Flood Insurance 101

Posted on May 3, 2007 by | 0 Comments

Tim O'Dwyer M.B., LL.Bby Tim O’Dwyer M.A., LL.B Queensland Solicitor & Consumer Advocate watchdog@argonautlegal.com.au

(From PropertyReview.com.au)

WHY is flood insurance not universally available to homeowners?

The reason, according to the Insurance Council of Australia (ICA), is that insurers believe that not enough has been done to reduce the risk of flood in many communities.

This telling comment came from an ICA brochure entitled Flood insurance: Are you covered? This and further information on flood insurance can be obtained from ICA’s website: www.ica.com.au I actually found a copy of the brochure on a rack in a School of Arts hall. According to ICA, if your property is near a watercourse or is low-lying, it could be flooded in the future. To find out if your house was in a flood prone area, ICA advised to start with your local council. Many councils have historic records of flooding and some have used new technology to determine where floods are predicted to occur.

If councils can’t help, ICA recommended homeowners ask their State Emergency Service, Local Water Authority, neighbours, local conveyancers, solicitors and, wait for it, insurers.

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