How do insurers determine the flood risk to my property? This may be required to establish whether other inclusions in your policy (cover for storm water run-off for example) can cover all or part of your claim. If you opted out of flood cover, did not opt in to flood cover, or your policy excludes flood, your insurer may still assess any claim you make to determine how your home was inundated. What happens if I don't have flood cover? brokers.Ĭustomers should review their policy documentation or contact their Broker to confirm the cover they have in place. Most commercial products are purchased via intermediaries i.e. Most domestic products are purchased direct from insurers.įor commercial products, flood cover is not standard and has to be opted into. Not standard inclusion, opt in at customer request.Standard inclusion, opt out at customer request.Flood has a standard definition and for domestic products is offered in four ways: Speak to your insurer or broker if you’re not sure.
Other forms of insurance may have different ways of describing flood risks. These options are explained in the product disclosure statement for your policy.Ĭheck your policy wording and talk to your insurer if you do not understand what you are covered for.
Storm or rainwater cover in your insurance policy may cover the situation where your house becomes inundated by rainwater that has fallen naturally from the sky. Though most insurers regard rainwater runoff as part of storm cover, some insurers won’t cover rainwater runoff or storm surge when the customer chooses not to take flood cover.
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