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There Are Three Types Of Flood Insurance Coverage, (Read 13882 times)
imcrookonit
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There Are Three Types Of Flood Insurance Coverage,
Jan 14th, 2011 at 6:24am
 
QUEENSLAND flood victims should not expect any special favours from insurance companies if their homes are not insured against floods.

The Insurance Council of Australia has warned that insurance companies would pay out on claims according to the terms and conditions of policies.

"If people do not purchase flood cover insurance, they will not be covered," an ICA spokesman said yesterday.

It is estimated more than half of all insured homes in Queensland are not covered for flood damage.   Sad

The Australian Securities and Investments Commission estimated that 70 per cent of all Australian homes were under-insured in 2005.  Sad

"More than 50 per cent of all available insurance policies in Queensland provide flood cover," the ICA spokesman said.

"People should assess their needs and get the proper insurance coverage for their homes and not be guided by price only."



Suncorp, the biggest insurer in Queensland, is the only company to automatically protect against flooding for home and contents insurance policyholders.

There are three types of flood insurance coverage: flash flooding, storm damage and riverine flooding.  Huh

IAG, Allianz and QBE do not offer flood protection. RACQ provides flood and riverine cover as an optional extra.

An industry source said some companies were not prepared to offer flood protection in areas that had been subject to floods in the past.

"I would be surprised if insurance companies would make ex-gratia payments to customers who do not have flood insurance," a spokesman for Allianz said.

"The scale of the Queensland disaster is so large that it would be financially prohibitive."

However, flood victims whose homes have been wrecked by the floods and who have no insurance can turn to the state government for assistance.

"We will be helping people without flood or home insurance, but it is far too early to know the details, and the priority right now is dealing with the ongoing emergency situation," a government spokesman from the Queensland Premier's office said.

Premier Anna Bligh has set up a flood assistance program, and announced concessional loans for primary producers and small businesses to help in the flood recovery and clean-up.

In addition, the Premier's Flood Relief has raised $35.8m to help families in need.

Suncorp received an additional 1000 claims from flood victims in Toowoomba, Ipswich and Brisbane yesterday, taking the total claims lodged so far to 5000.

IAG has received 2400 claims from the same area but said it was too early to calculate the total claim cost to the insurer. This is in addition to the 1200 claims it received from earlier floods caused by Cyclone Tasha, which is expected to cost IAG between $10m and $30m. IAG operates under the NRMA and CGU insurance brands in Queensland.

RACQ received 400 fresh claims yesterday, taking its total to 2000. QBE declined to comment.


Comments on this story

   *
     LaurieOfCoburg Posted at 2:06 AM Today

         Why would you expect insurance companies to bend the rules or have a heart. How are you supposed to get cover for flood when most of the companies won't offer it unless you live on top of Mount Everest. One of the main reasons l left the insurance industry, they are quick to take your money but will always find an excuse not to pay out.   Sad

   *
     michelle of melb Posted at 1:54 AM Today

         If you're stupid enough not to have your house insured, why should you expect to be compensated. Those who do the responsible thing and do insure themselves should be taken care of first, not the freeloaders who sit back and expect someone else to bail them out all the time. Sorry - NO SYMPATHY.

   *
     Wendy of Rural Victoria Posted at 1:34 AM Today

         It's a bit rich when insurance companies refuse to cover you for flood.

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imcrookonit
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Re: There Are Three Types Of Flood Insurance Coverage,
Reply #1 - Jan 14th, 2011 at 6:26am
 
There are three types of flood insurance coverage.  I see, now they tell us.   Sad
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aussiefree2ride
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Re: There Are Three Types Of Flood Insurance Coverage,
Reply #2 - Jan 14th, 2011 at 6:29am
 
As per usual sook, you are barking up the wrong knee. The issue isn`t 'flood insurance", the issue is the fact that even with "flood insurance", in the event of a large scale flood, insurance companies simply aren`t big enough to pay out, hence the "act of god" clause.
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imcrookonit
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Re: There Are Three Types Of Flood Insurance Coverage,
Reply #3 - Jan 14th, 2011 at 6:33am
 
I always thought if you had insurance you would be covered,  silly me guess I thought wrong.   Sad
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freediver
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Re: There Are Three Types Of Flood Insurance Coverage,
Reply #4 - Jan 14th, 2011 at 6:35am
 
Thanks crook.

Please include a link to the source when you post articles.
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imcrookonit
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Re: There Are Three Types Of Flood Insurance Coverage,
Reply #5 - Jan 14th, 2011 at 6:42am
 
Most welcome.  Try Herald/Sun newspaper.   Smiley  
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gizmo_2655
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Re: There Are Three Types Of Flood Insurance Coverage,
Reply #6 - Jan 14th, 2011 at 6:46am
 
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"I just get sick of people who place a label on someone else with their own definition.

It's similar to a strawman fallacy"
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aussiefree2ride
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Re: There Are Three Types Of Flood Insurance Coverage,
Reply #7 - Jan 14th, 2011 at 7:04am
 
Quote:
I always thought if you had insurance you would be covered,  silly me guess I thought wrong.   Sad  



Insurance companies are briliant at grabbing the premiums, but where they really excell is in the area of payment avoidance.

Firstly, they can play ducks and drakes with the different "categories" of water damage.

Secondly, and more importantly, flood insurance at best is a very unreliable product.  The simple fact is that in these big flood events, the insurance companies simply haven`t enough funding capacity to pay, so they have an "out clause", which deletes tha insurance companies` responsibilities. Ron Boswell is innitiating talks to address this problem.  Boswell is suggesting that the flood component of all insurance premiums be directed to central fund, in an attempt to eliminate this fault in the system.

Thirdly, I blame the insurance companies for not explaining this to their potential clients. Although, the "act of god" clause is actually common sense, people should be made aware of the default capacity of their policies. Flood Insurance - pays out SOMETIMES!
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Re: There Are Three Types Of Flood Insurance Coverage,
Reply #8 - Jan 14th, 2011 at 8:31am
 
"Boswell is suggesting that the flood component of all insurance premiums be directed to central fund, in an attempt to eliminate this fault in the system"

Is this a new thing? That wasn't what he was suggesting the other day - he was proposing to add a levy to ALL insurance policies, to build a fund for natural disasters.

Do you even understand your hero's proposal?
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qikvtec
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Re: There Are Three Types Of Flood Insurance Coverage,
Reply #9 - Jan 14th, 2011 at 8:55am
 
Quote:
There are three types of flood insurance coverage.  I see, now they tell us.   Sad


Actually it's in the Product Disclosure Statement of any insurance policy, by law in fact.

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Politicians and Nappies need to be changed often and for the same reason.

One trouble with political jokes is that they often get elected.

Alan Joyce for PM
 
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qikvtec
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Re: There Are Three Types Of Flood Insurance Coverage,
Reply #10 - Jan 14th, 2011 at 8:56am
 
Quote:
I always thought if you had insurance you would be covered,  silly me guess I thought wrong.   Sad  


That bit surprises me.
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Politicians and Nappies need to be changed often and for the same reason.

One trouble with political jokes is that they often get elected.

Alan Joyce for PM
 
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perceptions_now
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Re: There Are Three Types Of Flood Insurance Coverage,
Reply #11 - Jan 14th, 2011 at 12:29pm
 
Quote:
There are three types of flood insurance coverage.  I see, now they tell us.   Sad


Can I suggest, there are only two -
1) Your covered!
2) Your NOT covered?

The trick is, as usual, to LOOK BEFORE YOU BUY!
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perceptions_now
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Re: There Are Three Types Of Flood Insurance Coverage,
Reply #12 - Jan 14th, 2011 at 12:37pm
 
aussiefree2ride wrote on Jan 14th, 2011 at 6:29am:
As per usual sook, you are barking up the wrong knee. The issue isn`t 'flood insurance", the issue is the fact that even with "flood insurance", in the event of a large scale flood, insurance companies simply aren`t big enough to pay out, hence the "act of god" clause.


Insurance policies (in Australia) list things that are covered and things that are NOT covered.

I don't recall seeing under the NOT covered list, an exclusion saying Act of God!

For want of a better term, there are "Acts of God" that are covered and there are "Acts of God" that are Not covered.

There are also "Non-Acts of God" things that are covered and "Non-Acts of God" things, which are Not covered.

To all, I strongly suggest, you read the policy, before you buy it and you ensure that the major covers you are likely to need, are covered.

If not, then look around!

That said, it may be likely that some covers, will start to become difficult get, at any price!
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aussiefree2ride
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Re: There Are Three Types Of Flood Insurance Coverage,
Reply #13 - Jan 14th, 2011 at 1:12pm
 
perceptions_now wrote on Jan 14th, 2011 at 12:37pm:
aussiefree2ride wrote on Jan 14th, 2011 at 6:29am:
As per usual sook, you are barking up the wrong knee. The issue isn`t 'flood insurance", the issue is the fact that even with "flood insurance", in the event of a large scale flood, insurance companies simply aren`t big enough to pay out, hence the "act of god" clause.


Insurance policies (in Australia) list things that are covered and things that are NOT covered.

I don't recall seeing under the NOT covered list, an exclusion saying Act of God!

For want of a better term, there are "Acts of God" that are covered and there are "Acts of God" that are Not covered.

There are also "Non-Acts of God" things that are covered and "Non-Acts of God" things, which are Not covered.

To all, I strongly suggest, you read the policy, before you buy it and you ensure that the major covers you are likely to need, are covered.

If not, then look around!

That said, it may be likely that some covers, will start to become difficult get, at any price!



You are totally clueless.
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aussiefree2ride
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Re: There Are Three Types Of Flood Insurance Coverage,
Reply #14 - Jan 14th, 2011 at 1:14pm
 
Please delete wrote on Jan 14th, 2011 at 8:31am:
"Boswell is suggesting that the flood component of all insurance premiums be directed to central fund, in an attempt to eliminate this fault in the system"

Is this a new thing? That wasn't what he was suggesting the other day - he was proposing to add a levy to ALL insurance policies, to build a fund for natural disasters.

Do you even understand your hero's proposal?



Keep working on it, you might get there one day, sorry, can`t wait for you.
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