Latest news with #InsuranceCouncil
Yahoo
21 hours ago
- Business
- Yahoo
Roof contractor urges homeowners to have roofs assessed for damage after Wednesday's hailstorm
AUSTIN (KXAN) – Local Austin roof repair business Quality Exteriors said that even if homeowners are not seeing leaks after the Wednesday hailstorm, their roofs may still be damaged. The Wednesday storm brought damaging winds, large hail, and localized flooding, leading to widespread damage across Austin. Dustin Golden of Quality Exteriors said he and his team have been busy ever since. 'This has been one of the busiest times,' Golden said. 'We have seen trees on people's roofs. We've been seeing a lot of just general hail damage on roofs in Austin.' Leaks are a clear indication that a roof has been damaged in a storm. However, even if it is not leaking, Golden advised people to have their roofs inspected if hail moved through their area. 'You have to get it checked out to see if there is actual damage,' he said. 'You might not have a leak now, but the hail's impact could lead to one in the future.' Golden said most insurance policies cover hail-related damage, and that it's best for a homeowner to act quickly to ensure eligibility. 'The sooner the better,' he said. 'I'd highly recommend at least getting it all documented.' Documenting includes things like taking photos and videos. Also, reporting any issues, even minor ones, to protect long-term property value. If a quick fix was needed to repair damage immediately after the storm, Rich Johnson from the Insurance Council of Texas said to save receipts, as insurance companies often reimburse for those purchases. 'Let's say, you have a broken window and you need to put a piece of plywood over it… that could be reimbursable,' Johnson said. And while both Johnson and Golden recommended having your property assessed after a storm by a contractor, they both encouraged homeowners to be wary of fraudulent companies. 'During storm season like this, we will see contractors and roofers who come from out of town looking to take advantage of the situation,' Johnson said. One 'red flag' would be if a contractor offers to waive a deductible, he said. 'That is totally illegal in Texas,' Johnson said. Johnson recommended taking photos of a contractor's license plate, ensuring the company is based locally and checking for positive reviews. 'Your insurance company may have a list of preferred contractors in the area,' Johnson said. 'Oftentimes, you'll get a little bit of an extra warranty if you do go with one of those preferred contractors.' Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
Daily Mail
4 days ago
- Business
- Daily Mail
The major threat in Australia that no one can prepare for - as an urgent wake up call issued
Once again, large parts of New South Wales have been devastated by floods. It's estimated 10,000 homes and businesses may have been damaged or destroyed and the Insurance Council of Australia reports more than 6,000 insurance claims have been received for the Mid North Coast and Hunter region. Hundreds of families are displaced. With many homes now uninhabitable, they face a uncertain future. As the mop-up begins, stories are emerging of households and businesses not covered by insurance, with some residents saying insurance companies were asking up to A$30,000 annually for cover. There are many others who are underinsured, with insurance payouts not meeting the full costs of rebuild, repair and replacement. The Insurance Council of Australia has declared the event an 'insurance catastrophe'. The impacts of these floods reflect global trends. In 2024, there were around 60 natural disaster events that each exceeded A$1.5 billion in economic losses. Total losses worldwide reached A$650 billion. As one of the most disaster-prone countries in the Western world, is Australia the canary in the coalmine for a global collapse of insurance? With these types of disasters escalating in a changing climate, it is reasonable to feel – and fear – this is the case. An uninsurable future? In 1992, sociologist Ulrich Beck argued unpredictable global risks, such as climate change, would bring an end to the private insurance market, with profound effects on the modern world. The idea of an uninsurable future stirs up imaginings of apocalyptic landscapes – crumbling buildings, streets strewn with refuse and people eking out a living amid the rubble and ruins. But the reality is, as we are seeing in central NSW, it is not a future event that demands attention. Many individuals and communities are already living with an unfolding collapse of insurance affordability and availability. The consequences can be dire, especially for those already struggling to make ends meet. Speaking on ABC radio on Thursday morning, NSW Premier Chris Minns said he would be 'putting the heat' on insurance companies: In the lead-up to the federal election, both major parties made clear they believed insurers were 'ripping off' Australians. The Coalition even proposed new emergency divestiture powers that would allow the government to break up major insurers in the case of market failure. But this is no solution at all, given insurance pricing and coverage is largely set by global 'reinsurers'. Reinsurance is a kind of insurance coverage for insurance companies themselves – that is, policies to cover the cost of paying out claims after major disasters. Just ten multi-billion dollar companies control 70 per cent of the reinsurance market. Who should bear rising costs? Insurers, led by the Insurance Council of Australia, are pushing for a Flood Defence Fund and retrofitting homes for disaster resilience, paid for by governments and households. These ideas might seem logical. But they draw attention away from a thriving industry and regulations and policies aimed at making insurance more affordable and effective for ordinary people. In places like Australia, the increasing cost of insurance cuts across all types, with the largest rises coming in home, vehicle, and employers' liability insurance. Many insurers are reporting healthy profits. Globally, the sector is experiencing 'exceptionally strong growth'. Over the three years to 2024, revenue from premiums in the insurance sector increased by over 21 per cent globally – a 'whopping' rise, according to the finance corporation Allianz. Where to from here? The insurance sector will continue to grow – and profit – until it no longer can due to climate change and other pressures. But it is not a future crash of insurers that should be of primary concern. It is the real-time collapse of insurance for households, businesses and communities. As this collapse of insurance unfolds, it is largely left to households and communities to take action and build resilience. Examples include squatters taking possession of flood-damaged vacant homes in Lismore and, when combined with the housing crisis, the growth in informal housing and settlements on the fringes of major population centres. These are desperate responses. But they are also realistic, given governments and insurers are failing to reverse this trending collapse. What else we could do After each major disaster event comes a rise in insurance costs and a withdrawal of insurance coverage. To avoid being a canary in the coalmine, Australia urgently needs government intervention in the insurance industry - an industry very resistant to such intervention. To ensure everyone is adequately covered when disaster strikes, this could come in the form of an equitable and affordable public insurance scheme. As more Australians lose the ability to insure themselves, governments must also address growing structural inequality that is undermining social cohesion and our capacity for collective resilience. T Areas of Australia deemed insurable by 2030 The Climate Council has named the 10 areas across the nation most at risk of natural disasters including floods and bushfires, with five of them in Queensland. NICHOLLS, VICTORIA: 26.5 per cent of homes uninsurable by 2030 (flooding in Nationals electorate of Sam Birrell with 25,801 high risk properties) RICHMOND, NSW: 14.5 per cent of homes uninsurable by 2030 (flooding in Labor electorate of Assistant Minister Justine Elliot with 22,274 high-risk properties) MARANOA, QUEENSLAND: 13.9 per cent of homes uninsurable by 2030 (flooding in Nationals leader David Littleproud's electorate with 19,551 high-risk properties) MONCRIEFF, QUEENSLAND: 11.9 per cent of homes uninsurable by 2030 (flooding in Liberal electorate of Angie Bell with 18,032 high-risk properties) WRIGHT, QUEENSLAND: 9 per cent of homes uninsurable by 2030 (bushfire in Liberal electorate of Scott Buchholz with 12,140 high-risk properties) BRISBANE, QUEENSLAND: 12.5 per cent of homes uninsurable by 2030 (flooding in Greens electorate of Stephen Bates with 19,355 high-risk properties) GRIFFITH, QUEENSLAND: 11.4 per cent of homes uninsurable by 2030 (flooding in Greens electorate of Max Chandler-Mather with 14,812 high-risk properties) INDI, VICTORIA: 10.7 per cent of homes uninsurable by 2030 (flooding in independent electorate of Helen Haines with 11,215 high-risk properties ) PAGE, NEW SOUTH WALES: 5.4 per cent of homes uninsurable by 2030 (flooding in Nationals electorate of Kevin Hogan with 11,691 high-risk properties) HINDMARSH, SOUTH AUSTRALIA: 9.5 per cent of homes uninsurable by 2030 (flooding in Labor electorate of Health Minister Mark Butler with 10,775 high-risk properties)
Sky News AU
5 days ago
- Business
- Sky News AU
NSW Premier says he will 'put the heat on' insurers to speed up flood payouts as almost 800 homes left uninhabitable
NSW Premier Chris Minns says he will "put the heat on" insurance companies to speed up flood payouts, with more than 1,000 homes left uninhabitable following the record-breaking floods. Catastrophic weather inundated the state's Mid North Coast last week, with record-breaking flood waters damaging at least 10,000 homes. Several people were killed in flood-related tragedies as river levels hit dire heights. The Insurance Council of Australia (ICA) declared an "insurance catastrophe" in the wake of the weather event, with the SES declaring 790 homes uninhabitable. NSW Premier Chris Minns said he would be placing pressure on insurance companies to honour claims 'quickly' as thousands of people, many of whom had just recovered from Cyclone Alfred – and the 2021 floods before that- grapple with the loss of their homes and businesses. 'Everyone's going to have to do their part … and that means insurance companies will have to step up and pay out claims quickly,' he told ABC Radio. 'I don't say that without evidence - I've spoken to families, family businesses in Taree who had settled flood claims from 2021 three months ago, and that is way, way too long for a policy to be honoured by insurance companies. 'I'll be putting the heat on them to make sure that they're good on their claims.' The ICA renewed calls for a Flood Defence Fund (FDF) – a $30.15 billion investment over 10 years to help protect the country's most at-risk areas in Queensland, New South Wales and Victoria. Premier Minns said he would work with the Council but would have to consider an FDF further because $30 billion was 'a lot of money.' 'Look, we work with the Insurance Council... But I do have to say, I don't think a solution to this from the Insurance Council is to say, early on in this natural disaster, 'oh, we don't think we can cover a lot of this, notwithstanding people having long term policies, the federal and state government should tip in $30 billion,' he said. Insurers have received more than 6,000 claims related to the Mid North Coast and Hunter region, with at least 80 per cent for damage to residential homes. Andrew Hall, CEO of Insurance Council of Australia, said the wide-scale damage was 'confronting'. "It is confronting to see the extent of the damage across the region and it is clear the recovery is going to take some time and that means support must be ongoing," Mr Hall said. "The Insurance Hub and recovery centres have seen a steady flow of people coming through getting advice on claims and next steps for the clean-up. "Insurers will continue to have a presence on the ground in impacted communities, and we urge anyone who needs help with their claim to come down to the Hub and have a chat with the dedicated support staff." The NSW and Commonwealth governments are set to roll out a major assistance package for flood-stricken primary producers and businesses in the aftermath of the devastating weather event. Mr Minns said on Thursday said he and Prime Minister Anthony Albanese had been having 'extensive conversations' about the upcoming Category C assistance. 'The government has announced in conjunction with the commonwealth government a range of assistance. I want to make it clear that we're not done yet," the Premier told media in the town of the Taree. He said the state and federal governments are still working on the package, but he confirmed it will be announced "imminently". "We want to make sure that the assistance that comes from the commonwealth and the state government for primary producers and small businesses in this part of NSW in fact works, that it pulls those businesses back out of very difficult situation and ensures they continue to operate," Mr Minns said. The Premier said assistance for small businesses will be "one of the largest components" of expenditure for reconstruction, and he called on the Commonwealth government to "dig in as well". "They've got deeper pockets than we do ... they obviously play a large role in reconstruction efforts in the tropical north and in Queensland and we need them in New South Wales as well," he said.
SBS Australia
23-05-2025
- Climate
- SBS Australia
Major flood devastation across NSW, as rescue efforts continue
Major flood devastation across NSW, as rescue efforts continue Published 23 May 2025, 9:06 am Four people have died in floods that have devastated parts of NSW and 50,000 people are still isolated. The Insurance Council says they have already received nearly 2000 claims, but many people still haven't been able to return to their homes or businesses to assess the damage. Dozens of roads remain closed due to flooding and the rain band has continued to move south, but in the NSW Mid North Coast where rain is easing, the extent of the disaster is now becoming known.
News.com.au
23-05-2025
- Business
- News.com.au
NSW floods: Property damage causes insurance claims to skyrocket
Insurance Council of Australia CEO Andrew Hall says roughly 1,600 insurance claims have been lodged due to New South Wales' heavy rain and floods. 'At this stage, we've got about 1,600 claims that have been lodged,' Mr Hall told Sky News Business Reporter Ed Boyd. 'We're expecting that number to increase significantly over the weekend as people are allowed to return to their properties.'
