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Find out if your property in Australia is at risk of flooding

by Trevor Gibson
General Insurance Broker
December 8, 2023
3 min read

It’s devastating when a natural disaster destroys or damages your home. Use the Flood Risk Tracker to find out if your property in Australia is at risk of flooding.

Recent research conducted by the Climate Council has projected that by 2030, one out of every 25 properties in Australia may become virtually uninsurable due to the exacerbation of extreme weather conditions linked to climate change.

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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

Steadfast Flood Risk Tracker

For additional practical information regarding flood risk and preparedness, consult your local council, state and territory emergency services, and the Bureau of Meteorology.

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.

Get adequate insurance for floods

When it comes to insurance, it’s crucial to ensure adequate flood cover, especially in disaster-prone regions.

Discovering that your insurance falls short in the wake of a flood can exacerbate an already distressing situation. Understanding the events and types of damage covered by insurance policies is vital to securing the right flood coverage for your home. Recognising the disaster risk in your area can help tailor your coverage to protect against the events most likely to affect your property.

Neglecting to obtain or maintain sufficient insurance for coastal or river flooding can put your assets at significant risk. It’s essential to take proactive steps to safeguard your home, business and financial security in the face of increasingly volatile climate conditions.

Looking for home insurance or business insurance that can cover your property in the event of a flood?

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Important notice – NewSure Insurance Brokers Pty Ltd

This article provides information rather than financial product or other advice. The content of this article, including any information contained in it, has been prepared without taking into account your objectives, financial situation or needs. You should consider the appropriateness of the information, taking these matters into account, before you act on any information. In particular, you should review the product disclosure statement for any product that the information relates to it before acquiring the product.

Information is current as at the date the article is written as specified within it but is subject to change. NewSure Insurance Brokers Pty Ltd make no representation as to the accuracy or completeness of the information. Various third parties have contributed to the production of this content. All information is subject to copyright and may not be reproduced without the prior written consent of NewSure Insurance Brokers Pty Ltd.


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