Analysts have issued fresh warnings to homeowners heading into what’s expected to be an extreme summer, after new figures showed 2.7 million Aussies weren’t disaster-ready.
Queenslanders, women, Gen Y and renters seem to the main culprits, according to new analysis from finder.com.au, which warned that 57 per cent of major cyclone damage from 2011 to 2016 was comprised of uninsured losses – a bill totalling $1.4 billion.
Queensland – where some of the worst disaster damage had occurred in the last 12 years – was the most unprepared of all the states (17 per cent), despite housing a quarter of all Australia’s flood cases.
Bessie Hassan, finder.com.au insurance expert, it was a concern that one in seven Aussies were leaving their homes exposed to disasters.
“The fact that so many Australians are unprepared in the case of a natural disaster is concerning,” she said. “Whether it’s a small investment like having an evacuation plan, or whether you’re paying for home insurance, it’s important to prepare in case of the worst.”
“With bushfire season nearly upon us, taking precautionary measures now could save potentially thousands of dollars worth of damages later.”
Ms Hassan warned homeowners to “be mindful that if the cyclone has been named, it’s usually too late to take out a home insurance policy”.
The finder.com.au analysis found women (18 per cent) were more unprepared than men (12 per cent), and Generation Y was by far the most exposed (26 per cent) of the age brackets. Nine per cent of Baby Boomers and 14 per cent of Generation X were not ready.
This was originally published by the Weekly Times Now.