Episode 35: Townsville flooding raises importance of insurance policy reviews

Mar 5, 2019 | Podcast Episodes

This week we’re discussing the importance of reviewing your insurance policy to protect yourself against natural disasters, like the flooding in Townsville; Labors promise of a ‘fairness fund’; and reducing your monthly bills by contacting your service providers.

The local community of Townsville is reeling from destruction caused by flooding. The Deputy Premier of Queensland, Jackie Trad, is pleading to insurers and banks to be good corporate citizens and help out residents with the mounting insurance claims. By 13 Feb, a reported 13,000+ insurances claims for more than 16 million dollars were made. In the following weeks the numbers have undoubtedly increased dramatically.

Fortunately, it seems insurers are responding well to Trad’s plea. ICA chief executive officer Rob Whelan stated insurers are doing the best they can to help customers, whether they purchased flood cover or not; and that flood covers is readily available to all homeowners and businesses in Townsville. For those who haven’t purchased flood cover, he advises they still lodge a claim as most policies include storm coverage

In other cases, many policies have clauses that attempt to avoid providing coverage for natural disasters. Residents in areas that are vulnerable to these types of events are likely to have sought coverage, but in any large group of people, there remain individuals who aren’t adequately covered or who aren’t covered at all. Working with a broker is often the best strategy to help find the right policy for you, and insure you have the coverage you need.

Our Investor Exchange Round Table Discussion Covered:

In the wake of the Royal Commission, Labor is pledging to raise $160 million per year for a ‘fairness fund’ to help support victims of banking misconduct. This promise would force banks to cop the expense straight away. (13:20)

Two months following The Opal Tower cracking on Christmas Eve, engineers and consultants who have investigated the building have identified the critical hob beams in the residential tower were prone to cracking due to their structural design. Unfortunately, approximately one third of the residents are still not able to live there, but they have identified that overall the building is structurally sound and the localised damage can be fixed without demolishing the building. (21:53)

Louis explains step 5 of getting your finances in order: restructuring monthly bills. The focus is not on your groceries or discretionary spending, the focus is on your monthly bills such as insurance, utilities, internet and phone bills. By shopping around or contacting your existing provider to talk to them about how they can keep you as a customer, you are likely to reduce your monthly cost. (29:26)

For professional advice on reducing your outgoing costs and improving your personal finances, contact United Global Capital today on 03 8657 7640 or email info@ugc.net.au for a no cost, no obligation consultation.

You Cannot Be Serious this week:

Decades ago, the University of California built a new, amazing library, that was a huge architectural phenomenon. However, they forgot to account for the weight of the books!

Jimmy Kimmel has a segment on his show called ‘Lie Witness News’ in which he goes out into the public and makes a fake news statement and has people respond to it as if they already know about it. A recent segment he did stated President Trump signed a landmark agreement that annexed North Korea as the 51st state of the union, and people were buying it!

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The Investor Exchange Theme Music: “Happy Happy Game Show” by Kevin MacLeod (incompetech.com) Licensed under Creative Commons: By Attribution 3.0.

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The Investor Exchange is weekly podcast where the expert panel share banter, tips and insights on how to grow and manage wealth.

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