Dont get caught out: understand your insurance

Summerland Credit Union will conduct a public seminar next month on the importance of reading and understanding your insurance policy following confusion by some Kyogle residents who wrongfully believed they had flood cover.

Last week on ABC TVs 7.30 Report, Kyogle flood victim Brett Alvos said he believed he was fully covered for flood damage, but discovered he was not.

The report said that Mr Alvos and other residents had all bought their insurance through the Summerland Credit Union, which acts as a broker for Cuna Mutual Australia, and believed they were covered for flood damage.

Summerland Credit Union chief executive Margot Sweeny said Cuna managing director Michael Tuffy and another Cuna senior officer would visit the region on February 13 and take part in the first of the 2008 Summerland Seminar Series entitled The importance of reading and understanding your insurance documentation.

Ms Sweeny said it had become apparent in recent days that some individuals may not read the information provided to them by their insurer.

Meanwhile, some may also have difficulty in interpreting and understanding the information they have been provided, she said.

She said that Lismore MP Thomas George and Mr Tuffy had decided to bring government and industry together in the future to look for a solution to providing insurance cover for homes in flood-prone areas such as the Lismore region.

Ms Sweeny said mortgage borrowers of Summerland Credit Union who suffered hardship from the flood could apply to have their loan repayments deferred for at least three months to allow them to replace or repair damaged property or replace lost income.


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