unable to be leased.
Our Eagle Protect Complete product protects properties inside and out, with cover for insured events such as fire, storm and flood, to both contents and building, in addition to cover for liability, tenant-related damage and loss of rent.
It’s worth noting that this policy provides cover for landlord’s contents, so it’s advisable that tenants take out their own policy to cover their own belongings.
Of course, our friendly Eagle Protect team is here to assist with any questions you might have about cover, placement and in the event of a claim, we have a market-leading claims team based in Australia to help you when you need it most.