Insurance for flood areas?

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 :)
 
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
 
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
 
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.
 
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