Flood / water insurance
Insurance companies constantly re-assess risk based on a number of factors. As a result, their policies and premiums can change based on factors including climate change predictions, flood modelling and the construction of infrastructure.
The ACT Healthy Waterways project team has been communicating with the Insurance Council of Australia (ICA) to advise them on the nature of the infrastructure being built. Flood modelling information for the ACT Healthy Waterways projects has been shared.
The primary goal of the ACT Healthy Waterways project is to improve water quality. However, the project team were mindful of flood risk during the planning and design process and modelling indicates there will be no impact on flood risk on or around any of the project sites.
Residents who notice a significant increase in the flood / water premium for their home insurance should contact the Insurance Council of Australia (ICA).