PROTECTING YOUR HOME FROM SEVERE WEATHER

When it comes to climate risk, the stakes could not be higher. Climate risk affects almost every aspect of our professional and personal lives and is affecting decisions such as where to buy your home and how to adapt to future climate trends.

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• Aon's latest climate and catastrophe insight found that global natural disasters in 2024 resulted in economic losses reaching at least US$368 billion and were primarily driven by tropical cyclones, severe convective storms and floods. Of the US$368 billion in damage, only US$145 billion were insured.

• Flooding is ranked as the second-highest cause of natural catastrophes with the eastern and south-eastern areas of South Africa During expected to receive above-normal rainfall during early- and mid-spring while most other areas are expected to be below normal.

Can your insurance weather the storm?

Understanding your risk profile is the first step in customising your insurance coverage. “It is important to engage with your insurance broker to get a better understanding of weather-related coverage limits and deductibles that may be prevalent on your homeowner's insurance. Some insurance solutions may exclude perils such as floods, earthquakes, hail damage, subsidence and landslip cover, and it is important to be aware of these. If these perils are excluded on your insurance solutions the next step would be to find out if the cover can be added and the cost involved,” Ann explains.