Weather woes: the real cost of Australia's extreme weather

The latest data from the Insurance Council of Australia (ICA) sheds light on just how much extreme weather has been hitting our wallets. 

Since the start of 2022, Aussies have filed home insurance claims totaling a whopping $9.6 billion due to floods and storms. That's from over 450,000 claims, showing both the scale and punch of these events.

To give you a clearer picture, the ICA put together an infographic that breaks down the major storms since 2022, including claims, average costs and total damages. 

It shows what we’ve been up against and is a handy guide to understanding the financial impact of these weather events.

A pricey summer for insurance

This past summer, the bill for weather-induced chaos hit $1.2 billion. The bulk of that, about $968 million, comes from the storms around Christmas and New Year that swept through Queensland, New South Wales and Victoria. 

With nearly 90,000 claims filed, and 18,000 of those just in the last month, it's clear the effects are still being felt.

Then there was ex-Tropical Cyclone Jasper. With damages reaching $278 million from close to 10,000 claims, it's a stark reminder of the storms' severity. The average claim? $28,000. Ouch.

Valentine's Day's unwelcome surprise

Victoria copped it again last month with the Valentine's Day thunderstorms, leading to almost 20,000 insurance claims and damages estimated at $104 million. Insurers have already handed out $4 million to help those affected. 

In light of the widespread damage, the ICA has labelled the Valentine's Day storms a "Significant Event." That means more support for those picking up the pieces after storm damage and power outages.

Insurance check: what's next for you?

Seeing these numbers might have you thinking about your own situation. If extreme weather were to hit tomorrow, are you prepared? 

Here’s some food for thought:

• Check your insurance. Now's a good time to make sure your insurance covers what you need it to. Natural disasters? Check.
  
• Know how to claim. Get familiar with the claims process. Knowing what you need can make things smoother if you ever have to file a claim.
  
• Get your home ready. There are simple things you can do to protect your place, like cleaning out those gutters and securing any outdoor items.
  
• Put together an emergency kit. Have an emergency kit with essentials like water, batteries and first aid. It’s a must for sudden severe weather.
  
• Keep your ear to the ground. Tune into reliable sources like police scanners, the Bureau of Meteorology, and local disaster services for the latest weather updates and safety advisories.
  
• Update your emergency plan. Make sure your emergency plan is current. Know where to go and what to do if you need to act fast.

These numbers from the ICA are a wake-up call on the impact of climate change on our communities and the importance of being prepared.

To protect your home from future disasters, consider one of the following top-notch home and contents insurance policies below.