Insurance for flood areas?

[Jacque]

Has anyone found an insurance company who will cover for flood zones (1 in 100 yrs zoning) without costing an absolute bomb? I recently went to renew one of my Singleton houses and was dismayed to find out that the policy had increased by an extra $200 a year. Doesn't sound much but when you start to add it all up.......
Every little bit saved makes a difference, as they say :)

It was insured for $114,000 a year and the building policy was going to cost me $469, as opposed to $275 when I took it out! I have looked at taking out cheaper policies and have stumbled into a minefield of info regarding floods and what they mean. (flash, river,water catchment system etc) Help! Is there someone who has developed a list of checklist questions to assist us when taking out insurance?
Appreciate any tips :)

[warreng]

Jacque,

Flood cover is not favoured by insurers. Most will not even consider it. As you found, those that will include it charge like a wounded bull.

There is really no set checklist. It is really a matter of deciding what you need to have insured and then finding policies that give you that cover.

I cover some this in my book. The best thing to do is get the policies and go through them. Great reading for insomniacs.

Hope this helps,

Warren

[Jas]

Westpac do Jacques.

I was looking into a block of flats on a floodplain (vitually the whole town was), and found them.

Another idea is to ask a local PM. Yours can't be the only flood plain property in the area. Find out who landlords are using.

Jas

[Jacque]

Thanks for that guys. Though I'm flat out just right now, I will look into it. I think that, considering the recent natural disasters afflicting our country, we should all be taking a closer look at our insurance policies.