According to the experts, the recent NSW and Queensland floods have been extreme and will occur more frequently as our planet warms.

Overview: the far-reaching impacts of the floods

But it’s not all about climate change. We’re also at the tail end of a La Nina weather pattern, and there was another influence, an ‘atmospheric river’, described by the B.O.M as natural formations of very moist air from the tropics sitting atop the region for days.

We will need to take flood impacts into account when planning where, how and when we build new housing and infrastructure. That’s because, across much of NSW, surface runoff will increase, meanwhile in Queensland more work needs to be done on water modelling going by information released by the state government last year.

In numbers: the predicted financial toll

The figures for the financial fallout of the recent floods in NSW and South-East Queensland are ongoing as we write this. By 7 March, insurers had received more than 86,700 claims, with more than two-thirds from Queensland. Nearly 80% concerned property, with claims expecting to total about $1.3 billion. It’s officially an insurance catastrophe!

How to claim flood damage

Be mindful of how your insurance policy defines flood, storm, runoff and rainwater damage. As well, depending on how you’ve been affected, other insurance policies you hold, such as home and content and motor vehicle insurance, may come into play when claiming emergency accommodation or urgent financial payments. We can help you understand the most common definitions used in describing your situation and what your existing insurance policies will cover.

What happens next?

After we’ve lodged your claim with the insurer on your behalf, steps will be taken to ensure the property is safe, and once your claim is accepted, they’ll organise an expert to list and cost the repairs needed. Listing each damaged item may be unreasonable in the circumstances, and in many cases of total destruction, insurers may offer a cash settlement up to the sum insured under the policy.

Remember, each claim is unique and we can guide you through claiming flood damage.

If you would like to know more about claiming for flood damage to your business,  please CLICK HERE or contact us for more information.