It is that time of the year again, La Niña event is imminent. La Niña brings an increase in rainfall which in turn increases the risks of flooding and water damage to properties. The bad news is that the chances of a flood-inducing La Niña system forming this year have risen, yet again.

According to the Bureau of Meteorology, the recent cooling in the tropical Pacific Ocean means there is a 50% chance of a La Niña forming. The worse is, Australians are not prepared. Close to half of the Australian population don’t know what La Niña is while 51% don’t secure doors, windows, or roof coverings when a storm is coming.

Now is the best time to ensure you’ve taken all your precautions. Check your building for any cavities where water could seep in and make sure your pipes aren’t clogged. Get a roofing specialist to inspect your roofs and give their tick of approval on them being as watertight as can be. You’ll like to pay particular attention if your building was built in the 1980s or prior as it is highly likely that that the roof is made of asbestos. Roofs made of asbestos tend to be very old, brittle, and prone to damage. The claim could cost you a significant amount if you were to replace the whole roof. This would be problematic as your premium may not cover you for the entire amount of the claim; which means you’ll be out of pocket.

Have a first aid kit, clean water, and a torch handy, as well as a list of emergency numbers you can contact. When it comes to insurance, ensure that the sum insured is adequate in the event the building is damaged by a major storm. Ensure that your policy covers flood damage too. Depending on where your business is located, premiums covering flood damage can be expensive and in some areas, not available at all. For example, if your area has been subject to flooding and excessive rainfall multiple times in the past, chances are that your insurance premiums will be high. Some insurance providers may even entirely refuse to cover your business for storms and flood damage.

Take a closer look at your current policy, whether the area you’re in has a history of floods and any areas water could potentially seep in in case of heavy rainfall. If you’re unsure as to what your excess limits are, reach out to your broker.

** Disclaimer: This article provides information rather than financial product or other advice. The content of this article does not take into account your objectives, financial situation, or needs. Please seek professional advice from your broker before acting on any information.