As Australia’s first major flood hit in the summer of 2016, the country’s estate agents and real estate experts warned about the potential consequences.
But for the vast majority of Australians, the cost of buying a home was already high and, as we’ve learned from the devastating floods in Melbourne and Brisbane, there was still much to do before a disaster could take hold.
“We’re still at a stage of recovery, we’ve had a big one, but we’ve still got a big hole to dig out,” said Andrew Hodge, an estate agent in New York.
“I think it’s going to be really tough for us to make the next one go away, especially if it’s a disaster.”
Here’s a look at how a disaster would affect you, what you need to know, and how you can avoid the next disaster.
When is the next flood expected?
A major flood is expected in the next 12 months.
A new year’s floods could occur at any time of the year.
In the New York metro area, the most recent flood occurred on March 11, when the area saw three inches of rain, and in the Melbourne region, the latest flood occurred March 24.
What can you do now?
The Government is encouraging people to get a flood insurance policy, but there are plenty of other ways to protect yourself, from getting an insurance quote to taking out a flood damage insurance policy.
Read more about what you can do.
Flood insurance policies are available for sale through the Australian Securities and Investments Commission (ASIC) website.
Here’s how to get an insurance policy from a major insurer.
What if you don’t have a flood policy?
The best thing you can try is to buy one, although there’s a chance you might not get one at all.
“A lot of people don’t buy a flood coverage policy because they can’t afford it,” said Mr Hodge.
“If you don, you might as well just do a little bit of research about the policy.”
Here are some other things you can consider: If you’re planning to buy property, you can always get an initial flood insurance quote, which is usually cheaper than a flood protection policy.
The best way to do that is to visit the AAMI Real Estate website, search for “free flood insurance”, and pay online.
You can then look at the policy you want, and select the price you want.
If you have a property insurance policy that you bought through a third party, you’ll be able to compare it to the policy, and you’ll see if you can get a better price.
If the rate you get is cheaper than the one you’re offered, you’re more likely to get the policy if it has an annual deductible.