Reforming Flood Insurance: A Proposal to Improve Availability and Transparency

The Government has released its response to the NDIR Final Report. The Government is seeking feedback and comments on the proposal requiring all insurers to offer flood cover in home building and home contents insurance policies they sell, while allowing consumers to 'opt out' of flood cover when they purchase insurance.

This proposal is part of a package of measures aimed at improving the availability and transparency of flood insurance. Other proposals that form part of this package are:

• the flood risk information shopfront which was announced as part of the Government response to the Natural Disaster Insurance Review; and
• the Key Facts Sheet and standard definition of flood, on which the Government issued a consultation paper earlier in the year.