Are You Covered for Catastrophes?

In a new quarterly article series, we hear from Chamber Business Advanced member Jen and Doug O’Connor from Option Insurance Brokers.

When big weather events hit, the fine print in your insurance policy can make a huge difference. Many people assume they’re fully covered, but gaps often appear when it comes to catastrophe cover, or the way storm, cyclone and flood damage is handled.

Strata Insurance

Standard strata policies will usually respond to damage from storms or cyclones. But when a major event affects a whole region, rebuilding costs often jump well beyond what’s insured. That’s where catastrophe cover comes in — it’s an extra layer of protection that helps cover the shortfall. Without it, lot owners can be left facing steep special levies to fund repairs.

Business Insurance

For business owners, natural disasters don’t just damage property or stock — they can also put a stop to trading. Some policies automatically include storm, cyclone and flood cover, while others exclude it or apply high excesses. It’s also worth checking your Business Interruption cover, as this can cover ongoing expenses and lost income while you get back on your feet.

Home Insurance

Not every home policy automatically includes flood cover, and cyclone excesses (especially in Northern Australia) can vary widely. It’s also important to check definitions — for example, “flood,” “storm surge” and “run-off” don’t always mean the same thing across insurers. Knowing these differences ahead of time can prevent some nasty surprises if you ever need to make a claim.

Why It Matters

We all hope we’ll never need it, but with cyclones, floods and severe storms becoming more frequent, having the right protection in place is essential. A quick policy review now can save a lot of stress (and money) later.

Chat with a Broker (Like Us!)

Working with a broker means you’re not on your own.

At Option Insurance Brokers, we’ll:

• Review your current cover for gaps or overlaps
• Explain the fine print in plain English
• Compare options across multiple insurers / underwriters to find better value
• Advocate for you should a claim situation arise

Option Insurance Brokers is a Chamber Business Advanced Member, eligible for additional promotional activities.