Obtaining Insurance in Flood or Bushfire Zones

If you are planning to purchase a residential property, you should check the insurance ramifications prior to committing as you may get a nasty shock if the property is uninsurable, or the premiums are extremely expensive.

Factors such as flood and bushfire risk have a significant impact on insurers ability to offer cover at an acceptable premium or even offer cover at all.

Recently we had a client purchase a home along the Great Ocean Rd who asked us to place the cover. We were able to find only two insurers that were willing to offer cover at all and the premium was extremely high. This is a result of there being a considerable risk of bush fires along that area of Victoria.

Places that have previously been impacted by floods, such as Rochester, also have similar issues, often the insurance premiums are remarkably high which need to be factored into any purchasing decisions.

Our advice is to research the insurance market before committing to the purchase. Our team of brokers at Provide Insurance are available to assist if required.