Consider the case of Lismore, which has been plagued by frequent floods. In January 2023, The Sydney Morning Herald reported that homeowners had witnessed their annual home insurance premiums soar from a modest $1,400 to a staggering $15,000 once flood coverage was factored in. Moreover, the cost for comprehensive home and contents insurance has surged even higher, reaching a staggering $25,000.
As wild and unpredictable weather events become more commonplace and severe, it’s crucial for all Australians to become well-informed about the local weather risks in their regions. It’s also important to understand what flood cover options are available and have adequate insurance for floods.
This knowledge is essential for making informed decisions when considering relocation and for adequately preparing for potential disasters in Newcastle and our surrounding region. Recent data from the NRMA ranks Newcastle and Lake Macquarie as the second-hardest-hit areas in NSW in terms of claims related to home and motor damage during the winter of 2023.
Know your flood risk
To aid individuals in understanding their flood risk, Steadfast Group has developed a useful tool called the Flood Risk Tracker. This tool is designed to assess the risk of flooding at specific addresses, whether for residential or business purposes. It compiles data from various sources, including satellite imagery, flood maps, climate change information, the impact of catastrophic events, and population density. Users can simply input their address details to access the results, which will highlight the level of exposure hazard at their location.
Launch the Flood Risk Tracker Tool
For additional practical information regarding flood risk and preparedness, consult your local council, state and territory emergency services, and the Bureau of Meteorology.