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Flood Insurance

After the floods, cyclones and hurricanes hit parts of Australia, many Australian insurance companies have agreed to create a definition for the insurance for floods. Apparently more than half of the house owners of the victims that were hit by the summer floods in the east of Australia did not have an insurance to cover the natural disaster.

When a tragedy like this strikes, many people are left to ponder and fear what would happen to them. Will insurance for flood victims save them? Or will they have to start everything again from the beginning?

Everyone who owns some kind of insurance, such as home, contents and travel would know that fine prints are very complicated to decipher. This is unacceptable and will only make suffering people live through a longer nightmare. According to a meeting with the Insurance Council of Australia, the industry had teamed up to invent a standard definition with a simple policy, using simple languages for all to easily understand. The council will meet twice a month to consult about how to apply the definition. This would be part of the recovering plan in the affected areas.

During the aftermath of the floods, many home owners realized their insurance policy and terms only covered the events of a flash flood or a storm flood, but not river floods. When signing up to the flood insurance of your choice, make sure you ask them about what type of damages are included and consider if you will need them. Always remember to ask questions about what is offered for you, especially about how a flood is defined.

For some policies, a flood could be defined as "the inundation of normally dry land by water escaping or released from the normal confines of any natural watercourse or lake (whether or not altered or modified) or of any reservoir, channel, canal or dam" while the other states "the inundation of normally dry land by water escaping or released from the normal confines of any natural watercourse or lake (whether or not altered or modified)." Take care of what each of those description means.

So how do you know if your property is at risk? Flooding can take place if your house is nestled near a river, creek, dams, and other natural water sources, even if it is artificially made by humans. If they overflow, the water can easily cause a chaotic flood. In order to know if your house is at risk of flooding, watch out for signs, the news, community radios and neighbours. Your council may phone you, and the news beforehand may publish a warning.

Insurance Companies

Insurance Companies For Flood

Here is a list of all (but not limited to) the insurance companies that offer home insurance plans, packages, premiums and/or services.

RAA Home Insurance
RAA appears to be a pretty descent insurance company that pays on time. The only disadvantage is having your car heavily devalued after being with them for over a year ...

Tio Home Insurance
TIO is a small and manageable insurance company to join if you live in the Northern Territory. Prices are cheap, affordable and were listed in Choice Magazine as one of the best insurers ...

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