MORE than 5000 Logan homes have been added to Logan City Council’s new flood zone map, causing concern about insurance premium price hikes.
With more properties to be added to the list as Logan City Council maps further catchments across the city in 2023 and 2024, residents have been advised to keep an eye on the map and contact their insurers if they are affected.
Julie Bond’s property in Logan Village has been newly added to the flood map, despite being dry for over 30 years.
“There is a water easement which runs through the back of everyone’s properties in our street and my property and the neighbours beside me are the only two indicated on council’s map,” she said.
“I’m assuming council is saying that in case the creek swells and backs up, but in the 30 years I have lived here I’ve never seen it.”
Ms Bond is now concerned about her insurance.
“My home is not affected but a portion of my property is, but that won’t stop insurance companies from putting the price up,” she said.
“My insurance isn’t due for renewal until February, so I really won’t know the affects until then.
“Have these people even stood on the land and surveyed where the water goes? It’s ridiculous.”
Insurance Council of Australia’s (ICA) spokesperson said Logan City Council has already approached them with new flood maps.
Some councillors have said the new mapping shouldn’t lead to insurance hikes. But the industry isn’t so sure.
“Insurers have access to Logan data in the National Flood Information Database (NFID). Insurance Council Australia has been approached by the local council to update the data with the newly adopted maps,” the Insurance Council spokesperson said.
“The NFID draws on the council-adopted engineering maps for a local government area and considers the risk of flood in an average return period. That is, a 1% average return is a 1% chance of the area being inundated by flood water in any given year (1:100).”
According to the ICA, insurers consider multiple factors when calculating premiums and flood risk, National Flood Information Database data is just one of those factors.
“Most insurers use NFID to determine the flood risk to individual properties, and calculate the premium based on this risk and other criteria including building construction, occupancy, location and claims history,” the spokesperson said.
An RACQ spokesperson said their risk assessment incorporates multiple flood data sources as part of their pricing reviews.
“Government flood mapping is one of many sources we consider when assessing the level of risk in each region, but it may not automatically change our assessment,” she said.
“We continue to invest in geo-spatial modelling to understand the different risks posed by perils such as flood, cyclone, hail or bushfire to Queenslanders across the state.”
So, it’s probably best to speak to your individual insurer.
“It’s important for all Queenslanders, regardless of where they live to be aware of their risks and prepare for storm season. If you have questions, get in touch with your insurance company early to discuss your concerns,” RACQ’s spokeswoman said.
