This story about a family dealing with Holland Insurance after suffering major storm damage is heart breaking and chilling.
WTF do we pay Thousands a year for home insurance ?
Victorian couple forced to demolish storm-hit home after delays from insurer, ASIC alleges
Australia's corporate watchdog alleges one of the country's biggest insurers took nearly three-and-a-half years to resolve a claim over storm damage to a property in regional Victoria.
The Australian Securities and Investment Commission (ASIC) is suing Hollard Insurance, accusing it of breaching its "duty of utmost good faith" in its handling of the claim.
A regional Victorian couple lodged a claim two days after suffering major storm damage to their home.
In late October 2021,
major storms battered the state, resulting in thousands of calls for help to the State Emergency Service and leaving more than half a million properties without power.
ASIC said Hollard — Australia's fifth largest general insurer — deliberated for 18 months before rejecting the claim in April 2023.
Insurer caused 'prolonged harm' to couple, watchdog alleges
The watchdog claims Hollard relied on "a non-expert opinion over prior expert reports" on the cause of the damage to the property and offered the couple a small cash settlement, which was rejected.
ASIC also alleged Hollard delayed decisions over repairs and took nine months to initiate an inspection by a structural engineer and delayed providing temporary accommodation to the couple.
The corporate watchdog alleges delays by Hollard Insurance over a storm damage claim left a Victorian couple with no choice but to demolish their home.