Lessons learnt

No I am saying you are in for a surprise if you think insurance companies are sitting by the phone waiting for your call in case if you wanted to make a claim because otherwise no one would do business with them.

Of course if it is a one or two claim for a few thousands here and there they will pay and claim it back on tax and thats where majority of claims are any way. But when a storm like that hit and many millions of dollars are at play, like the Brisbane floods, it is cheaper for an insurance company to get a few lawyers involved and grease some government wheels to avoid paying the claim regardless of what was written in their love letter they sent when you signed up with them.

 

btw... I wasn't impacted by the last QLD flood about 7 years ago. Do we have LL's here who were impacted. How was your experience with the insurance?

 

They need good tidings and it is not even Xmas.

 

wow really?? what was the issue the protestors had? unfortunately in this country there's this strongly held belief that everyone's opinion is important and should be heard, even if it's entirely uninformed.

I'm sure there would be homeowners there who would have been willing to contribute to the cost but it never happened and now they're stuffed.

even if someone is fully insured having a home ruined like this can have a really big impact so I don't quite share the same schadenfreude as some others.

they have my empathy, id hate to be in their situation, insured or not.

 

I read they had approval to do something in 2014.
But I guess they expected the council to foot the bill.

 

Yes; that's how it read during Sam's interview with that woman.

 

Now the paper is saying some of them are willing to contribute. Hmm, contribute. They should all contribute and that is the total.

 

Regardless of whether it's be council's job to protect or not, and who should pay (in your opinion) how does this diminish from my point that as an investor you should look at this as a "lessons learned" factor? Surely you want to be investing where a coordinated protective approach has been taken as opposed to one where not? (Unless you feel you get better value for money which is reflected in a lower price for taking the risk of future damage?)

 

Sam Armitage might be on the money here.

Maybe there should be a "King Tide Levy" nationwide levy imposed to help all of those who have suffered great hardship in having their beachfront houses damaged by the king tide (and who's insurance companies had unfortunately decided to not cough up (specifically excluding Youi Insurance who did), just some years ago there was a "Flood Levy" for those who had had their houses damaged by the Brisbane River floods.

Whilst I don't think it's an ideal thing, I'm sure there are many who do.

And if I ever buy a helicopter to park on the front of my boat, which overbalances due to the amount of Grange I had accidentally stored to the front of the vessel, and then sank, I would hope that the same kindness would be extended from the benevolence of everybody to help out in terrible circumstances experienced.

Disclaimer: I have no association with Youi Insurance

 

Don't partner with people in property of all things, unless you absolutely trust them. Certainly don't partner with someone because you think they are well off.

 

Indeed it is, and any lawyers will have a field day over what caused the damage.
Was it an 'act of the sea' (not covered)
Storm damage (covered)
Flood damage (covered)
Act of god (not covered)
Long term erosion of which was a foreseeable event, however, the owners failed to take adequate preventative measures to prevent loss.

So while the lawyers probably won't be arguing what is or is not in the PDS, they would be arguing over the cause of the damage, and hence weather it is insured or not.

Regardless - the owners aren't in a comfortable position right now, and I feel for them.
If the outcome is that they are not insured, well, even worse for them.

I dont blame them. Everyone* want to live water front. The closer the better. but sometimes shi* happens.

Blacky

*not literally everyone... but everyone.

 

I'm very glad I didn't go down the route of partnering with someone, even a very close friend.
So much potential to easily get a bit funny, or when someone wants - or needs - to sell.

 

"Narrabeen-Collaroy, located along Sydney’s northern beaches, is the site of one of just a handful of beaches worldwide where researchers have an unbroken and regular record of the changes that have occurred to this stretch of coast spanning several decades. Initiated in 1976 by Professor Andy Short of the Coastal Studies Unit at the University of Sydney, the beach has been surveyed every month for the past 40 years using a variety of survey techniques."
Water Research Laboratory UNSW.


I am a local surveyor and this is a known High Risk area of coastal erosion. I can remember as far back as 1974 when many properties were (once again) threatened by an east coast low storm cell and authorities threw large bolders in front to try and break the surf, (which were uncovered in the recent storm)

i learnt a lesson, dont build in low lying areas. dont build in areas of high risk coastal erosion.

and ignorance is bliss.

 

If that is true, some people are effing ecstatic!

 

Ah yes terrible idea to buy as tenants in common. I was 24 at the time didn't know better. My last partnership deal I did much differently, 80/20 my way in a unit trust.

 

One was Wendy Harmer....

Think; anything that is a change to natural surroundings, flora and fauna etc...

Usual behaviour of the green left who like to block all types of "progress" and keep us all living in trees, and the environment untouched.

My guess is they were protesting simply because the folks involved were just well-off, and ot they didn't want the natural beach to be touched in any way.

We see it down our way all the time with this crowd.

But it was revealed in Sam's interview that the residents weren't willing to kick in for that wall apparently, so it's hard to apportion all the blame, I'd say.

 

That's the one:
Sydney storms: Wendy Harmer and protesters from 14 years ago still opposed to sea walls despite the devastation

 

Don't want to appear to ask a silly question, but how many people frequent this beach?

And why would a sea wall be a big deal, given the recent destructive outcome?

 

I've never been there myself.
Can imagine lots of locals go there all the time.

 

I hope the somewhat ugly forecasts for Sunday 19 June 2016 don't deliver a further upsetting outcome for both the property owners (and the aforementioned locals)...