Luxury homes come with a unique set of challenges, as vulnerabilities are amplified due to the substantial financial investment along with the valuable assets that are found within the home. Natural disasters, in particular, can have a great impact on Prestige Homes.
As explained in an article by Parliament of Australia, recent natural disasters have had devastating impacts for Australian communities, and the impact of natural disasters is expected to continue worsening.
From property damage to insurance premium increases, natural disasters pose many risks to high-value homes. Comprehensive Prestige Home Insurance with a reliable Insurance Broker can offer crucial coverage for your home that can ensure you are able to recover from times of crisis.
Risks of natural disaster
1. Property damage
Winds and storms can cause damage to exterior structures of the home that can be costly to repair.
2. Floods can damage home interior
Especially for coastal or riverside homes, floods can pose a risk of structural damage, mould, and damage to items in the home interior.
3. Fire hazards
As we have seen here in Australia bushfires can be relentless, quickly destroying all type os assets including luxury properties. This is a greater risk for homes located in bushfire-prone areas with a higher Bushfire Attack Level.
4. Earthquake risks
Earthquakes can also lead to structural damage, jeopardising the integrity of high-value homes.
Repairs to bespoke homes can be more costly and required specialist trades in certain cases.
5. Hail damage
This can lead to structural issues and water damage, leaving dents in roofs and walls especially cladding as well as potentially cracking or breaking windows and damaging landscaping.
6. Power outage
Outages brought on by natural disasters can disrupt homes with advanced technological systems and impact functionality. It can also compromise contents items if temperate sensitive or perishable and affect pumps in basement carparks which can also lead to cofurther contents and vehicle damage.
7. Accessibility concerns
Blocked access to your home can make it challenging or dangerous for you or emergency services to reach the property.
8. Damaged valuables
Any high-end possessions such as valuable art collections or antiques can become damaged by disasters.
9. Security concerns
Evacuation can lead to security risks at luxury properties as they are left vulnerable to theft or vandalism.
10. Premium increases
After disaster, risk may be reassessed and premiums increased for luxury homeowners in the area. It is expected that premiums are to rise by about 10% following floods in Queensland and NSW.
Insurance elements to consider to protect against natural disaster
1. Coverage for high-value assets
Insurance for Prestige Homes is able to offer protection that goes beyond standard Home Insurance policies, providing coverage for valuable assets such as antique collections or fine art.
2. Customised policies
Insurance Brokers are able to provide homeowners of high-value properties with tailored policies to ensure cover meets your specific requirements. This may include increased limits and extended replacement cost coverage.
3. Risk assessment
To proactively prepare for the potential impacts of natural disasters, a Broker can provide a thorough risk assessment to identify potential vulnerabilities. A thorough assessment can not only assist in determining the appropriate policies for your circumstances, but can also take steps to mitigate risk and potentially lower premiums in this way.
4. Navigating claims
The claims process can be intimidating to navigate. In the event of a claim, reporting damages promptly, providing detailed documentation after incidents, and collaborating with your Provider can assist in expediting this process.
5. Stay informed
It is important to remain familiar with the terms of any policies you are carrying, and have an understanding of what is covered and any exclusions. A reliable Insurance Broker will ensure you are also informed of any changes in policy details.
Protect your Prestige Home against disaster with Atlantic Insurance
Atlantic Insurance has been arranging comprehensive cover for Prestige Properties for over 35 years, and is dedicated to providing peace of mind to owners of high-value properties with tailored insurance plans.
Contact us today to get started on your customised cover and protect your Prestige Home.
Any information contained on this page of the website is general advice only and has been prepared without taking into account your objectives, financial situation or needs. Your should consider these, having regard to the appropriateness of this advice and the relevant Product Disclosure Statement (‘PDS’), Target Market Determination (‘TMD’) and Financial Services Guide (‘FSG’), which will be provided following any formal recommendation to you.
