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.
Compare home and contents insurance on Mozo
Home Cover - Buildings & Contents
- Main events covered
- Fire
- Theft
- Storm
- Flood
- Monthly payments
cost extra - Yes
- Underinsurance protection
- Optional ExtraUp To 30% Of Buildings Sum Insured, Applied Automatically For Eligible Policies
- New for old
replacement - Yes
- General contents
- Yes
- Cash
- Up to $800
- Cd dvd and electronic files
- Up to $1,000 for electronic files and software
- Computer software hardware
- Yes - hardware. Up to $1,000 for software.
- Camera and accessories
- Yes
- Carpets
- Yes
- Antiques and valuables
- Up to $20,000 per item, set or pair of artworks or antiques. Up to $5,000 per collection.
- Jewellery
- Up to $2,500 per item, set or pair
- Replacement of documents
- Up to $800
- Tools of trade
- Up to $5,000
- Contents while moving
- Yes
- Lock replacement
- Up to $2,500
- Temporary accommodation
- Up to 24 months, up to 20% of buildings sum insured combined with temporary accommodation for pets
- Debris removal
- Yes, combined with building costs
- Demolition cost
- Yes, combined with building costs
- Accidental loss and damage
- Optional Extra
- Accidental breakage of glass
- Yes
- Lightning
- Yes
- Earthquake
- Yes
- Storm surge
- Yes
- Buildings and structural improvements
- Yes
- Building materials
- Up to $2,000
- Landscaping
- No
- Gates and fences
- Yes
Terms, conditions, exclusions, limits and sub-limits may apply to any of the insurance products shown on the Mozo website. These terms, conditions, exclusions, limits and sub-limits could affect the level of benefits and cover available under any of the insurance products shown on the Mozo website. Please refer to the relevant Product Disclosure Statement and the Target Market Determination on the provider's website for further information before making any decisions about an insurance product.
Read our Mozo Review to learn more about QBE Home Cover - Buildings & Contents
Home & Contents Insurance
- Main events covered
- Fire
- Theft
- Storm
- FloodOptional Extra
- Monthly payments
cost extra - Yes
- Underinsurance protection
- Optional ExtraUp To 25% Of Building Sum Insured
- New for old
replacement - Yes
- General contents
- Yes
- Cash
- Up to $800 in total
- Cd dvd and electronic files
- Up to $3,000 combined with computer software
- Computer software hardware
- Hardware yes, software up to $3,000 combined with CDs/DVDs
- Camera and accessories
- Yes
- Carpets
- Yes
- Antiques and valuables
- Up to $5,000 per item for artwork, up to $12,000 in total, up to $2,000 for collections
- Jewellery
- Up to $1,000 per item or set, up to $5,000 in total
- Replacement of documents
- No
- Tools of trade
- Up to $2,000
- Contents while moving
- Up to 20% of sum insured
- Lock replacement
- Up to $1,000
- Temporary accommodation
- Up to 10% of sum insured, up to 12 months. Combined with temporary accommodation for pets.
- Debris removal
- Up to 10% of sum insured combined with demolition cost and emergency storage
- Demolition cost
- Up to 10% of sum insured combined with debris removal cost and emergency storage
- Accidental loss and damage
- Optional Extra
- Accidental breakage of glass
- Yes
- Lightning
- Yes
- Earthquake
- Yes
- Storm surge
- No
- Buildings and structural improvements
- Yes
- Building materials
- Up to $1,000
- Landscaping
- Yes, garden borders, pathways and paved areas.
- Gates and fences
- Yes
Terms, conditions, exclusions, limits and sub-limits may apply to any of the insurance products shown on the Mozo website. These terms, conditions, exclusions, limits and sub-limits could affect the level of benefits and cover available under any of the insurance products shown on the Mozo website. Please refer to the relevant Product Disclosure Statement and the Target Market Determination on the provider's website for further information before making any decisions about an insurance product.
Read our Mozo Review to learn more about Budget Direct Home & Contents Insurance
Home & Contents Insurance
- Main events covered
- Fire
- Theft
- Storm
- Flood
- Monthly payments
cost extra - Yes
- Underinsurance protection
- No
- New for old
replacement - Yes
- General contents
- Yes
- Cash
- No
- Cd dvd and electronic files
- Yes, excludes electronic files
- Computer software hardware
- Yes
- Camera and accessories
- Yes
- Carpets
- Yes
- Antiques and valuables
- Yes
- Jewellery
- Optional Extra, select specific replacement value for each item of jewellery where the individual value is more than $15,000
- Replacement of documents
- No
- Tools of trade
- Optional Extra, up to $1,000 per item , up to $5,000 in total
- Contents while moving
- Up to 20% of sum insured
- Lock replacement
- Up to $1,000
- Temporary accommodation
- Up to 12 months, up to 12% of sum insured
- Debris removal
- Up to 20% of sum insured combined with demolition and professional fee costs.
- Demolition cost
- Up to 20% of sum insured combined with debris removal and professional fee costs
- Accidental loss and damage
- Optional Extra
- Accidental breakage of glass
- Yes
- Lightning
- Yes
- Earthquake
- Yes
- Storm surge
- No
- Buildings and structural improvements
- Yes
- Building materials
- Up to $1,000
- Landscaping
- No
- Gates and fences
- Yes
Terms, conditions, exclusions, limits and sub-limits may apply to any of the insurance products shown on the Mozo website. These terms, conditions, exclusions, limits and sub-limits could affect the level of benefits and cover available under any of the insurance products shown on the Mozo website. Please refer to the relevant Product Disclosure Statement and the Target Market Determination on the provider's website for further information before making any decisions about an insurance product.
Read our Mozo Review to learn more about Youi Home & Contents Insurance
Home & Contents Insurance
- Main events covered
- Fire
- Theft
- Storm
- Flood
- Monthly payments
cost extra - No
- Underinsurance protection
- No
- New for old
replacement - Yes
- General contents
- Yes
- Cash
- Up to $300
- Cd dvd and electronic files
- Up to $5,000
- Computer software hardware
- Hardware yes, software up to $5,000 combined with CDs/DVDs
- Camera and accessories
- Up to $2,000
- Carpets
- Yes - limits apply for carpets over 10 years old
- Antiques and valuables
- Up to $2,000 per item, up to $12,000 in total
- Jewellery
- Up to $2,000 per item, up to $6,000 in total
- Replacement of documents
- Up to $1,000
- Tools of trade
- Up to $2,000
- Contents while moving
- Yes
- Lock replacement
- Up to $1,000
- Temporary accommodation
- Up to 12 months, up to 10% of sum insured
- Debris removal
- Up to 20% of sum insured combined with demolition cost
- Demolition cost
- Up to 20% of sum insured combined with debris removal cost
- Accidental loss and damage
- Optional Extra
- Accidental breakage of glass
- Yes
- Lightning
- Yes
- Earthquake
- Yes
- Storm surge
- Yes
- Buildings and structural improvements
- Yes
- Building materials
- No
- Landscaping
- Up to $1,000 for plants
- Gates and fences
- Yes - Up to 50% of the total cost, up to 2km
Terms, conditions, exclusions, limits and sub-limits may apply to any of the insurance products shown on the Mozo website. These terms, conditions, exclusions, limits and sub-limits could affect the level of benefits and cover available under any of the insurance products shown on the Mozo website. Please refer to the relevant Product Disclosure Statement and the Target Market Determination on the provider's website for further information before making any decisions about an insurance product.
Read our Mozo Review to learn more about honey Home & Contents Insurance
Home & Contents Insurance
- Main events covered
- Fire
- Theft
- Storm
- Flood
- Monthly payments
cost extra - Yes
- Underinsurance protection
- Optional ExtraUp To 30% Of Building Sum Insured
- New for old
replacement - Yes
- General contents
- Yes
- Cash
- Up to $800
- Cd dvd and electronic files
- Up to $1,000
- Computer software hardware
- Up to $1,000
- Camera and accessories
- No
- Carpets
- Yes
- Antiques and valuables
- Up to $20,000 per item, set or pair
- Jewellery
- Up to $2,500 per item, set or pair
- Replacement of documents
- Up to $800
- Tools of trade
- Up to $5,000
- Contents while moving
- Yes
- Lock replacement
- Up to $2,500
- Temporary accommodation
- Up to 24 months, up to 20% of sum insured combined with temporary accommodation for pets
- Debris removal
- Yes
- Demolition cost
- Yes
- Accidental loss and damage
- Optional Extra
- Accidental breakage of glass
- Yes
- Lightning
- Yes
- Earthquake
- Yes
- Storm surge
- Yes
- Buildings and structural improvements
- Yes
- Building materials
- Up to $2,000
- Landscaping
- Yes - pathways
- Gates and fences
- Yes
Terms, conditions, exclusions, limits and sub-limits may apply to any of the insurance products shown on the Mozo website. These terms, conditions, exclusions, limits and sub-limits could affect the level of benefits and cover available under any of the insurance products shown on the Mozo website. Please refer to the relevant Product Disclosure Statement and the Target Market Determination on the provider's website for further information before making any decisions about an insurance product.
Read our Mozo Review to learn more about Australia Post Home & Contents Insurance
* Terms, conditions, exclusions, limits and sub-limits may apply to any of the insurance products shown on the Mozo website. These terms, conditions, exclusions, limits and sub-limits could affect the level of benefits and cover available under any of the insurance products shown on the Mozo website. Please refer to the relevant Product Disclosure Statement and the Target Market Determination on the provider's website for further information before making any decisions about an insurance product.
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