Again, you can read the PDS and TMD for details. If you are renting and have contents insurance, you may want to check whether your policy provides cover for flood damage to your belongings, and if there are any coverage limits. If you are unsure about what your current home insurance policy – or a new policy you are considering – covers in relation to flooding, check the Product Disclosure Statement (PDS) and Target Market Determination (TMD) for the details, or speak to your provider to clarify what is and isn’t covered.
FLOOD INSURANCE COST ESTIMATE FULL
Some providers specify limits on flood damage coverage, meaning the amount you’re reimbursed by as the result of a successful claim may not cover the full cost of repairing the flood damage to your house. Your exact level of coverage will depend on your provider and policy. Different insurance providers may use different terms to explain what they will and won’t cover in relation to floods, which can cause confusion when comparing policies, or when trying to figure out what you’re personally covered for. Does flood insurance cover all types of floods?Įven if you do have flood cover as a component of your home insurance policy, you may not be covered for everything that you think. If flood cover is a standard inclusion, your insurance provider might even allow you to ‘opt out’ to lower your home insurance premiums. A notable exclusion, which means that it is not part of your policy and you cannot add it on.Available as an add-on feature, which means that you would have to ‘opt in’ for that type of cover and pay an extra fee.A standard inclusion, which means it is included in the standard features of your policy for no extra charge.These include the type of home insurance policy you have, and what is included or excluded in that policy. Whether or not your home is covered for damage caused by a flood depends on a number of factors. Here’s how you can find out, and what you can do to make sure you’re covered.įlood insurance is a particular type of insurance that is intended to cover property owners from damage caused by what an insurer defines as flooding. Flood cover can be complex, however, and even if you do have home insurance, you may not be covered for everything you think. If you are a homeowner in Australia, then it can be important for your peace of mind to know that your property is covered in the event of a natural disaster, and flood insurance could be a big component of this.
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