QLD Flood Prone Areas

Discussion in 'Where to Buy' started by Sean Reynolds, 21st Sep, 2015.

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  1. Sean Reynolds

    Sean Reynolds Member

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    Hi all,

    Looking at buying near the Logan Area, and started looking into the Logan City Council Flood Maps (http://www.loganinteractivemapping.com.au/).
    I wanted to use both this data, and quotes from Insurance Companies to determine if it's a risky purchase in this regard.
    I've found property right within a flood prone area (example: 11 Wenlock Crescent, Springwood), and yet looking at online quotes from AAMI or NRMA, the premium is the same as a property outside this flood zone.

    Surely these insurance companies have knowledge of this...just curious why this isn't impacting the quoted premium...
     
    Sean Reynolds, 21st Sep, 2015
    #1
  2. jaybean

    jaybean Well-Known Member

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    I think insurance companies will base ratings on entire suburbs, not streets. It makes more sense to use streets or even specific houses, but maybe it's easier this way.
     
    jaybean, 21st Sep, 2015
    #2
  3. AaronR

    AaronR Well-Known Member

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    I had a unusually high quote on insurance for my Brisbane PPoR and when I enquired they said it was due to being flood prone. My suburb is nowhere near being flood prone, let alone my house/street; so they definitely use some strange data.
     
    AaronR, 21st Sep, 2015
    #3
  4. Kael

    Kael Well-Known Member

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    From what I've read from others experienced in this area, best bet is to ring the insurance companies and request a quote. They'll ask for the property address, along with some other details and put it all into their systems. If they have any issues, they'll quote you with the higher premium.
     
    Kael, 22nd Sep, 2015
    #4
  5. Tekoz

    Tekoz Well-Known Member

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    @Kael that sounds like a good idea, but if you have several IP to be checked, they will think that you are just exploiting them ?
     
    Tekoz, 30th Sep, 2015
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  6. Kael

    Kael Well-Known Member

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    Well for when I did it, I just rang them up and told them that I needed a quote for two properties I was considering purchasing. They asked for the details and addresses and I requested they email them through to me, which they did. Very easy and helpful. In saying that, I am an existing customer, so they were able to look my details up and know I was serious.
     
    Kael, 30th Sep, 2015
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  7. See Change

    See Change Well-Known Member

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    Check the pd online web site for the council . Easier to interpret . Covers a whole range of risks / map overlays

    Our experience suggests the insurance rate according to address , not suburb .

    We've had no problems getting quotes with NRMA

    Cliff
     
    See Change, 30th Sep, 2015
    #7
  8. Tekoz

    Tekoz Well-Known Member

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    Ah I see. was it with Suncorp or NRMA ?
     
    Tekoz, 30th Sep, 2015
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  9. Kael

    Kael Well-Known Member

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    I haven't dealt with Suncorp for a few years but when I did I was able to do it. My main insurer now is Terri Scheer.
     
    Kael, 30th Sep, 2015
    #9
    Tekoz likes this.