TC Alfred trackmap from Thursday morning shows it heading for Brisbane. Picture: BOM
Shock insurance blackouts – that have shut out anyone buys a home in areas impacted by cyclone Alfred – have sparked competition from a surprise source.
Ray White, one of the largest real estate agencies in the country – which has multiple offices across south east Queensland and northern New South Wales – created their own insurance arm to help new homebuyers secure interim cover.
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Alisha Proud packing sandbags to help protect a home in Scarborough. Picture: Steve Pohlner
Ray White Concierge CEO Kelly Tatlow warned “anyone buying property right now, this week, should check with their insurer as Queensland buyers are usually responsible and liable for their new property from 5pm on the next business day following both parties signing the contract”.
She said “at Ray White, eligible buyers are offered Ray White Insurance and they may also be eligible to receive a complimentary 30-day interim insurance cover through Ray White Insurance”.
Hair salon worker Mikayla Gushal taping windows at Thorneside, Brisbane ahead of the arrival of cyclone Alfred. Picture: Lyndon Mechielsen/Courier Mail
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During significant weather events like tropical cyclone Alfred, insurance companies may impose embargoes, which temporarily restrict new policy applications or modifications, she said.
“However if you buy a property this week through Ray White we can consult with our insurer as in some circumstances, we may be able to cover our buyers with a full policy or with a 30 days interim insurance cover.”
Captain Gary Donnellan ensures the schooner ‘South Passage’ is secured ahead at Manly, Brisbane. Picture: Lyndon Mechielsen/Courier Mail
But, she warned, “regardless of the cyclone embargo, on many insurance policies, there may be an exclusion period, for example a 72 hour exclusion period”.
“This is not new, and (is) irrespective of the cyclone embargo period that we are in right now in SEQ.”
“Ray White buyers can contact Ray White Insurance to determine if they are eligible to put an insurance policy in place and/or a 30 day interim insurance cover in place.”
Ms Tatlow said “for specific details regarding coverage during Cyclone Alfred, it’s advisable to consult directly with your insurer to understand their policy inclusions and exclusions, particularly in relation to TC Alfred”.
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