brokers.Ĭustomers should review their policy documentation or contact their Broker to confirm the cover they have in place. Most commercial products are purchased via intermediaries i.e. Most domestic products are purchased direct from insurers.įor commercial products, flood cover is not standard and has to be opted into.

Not standard inclusion, opt in at customer request.Standard inclusion, opt out at customer request.Flood has a standard definition and for domestic products is offered in four ways: Speak to your insurer or broker if you’re not sure. Other forms of insurance may have different ways of describing flood risks. These options are explained in the product disclosure statement for your policy.Ĭheck your policy wording and talk to your insurer if you do not understand what you are covered for. Storm or rainwater cover in your insurance policy may cover the situation where your house becomes inundated by rainwater that has fallen naturally from the sky. Though most insurers regard rainwater runoff as part of storm cover, some insurers won’t cover rainwater runoff or storm surge when the customer chooses not to take flood cover. any lake, or any river, creek or other natural watercourse, whether or not altered or modified orĮven if your policy excludes flood damage, your policy may still cover you for events such as storm or rainwater damage.

The covering of normally dry land by water that has escaped or been released from the normal confines of: The standard definition of flood in Australia is: It applies to home and contents, small business and domestic strata-title policies. The risk of a flood occurring is reflected in the cost of the premium – property owners with a high risk of flood will pay a higher premium than other property owners.Īustralian regulations include a standard definition of flood, which was introduced in June 2012.

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