Insurers asked to consider standard flood definition

  • by The Quotesonline Team

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The Federal Government has announced plans for a major shake-up of disaster insurance, including the introduction of a standard definition of flood.

Many Queenslanders found out too late this year that their insurance companies did not cover them for water damage and loss because of different definitions of the word.

Now, hundreds of people are fighting legal battles with insurance companies because they thought they were covered.

The plight of many flood victims prompted the Federal Government to launch a review of the industry.

The Natural Disaster Review Panel made 47 recommendations.

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Source ABC.com.au

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