"ANY insurance is better than no insurance."
That's the advice from Rockhampton insurance broker Peter Peirano, who has seen more than 400 home insurance claims come through his door since Cyclone Marcia.
This comes after a recent RACQ survey found 18.5% of Queensland households had no home building or contents insurance.
An alarming 9.8% had reduced the level of home insurance cover over the past year.
The survey found home owners were under-insured simply because they hadn't gotten around to it or because the value of their home hadn't increased.
After Cyclone Marcia, Mr Peirano, who owns Piranha Insurance Brokers, believes it's more important than ever to have house insurance, and it doesn't have to be the most expensive policy either.
"It's no good having none, there are ways home owners can minimise cost increases," he said.
"There's been a small increase in insurance premiums but that hasn't gone up because of cyclones, but maybe due to recent floods and flood mapping."
Mr Peirano suggests home owners do their research as there's an array of insurance policies available.
"There was approximately $600 million of claims after Cyclone Marcia; imagine if no one was insured," he said.
"With house and contents insurance at least have a policy with a high excess that will reduce the premium; you might have to pay the first $1000 but if there's $100,000 worth of damage you will survive."
RACQ Executive Manager Insurance Communications Mike Sopinski said it was also alarming to see so many Queensland home owners unsure of their insurance policy.
"We have significant levels of people admitting they're under-insured," Mr Sopinski said.
CYCLONE MARCIA CLAIMS
- Home insurance claims have been in excess of $500,000
- Average claim was between $25,000-$75,000