Question: How regularly should we be reviewing our flood cover with respect to current market changes and escalating building costs to mitigate risk? Is this considered under flood cover?
Answer: If there has been a flooding event in your area since the last review, there might be cause for a review.
The main thing you’ve got to understand is whether there is flood exclusion in your policy. In terms of how often you should be considering your flood cover, that depends on a case by case scenario.
If you’ve been on the committee for 10 or so years and you looked at the flood exposure years ago, there may have been no changes to flooding events in your area. The previous review as it might still be relevant.
Obviously, if there has been a flooding event in your area since the last review, this changes things and there might be cause for a review. Likewise, if you’re a new committee member or a new committee and you don’t know if there has been a review done recently, this is also a good opportunity and a good time to consider whether you need flood cover.
Tyrone Shandiman
Strata Insurance Solutions
E: tshandiman@iaa.net.au
P: 1300 554 165
This information is of a general nature only and neither represents nor is intended to be personal advice on any particular matter. Shandit Pty Ltd T/as Strata Insurance Solutions strongly suggests that no person should act specifically on the basis of the information in this document, but should obtain appropriate professional advice based on their own personal circumstances. Shandit Pty Ltd T/As Strata Insurance Solutions is a Corporate Authorised Representative (No. 404246) of Insurance Advisenent Australia AFSL No 240549, ABN 15 003 886 687.
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