Before severe weather season: what should you check in your insurance?

October to April brings a higher risk of severe weather across Australia. It is a good time to check your property sums insured, Business Interruption cover and the records you may need if you have a claim.

The Bureau of Meteorology describes October to April as a period of higher severe-weather risk across Australia. While emergency services provide advice on preparing your property and staying safe, it is also a good time to check your insurance. For a farm, business or home, consider what has changed since the policy was last reviewed and whether the sums insured, cover and records have kept up.

Farm: what has changed since your last review?

A farm rarely stays exactly the same from one year to the next.

There may be another machinery shed, upgraded yards, a replacement tractor or header, additional equipment or different levels of stored fodder or grain. Even where the property itself has not changed, rebuilding and replacement costs may have.

That makes the lead-up to severe weather season a useful time to look at the sums insured on your farm policy and compare them with what is now on the property.

Underinsurance can matter even when the property is not completely destroyed. In March 2026, the Insurance Council of Australia and National Insurance Brokers Association released a joint fact sheet on averaging provisions, sometimes called co-insurance clauses, which deal with underinsurance. These provisions are common in many business insurance policies and, depending on the wording, can reduce a claim payment where property has been insured below the value required by the policy.

Our article Underinsurance: why getting your business sums insured right matters explains this in more detail.

It is also worth checking how different parts of the farm are insured. Farm buildings, machinery, livestock, stored produce and household property do not necessarily sit under the same section of a policy or respond in the same way. The schedule and policy wording need to be considered together.

Business: would the insurance still match the business?

For a business, start with the physical property.

Have you completed a fit-out, purchased equipment, increased stock levels or made improvements since the sums insured were last reviewed? If so, check whether those changes have made their way onto the insurance.

Then look beyond the physical assets.

A significant insured loss can interrupt a business well after the initial damage occurs, which is where Business Interruption cover can matter.

Look at what has changed in the business since the figures were last reviewed. Turnover may have grown, margins may have shifted or a new income stream may have been added. Do not assume a figure taken directly from the accounts is necessarily the figure required by the policy. The calculation depends on the wording.

Following a widespread storm, flood or bushfire, repairing the premises may be only one part of getting the business back to normal. Access, power, suppliers, customers and other services can also affect recovery.

So it is worth considering more than how long the building might take to repair. How long could it realistically take the business to get back to normal?

“Getting the property repaired and getting a business back to normal are not always the same timeframe.”

The basis of cover, applicable figures and indemnity period need to be considered against the particular Business Interruption wording.

Home: would your sums insured be enough to rebuild and replace?

For home insurance, start with the building sum insured.

Would it reasonably reflect the cost of rebuilding the home?

Renovations and improvements are obvious reasons to revisit the figure, but they are not the only ones. Rebuilding costs can change even when the house has not.

The Insurance Council of Australia provides building and contents calculators that can help when reviewing these figures. The calculators are a guide rather than a professional valuation, and ICA recommends seeking an appropriately qualified professional where an accurate estimate is required.

Location can make a difference as well. ICA notes that properties exposed to hazards such as bushfire, flood or cyclone may face different building requirements following a total loss, which can affect rebuilding costs.

Contents deserve the same attention. Think about what has been purchased or replaced since the contents sum insured was last reviewed, and whether the current figure still reflects what is in the home.

For farms and other rural properties, there is another distinction worth checking. Household contents and property used for the farm or business may be insured differently. Tools, workshop equipment and other business assets should not simply be assumed to fall within home contents cover.

Our article on home and landlord underinsurance looks at rebuilding costs and domestic sums insured in more detail.

A few records can make a difference later

Whatever you are insuring, take some time before severe weather arrives to make a record of what is there.

Photographs or video of buildings, machinery, equipment and significant contents can be useful. Keep purchase records for major items where they are available, and consider a room-by-room inventory for home contents.

Businesses should also know where important financial records are stored, particularly where Business Interruption insurance is held.

Keep important records and insurance documents somewhere you can still access if the property cannot be reached. Digital copies stored securely away from the premises can help.

These records do not determine whether a policy will respond, but they can help establish what was there and support the information required if a claim occurs.

If severe weather causes damage

Safety comes first. Follow emergency-service instructions and do not enter a damaged property until it is safe.

When you can safely assess the damage, take photographs or video before cleaning up or moving damaged items where possible. Reasonable steps may also be needed to prevent further damage.

Before arranging non-urgent repairs, check with your insurer or broker. An insurer may need to authorise repairs or tradespeople before work begins.

If RMA Insurance Brokers arranged your insurance, contact us as early as you can following damage. We can help you work through the policy, notification and information needed for the claim.

Our guide to the first 48 hours after an incident covers the early claims steps in more detail.

A good time to review your insurance

You do not need to wait until renewal to review your insurance.

On a farm, there may be a new shed, replacement machinery or other changes that have not been considered in the current sums insured. For a business, property values, financial figures or the period selected for Business Interruption cover may need another look. At home, the building or contents sums insured may not have been reviewed for some time.

If you are unsure whether your current insurance still reflects your farm, business or home, contact RMA Insurance Brokers and we can review it with you.