Lismore anyone?

[MichaelW]

Guys,

I was going to title this one "Why I don't buy in the regional centres!"

Any investors holding IPs in Lismore? Does insurance cover this sort of stuff, or is this an "act of God" get out of gaol free card for the insurers?

http://www.smh.com.au/news/national/floods-threaten-lismore/2005/06/30/1119724728081.html

Ciao,
Michael.

 

[Macca]

Hi Michael,

Usually an act of god, he /she has been asked so many times for rain lately, who could deny it

Generally, if it comes down it is storm and tempest, if it comes up it is a flood.

 

[bicko]

I think from memory
Insurance companys laugh at you when you put in an application for downtown Lismore....
I know Pitt st bought an Ip near there but it is about 80m above the flood level.

 

[MarkB]

Guys,

I was going to title this one "Why I don't buy in the regional centres!"

Any investors holding IPs in Lismore? Does insurance cover this sort of stuff, or is this an "act of God" get out of gaol free card for the insurers?

Is that why you don't buy in regional centres?

Are regionals the only places that flood?

I think not!

Certain parts of Brisbane are considered flood zones (see further comments below).

/me wonders if Brisbane is a regional too.

Generally, if it comes down it is storm and tempest, if it comes up it is a flood.

Yes, this basic definition of what constitutes a flood is pretty much correct and as such a flood can occur anywhere with enough rain.

I think from memory
Insurance companys laugh at you when you put in an application for downtown Lismore....
I know Pitt st bought an Ip near there but it is about 80m above the flood level.

The Lismore CBD is now protected by a levee. South Lismore is still a swamp waiting to happen though.

Bicko is right, I do have an IP in Lismore and it is about 80 metres above sea level overlooking a valley. I am also sitting on about 20% CG in the year that I have had it.


For those that are interested, the Insurance Council of Australia has produced a little brochure on flood insurance.

Mark

 

[willair]

Certain parts of Brisbane are considered flood zones .

Pitt St,
anywhere along the Brisbane and Bremer rivers will flood,
but it all comes back to flood frequency,and the accuracy
of the basic flood contour maps,which imho vary from 1 metre
to 5 metres on some of the old pre 74 flood lines, but as you say about
Lismore,just because everyones thinks the total area floods there is always a high area in any flood plane,good luck with your property.
willair..