Insurance FAQ's

Insurance is about protecting yourself from the unexpected. When you have belongings and property that are of value, you want to know that you are covered if they were damaged or lost. In Queensland, we are all too familiar with unpredictable weather and the impacts of cyclones, floods, storms and bushfires. But insurance also protects you against things like theft, damage and legal liability.

When you pay your insurance premium, it goes into a pool of money with everyone else’s premium. When people claim on their policy, that money comes out of the pool. In the event of a catastrophe e.g. large scale flooding or a cyclone, this pool of money goes to helping a lot of people recover. 

Insurance companies need insurance as well - this is reinsurance. In the event of a major catastrophe, sometimes the amount of money we pay to help customers recover from loss or damage takes a large portion out of our reserves. By insuring a percentage of those reserves, we make sure that we can recover some of the money we pay out to customers. That way we can continue to offer you a competitive premium. 

An insurance company can offer you a range of policies. You can use this information to purchase a policy from that insurance company.

Brokers are professional advisors who have access to insurance policies from a range of insurance companies. They can provide you with advice on which policy is best suited to you and they will purchase this policy from the insurance company on your behalf.

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