PhilT
10 May 2021 07:19
120
The former will be an annual event, and the latter is unfortunately expected. You might be interested to know Choice has been somewhat successful lobbying for standard definitions for what ‘flood’ and ‘fire’ mean! All underwriters did not treat the terms equally. Introductory topics by Choice’s CEO and Choice Staff –
[image]
The terrible floods that swept through eastern Australia in the summer of 2010–11 caused a revolution in the way the insurance industry covers homes for floods. Many people discovered their policy didn’t include this event, and many who were covered still had claims denied, based on tricky definitions of flood that varied from insurer to insurer.
Anger with the industry's response motivated the federal government to mandate a standard definition of flood across the industry. Many ins…
and
Our experts took a deep dive in to 26 major home and contents policies to look at how they defined ‘fire’ and what would be covered. We found that 70% of these policies have confusing, unfair or unclear definitions of fire.
Currently there is no standard definition of fire, leaving policyholders vulnerable to claim rejections.
Head to the article below for CHOICE’s full analysis of terms and conditions: the good, the bad and the borderline.
Sign the petition at the end of the article for a st…
4 Likes
