There's no more ignoring flood cover

Published: 06/06/2022

There's no more ignoring flood cover

Less than a year ago, we witnessed the treacherous storms that swept across NSW and Queensland. Now the two states have been hit hard yet again, with devastating flooding significantly impacting communities.

Residents are facing the difficult task of rebuilding their lives and businesses. This is no small feat, especially when many people are still navigating the fallout from last year's floods. Some fear this catastrophe could be the last straw for towns that were once thriving communities.

On a normalised loss basis, the 2011 Brisbane disaster led to about $2.075 billion in claims damage. However, the recent catastrophe has gone beyond this. According to the Insurance Council of Australia, claims are already at around $2.5 billion.

The events unfolding in NSW and Queensland have made one thing clear - flood cover cannot be overlooked any longer.

Across Australia, communities are fronting the very real risk of flooding, which is increasing both in frequency and severity. While flood cover can be expensive, it is well worth considering.

The 2011 Brisbane floods sparked a conversation around the accepted definition of flood. Reforms followed and resulted in a universal standard definition being agreed upon. Now flood cover is included in most standard home insurance policies unless customers opt out.

But this is not necessarily the same for commercial policies and some home policies in high risk postcodes where flooding is a near certainty. So even if flood cover isn't in your policy by default, it can be beneficial to look into - the risk can still be there.

Does your current insurance policy include flood cover?

Cost is often the most significant factor when tossing up whether or not to go ahead with flood cover. But with weather-related disasters becoming more common in Australia, would you have the financial resources to recover if a flood hit your property?

Flood cover won't necessarily be included in your existing policy, but there are other options that you can explore within your budget. Your insurance broker will be able to talk through these options with you and help you prepare ahead of the next flood disaster.

How Coverforce can help

Don't wait until disaster strikes to find out you don't have the right cover in place to protect your property. Get in touch with your local Coverforce Office today to find out whether flood cover is included in your policy or what options are available for your business.

The information provided in this article is of a general nature only and has been prepared without taking into account your individual objectives, financial situation or needs. If you require advice that is tailored to your specific business or individual circumstances, please contact Coverforce directly

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