The couple has registered with the $740 million Resilient Homes Fund which is being jointly funded by the Queensland and federal governments. 'We wanted the insurance company to come to the party and honour our policy.' Calls for various levels of government to do more 'It's been actually very stressful … we don't know what to do. 'I find that as we're getting older, the hospitals and everything are close. 'Tony wants to relocate, I don't,' Ms Carpenter added.

'I really don't want to stay here. My feeling is we need to move on,' Mr Faulks said. Mr Faulks and Ms Carpenter know something needs to change before they face their next flood, but they're divided about what that change should be. 'I was absolutely gobsmacked by the number. 'We've done catastrophe modelling, which is looking at the impacts of those events. 'Right across Australia, the number is one in 25 , but in individual areas it might be as high as nine in 10 – 90 per cent of properties at risk of being uninsurable. 'Uninsurable doesn't necessarily mean that you can't get the insurance, it means you can't get affordable insurance, and that's the key here,' she said. 'It just became completely unaffordable after the levels of flood in 2011.' Parts of Australia predicted to be 'uninsurable'Ī recent Climate Council report says extreme weather events could make insurance too expensive for many by 2030.Įconomist Nicki Hutley predicts parts of the country will become uninsurable. 'Every day it's a concern that something could happen,' Mr Fletcher said. The Fletchers haven't always been uninsured they had cover during the 2011 floods which meant they were able to bounce back relatively quickly.īut after that disaster, they found their premium became unaffordable, despite them shopping around. However, flood insurance is highly recommended because 25% of all flood insurance claims occur in moderate-to-low risk flood areas.Ī lender can require flood insurance, even if it is not federally required.'The water went right up to the roof - four and a half metres. Homes and businesses located in moderate-to-low risk areas that have mortgages from federally regulated or insured lenders are typically not required to have flood insurance. If you’re not sure which area your property is in, take your Risk Profile to learn more. For these reasons, flood insurance is required by law for buildings in high-risk flood areas as a condition of receiving a mortgage from a federally regulated or insured lender. In high-risk areas, there is at least a 1 in 4 chance of flooding during a 30-year mortgage. Most policies have a 30-day waiting period, so plan accordingly if you are looking to purchase flood insurance. It’s important to note that flood insurance does not go into effect immediately.

If you are only buying building coverage, be sure to ask if the appliances are covered under that policy. Appliances could fall into the building coverage or they could be considered personal property. Things that are permanently fastened to the house such as light fixtures, carpets and cabinets are considered part of the building. NFIP policies typically cover the building itself, but, for an additional premium, you can buy coverage for the contents. Click here to find a flood insurance provider. These rates depend on many factors, including the date and type of construction of your home, your building’s level of flood risk and how many feet are you above the flood zone. Rates are set nationally and do not differ from company to company or agent to agent. NFIP flood insurance is purchased through private insurance agents. If your community does not participate, you can find coverage through surplus lines markets. Click here to find out if your community participates. In order to qualify for NFIP coverage, the home or business must be in a community that has joined the NFIP and agreed to enforce sound floodplain management standards. Protection is available through the National Flood Insurance Program (NFIP). Flood damage is not covered by a standard homeowners policy.

Flood plain insurance