There’s a major weather event forecast for tomorrow, can I insure tonight?
Probably not! If you have left your property uninsured and decide to insure because your property is in the path of an incoming cyclone, it’s not likely that you will be able to take out cover with the storm on it’s way.
Why you can’t just get insurance when trouble is about to happen
Think of insurance like a safety net for your property. If everyone only got this safety net when they saw trouble coming, like a big storm, it wouldn’t be fair. This is because insurance works by spreading out the cost among lots of people, over time. If some people only pay in when they think they’ll need help soon, it puts more pressure on everyone else. We figure out what to charge for insurance based on how likely it is something might go wrong. If people could only get insurance when there’s a high chance of trouble, it would change how much we’d have to charge, affecting everyone.
Why keeping your insurance going is important
We know insurance costs can go up, and there are many reasons for this, like more expensive repairs or more people needing help. This can understandably influence you into letting your cover lapse. We don’t recommend this approach as we want to be there for you in the event of a major disaster or loss. We’re working hard to make sure you still get good value and support from us and have cover when you need it.
Clearing up myths about claims
Some people think they won’t get paid when they need to make a claim, but that’s not true. We’re here to support you and have paid out a lot of claims this year. If you are unsure of what’s covered or you need any specific advice around an area of concern please check your policy documents for details and reach out to our team for assistance if needed.
To wrap up, it’s really important to keep your insurance going without breaks. It ensures your peace of mind and provides support for you and others, especially when facing significant events. If you have questions or need help with your insurance, feel free to get in touch with us at initio.
Other articles of interest
Got a current claim from a major weather event?
Am I covered for natural disasters?
Other resources
- GENERAL: Civil Defence
- FLOODING: Civil defence – flooding factsheet
- EARTHQUAKES: Geonet | NHC