This article provides insight into the impact that natural disasters can have on property values and home insurance premiums. It also includes some important tips for home purchasers, when looking to buy a property.

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Australia's vast expanses and varied climates make us prone to natural disasters.

In recent years alone, we’ve experienced the devastating impacts of bushfires in the southern parts of the country, flooding along the Eastern Coast, as well as significant storm events and cyclones.

As you can imagine, the aftermath of a natural disaster typically involves a lot of clean-up and rebuilding for those affected.

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In the world’s current climate, it has become apparent just how quickly and unexpectedly things can take a turn for the worst, leaving many families in difficult financial situations. This article highlights the importance of not only keeping your insurance updated, but also ensuring that your insurance is tailored to your lifestyle so you will never need to resort to crowdfunding.{tab title="Introduction"}

If there is anything we have learnt in the last two years, it is just how quickly things can change. Between devastating bushfires, floods, and a life-altering pandemic (just to name a few), being prepared for the unexpected has never been made more apparent.

As confronting as it may be, it is essential to be aware of the grim possibility of unexpected death and the financial impact it would have on our family. Are they prepared and able to cover funeral costs? Will there be sufficient funds for living expenses? For mortgage repayments? It is a harsh reality but one we all cannot afford to ignore.{snippet title="Article Subscribe Message"} {/tabs}

With premiums often running to thousands of dollars per year, whether or not to take out private health insurance is a major financial decision. Here are some of the key issues you need to consider in making that decision.

Why go private?

There are two main types of private health insurance: hospital cover, and general treatment (or extras) cover. In some states you may also need to take out ambulance cover.

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This detailed article includes a case study to show the financial differences between having private health insurance cover or not. It provides calculations to show what could be saved if someone decided not to pay for health insurance and explains the surcharge and loading applicable.

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The argument has been waged for many years - do I take out health insurance or do I invest the same amount each year and if I get sick, the money will be available (and it's earning me interest!)?
As with any type of insurance the decision is a personal one. Many people go without car, home or life insurance, thinking that the money is better spent or invested elsewhere… they are willing to take that risk. But how many of us have actually sat down and weighed up the differences between taking out health insurance or not, particularly with the government penalties on those not covered by a private health fund?

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Natural disasters are a part of life in Australia, but it is the planning for them that makes the difference. This article reminds your readers to prepare ahead and explains the dangers of underinsuring property. A short case study on under-insurance is included. The article encourages a review of all insurance cover, including life insurance.

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Not a year goes by without some part of Australia being devastated by a natural disaster. Bushfires, floods, storms and tropical cyclones are a part of our lives. And as we’ve witnessed in recent years, destructive weather patterns and events occur regularly throughout the year, often with little or no warning. This means that any time of the year is a good time to review your insurance cover to ensure your financial possessions are protected, as well as the security of you and your loved ones.

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