This became the standard definition following the Queensland floods in 2011, and means there are many water-related events that insurers won’t consider to technically be a 'flood'.įor example, Budget Direct’s flood cover protects customers from floods caused by storm and rainwater and an escape of liquid. The covering of normally dry land by water that has escaped or been released from the normal confines of the following:Ī lake, river, creek or other natural watercourse (whether or not any of them have been altered or modified) and It’s very important to know that insurers tend to have multiple different definitions for floods, as certain types of floods may or may not be covered under your insurance. See also: What is landlord insurance and why do you need it? What different floods does flood insurance cover? Depending on your insurer, you might be able to add flood cover for an extra cost if it isn’t already covered. To check if your current policy covers flood damage, check your product disclosure statement (PDS). Things like rain and storm damage tend to not be covered under flood insurance, as these will usually be covered in most standard home insurance policies. Temporary accommodation if you are displaced from your home due to a floodĪny costs to repair your property if it is damaged structurally (some policies have a limit on this)įlood insurance usually doesn’t cover damage to things outside your property (like driveways or gardens, exterior fences etc.) or any damage that occurs within a few days of you taking out the policy. Generally speaking, a good flood insurance policy should provide cover for: What is flood insurance?įlood insurance is a type of home and contents insurance, sometimes as an opt-in or opt-out add-on policy, that is designed to protect your home from a flood. ![]() Different terms, fees or other loan amounts might result in a different comparison rate. Warning: this comparison rate is true only for this example and may not include all fees and charges. *The Comparison rate is based on a $150,000 loan over 25 years. Monthly repayments, once the base criteria are altered by the user, will be based on the selected products’ advertised rates and determined by the loan amount, repayment type, loan term and LVR as input by the user/you. All products will list the LVR with the product and rate which are clearly published on the product provider’s website. Some products will be marked as promoted, featured or sponsored and may appear prominently in the tables regardless of their attributes. ![]() However, the ‘Compare Home Loans’ table allows for calculations to be made on variables as selected and input by the user. On a national scale, with as many as 20% of Australian homes at risk of potential flooding at some point, having flood insurance for your property might be a good idea.īuying an investment property or looking to refinance? The table below features home loans with some of the lowest variable interest rates on the market for investors.īase criteria of: a $400,000 loan amount, variable, fixed, principal and interest (P&I) home loans with an LVR (loan-to-value) ratio of at least 80%. ![]() The Brisbane River peaked at 3.85 metres on Monday morning, compared to the 4.46 metre peak in 2011, and an estimated 18,000 homes have been flooded in Brisbane alone. Unfortunately, Queensland and NSW are currently experiencing major flooding, which is being compared to the 2011 Queensland floods. Unsurprisingly, the worst year for floods in this period was between 20, when devastating floods wreaked havoc on Queensland. Of the 905 disaster declarations made in Australia between 20, 447 were due to floods. Here in Australia, we’re prone to big storms, the occasional earthquake, hail and of course bushfires, which wreaked havoc on our lives and the economy in late 2019.Īnother common natural disaster in Australia is the flood. There’s no shortage of natural disasters that can do a number on your home.
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