The hailstorms that passed through Canberra, Sydney and Melbourne last week have caused estimated losses of $320 million.
The Insurance Council of Australia (ICA) has declared a catastrophe for the storms, which also brought torrential rain and strong winds in some areas.
Insurers have received more than 29,000 claims so far, with about two-thirds of those for damage to vehicles.
ICA Head of Risk and Operations Karl Sullivan says thousands of additional claims will probably be lodged this week as property owners inspect damage and contact their insurers.
The storms mark the second hailstorm catastrophe to be declared in recent months. Losses from a south-east Queensland event on November 17 had reached $166 million by December 20, with 22,000 claims lodged.
If you live in a suburb that experienced hailstorms, we suggest you engage a contractor to inspect your roof for damage. Tiny hail dents on a metal roof can lead to more significant damage overtime, so it’s advisable to engage your insurer early.
With significant weather events occurring more frequently, it’s worth reviewing your insurance to make sure you have adequate protection for your assets. At Guard Insurance Brokers, we’re happy to review your current insurance policy to make sure you have the right cover in place for your business, commercial property or home. Contact Us today.