Financial support for flood victims; what is available?

Residents of southeast Queensland and northern New South Wales woke up to utter devastation, with flooded homes, flooded businesses and swept away cars.

The question now for those affected is what financial support is available to them.

Today, finance expert Effie Zahos said while insurance companies are currently overwhelmed with calls, it’s important to contact them as soon as possible.

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Financial aid against floods

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“For a lot of people, it’s in the back of their mind — as long as everything is safe, the first thing to do is call your insurer,” Zahos said.

Some things that can help the claims process are taking pictures if it’s safe to do so and Effie said you should also ask about your insurance benefits.

“For example, is there temporary accommodation? Can they advance payments because some will,” Zahos added.

“There is an Insurance Council of Australia Disaster Helpline if you can call if you are unsure what you are getting from your insurer.”

Financial aid against floods

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The Australian government also offers a national crisis payment with various crises that people can apply for.

“That’s if you’ve lost your home or are in financial difficulty.”

Queenslanders can now apply for a Personal Hardship Assistance Grant of up to $180 and the Disaster Recovery Payout of $1,000 is available for eligible adults.

A disaster recovery benefit is on the way and Effie said the best advice is to go to the Australian Department of Social Services and see what you might be entitled to.

Watch the full segment above

The information provided on this website is of a general nature only and does not constitute personal financial advice. The information has been prepared without taking into account your personal objectives, financial situation or needs. Before acting on any information on this website, you should consider the suitability of the information to your objectives, financial situation and needs.

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