Flood insurance

[Mitch1]

Hi

We have bought a duplex property in herston brisbane. Parts of herston flooded but the road we purchased on is on a hill and couldn't flood as any water would just run down the property onto the road and beyond due to the sloping lay of the land.
The flood wise map shows we are "not at risk" but the insurance company (c.g.u) says we are on their flood zone map which is more accurate than councils. As it is a duplex, aami (our PPOR insurer) won't touch it. We went through city cover broker who say cgu are the only ones who had a reasonable deal that would insure it???

Are there other insurers out there who insure duplex and multi units that are actually reasonable on flood cover issues? It's on a hill, an idiot would realise the only way the water can go is downhill! They are charging 1k for 200k building only which will go up hugely once Reno/extension is done and we have to revalue.

 

[devank]

Some insurers don't have flood cover. Just pick them... problem solved.

 

[moyjos]

Try to negotiate a high flood excess. I knew a few people that have done that. One friend has a $10k flood excess just to keep her policy affordable. Her house didn't come anywhere near flooding but insurance deems the suburb "flood prone" ...fair enough a lot of her suburb did flood but she is high on a hill no problem.

 

[wylie]

We've just changed from Suncorp who actually didn't cover us when our house "flooded" from the overland flow from further up the hill in one of Brisbane's major "events" last year (first time in 15 years - hardly a huge risk of happening again). So we changed to Youi.

Then Suncorp increased the premium on two IPs on one policy by nearly $500 for the year (was $1500 and went to $1980). We went with Honan for $1500 for the two together.

I'll be checking Honan next time we need cover and also Youi.

We are also on a hill. If we "flood" (as per the Suncorp idea of what a flood is ) then most of Brisbane will be under water.

 

[Mitch1]

Thanks for all the answers guys, do you know if they cover multi unite? When I asked the broker was there anyone else to get quotes from she said very few cover multi dwelling. so limited choice.cgu will not remove flood cover though I didn't ask about the excess being raised, that's a good option if it is accepted.