Australians who face devastating property losses following natural disasters such as floods, storms and bushfires confront further hardship when trying to claim on their insurance because of confusing terms and conditions and fine print limitations in their policies.
This report, Standardising General Insurance Definitions commissioned by Financial Rights Legal Centre calls upon the Australian Government to simplify and standardise key insurance definitions used in home building and contents insurance and regulate the fine print used to exclude and qualify terms.
It examines the Product Disclosure Statements of the home insurance policies of 34 insurers in Australia. It also reports on a series of focus groups conducted to explore consumers’ understandings of these terms, and related concerns.
