High and Dry? The New Flood Zones and What They Mean for Your Insurance
In the world of insurance, change is a bit like the weather—unpredictable yet inevitable. With new flood zones popping up, you might wonder what this means for your insurance policy and your peace of mind.
1. High, Low, and "Uh-Oh" Zones
Imagine a friendly map reshuffle [check the Waikato map out here] where you find yourself in a “flood-prone” area. You might be thinking, “But my house is on a hill!” While new zones are carefully calculated, they don’t always match our mental maps. Think of it as the insurance gods’ way of giving us all a heads-up—or, in this case, a heads-up-water's-coming.
2. So, What Happens to My Premiums?
When flood zones shift, insurance companies may adjust premiums and/or excesses to reflect the new risk levels. So, if your once “dry as a bone” home is now in the splash zone, you may see some changes in your general insurance policy.
3. Are You Covered for a Rainy Day?
If you’ve been relying on a basic insurance plan, now’s the perfect time to check if you’re flood-ready. We are receiving more and more enquiry for those who have purchased a property, gone unconditional on their offer only to find that the house they have so been looking forward to is in a flood zone and may face some challenges obtaining affordable insurance, or sometimes any insurance at all.
All it takes is a quick call to our friendly team at Carricks to check if all you need is an umbrella or if you need to be looking at a different house – before you sign on the dotted line!
5. Staying Positive—and Dry!
While new flood zones can stir up anxiety, remember that they’re there to help. This zoning makes sure everyone’s prepared and that you have the right coverage to keep your home (and your wallet) safe. So let’s raise a glass to our new waterlines and embrace a bit of extra protection—after all, staying dry is worth every penny!
