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Bespoke Insurance Group

B-05Business

Flood Coverinsurance.

Understanding how flood is, and is not, covered across your policies.

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B-05 · Elevation

01 · The exposure

Water finds every gap. So should your review.

Flood cover is often built into home, contents, strata, motor and business insurance policies, but its availability and terms vary by insurer and location. For many policy types in Australia, flood has a standard definition: broadly, the covering of normally dry land by water that has escaped or been released from the normal confines of a natural watercourse, lake, reservoir, canal or dam. Understanding whether, and how, flood applies to your property is essential, particularly in exposed areas.

02Scope

What this covercan respond to.

A general guide. What a particular policy covers depends on its wording, limits, conditions and exclusions, and on what is declared to the insurer.

  1. 01Damage to buildings and contents caused by flood, where flood is included and not excluded
  2. 02Related costs such as clean-up and debris removal, subject to the policy
  3. 03Business interruption following flood damage, where both sections apply
Often discussed byProperty owners in or near flood-prone areasBusinesses with ground-floor stockStrata schemesRural and regional operations

03What we look at

Where the detailmatters.

  • Flood versus storm

    Rainwater runoff, storm surge and riverine flood can be treated differently. The distinction matters at claim time.

  • Availability and price

    In high-risk locations flood may be expensive or restricted. We can approach the market broadly and discuss mitigation.

04 · Before we talk

Questions yourbroker will ask.

Having these answers to hand makes the first conversation faster and the submission to insurers stronger.

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  1. Has the property been affected by water before?
  2. Where is stock and key equipment stored relative to ground level?
  3. Is flood currently included or excluded on your policies?

05 · Questions

Frequently asked.

Can I add flood cover to my business policy?

Often, yes, though it depends on the insurer and the flood risk at your address. Some policies include it automatically with an option to remove it.

Related cover

Commonly part of programs for property & strata.

Talk flood coverthrough with a broker.

A short conversation is usually the fastest way to know where you stand. No obligation, and no form required if you would rather call.

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Or call 1300 513 652, answered 24/7