Floods in Queensland: Are You Prepared? The Importance of Regular Insurance Valuations

Shayne Dunstan
6 days ago
2 min read

Recent updates to Brisbane City's flood hazard mapping reveal that over 10,000 properties are now at risk of future flooding, with more than 2,000 properties being reclassified into higher risk categories. Given that Queensland is the Australian state most prone to natural disasters, property owners need to ensure their insurance policies provide adequate protection.

Source: ABC - Primary areas affected by approved flood map update. The Gap, Enoggera, Bardon, Ashgrove, Wilston, Newmarket, Kelvin Grove, Red Hill, Albion, Windsor, Newstead, Bowen Hills, Herston, Fortitude Valley.

This Is a Key Opportunity to Review Your Insurance Policy

With planned changes to the flood awareness mapping tool scheduled for September 19, it is wise to review your insurance coverage and verify if you are protected against flood damage. Property owners in the impacted regions will receive notifications next month outlining the new flood risk classifications.

The Rising Cost of Insurance Premiums

As insurance premiums rise, it's essential to reassess your coverage to avoid overpaying and being underinsured. Updating the valuation of your property can help you:

- Avoid Overpaying: Ensure you're not spending more than necessary on premiums.

- Avoid Underinsuring: Confirm your policy offers enough coverage for financial protection in a disaster.

What Can You Do?

To protect your financial interests, regularly review your asset valuations to ensure accuracy. Remember, an insurance valuation can be more affordable than you think, offering peace of mind.

We offer Building Insurance Valuations in Greater Brisbane, the Gold Coast, and the Sunshine Coast, for both residential and commercial properties, as well as body corporates, starting from as little as $400. Contact us today for a quote.