Victims of the rain swamps in Townsville are still fighting to get insurance money after the disaster earlier this year. According to 9News, claims of Townsville residents and commercial property owners remain to be under evaluation. These claims amount to over $1 billion due to the destruction of around 3300 properties. However, insurance holders have expressed frustration due to their alleged exclusion in coverage policy.
An embargo was implemented by some insurance companies shortly after the disastrous flood, preventing Townsville residents and property owners from getting new policies, reports Townsville Bulletin. This embargo also applied to individuals who seek to purchase new properties. Fortunately, this was lifted a few weeks after its implementation.
One resident says that his claim for more than $100,000 in damage and losses was not granted as he had been paying for water damage coverage, which is deemed to be different from flood damage. Because of this, coverage provider QBE denied the claim.
Another resident who used to rent residential space has also ‘lost everything’ due to the owner not having flood coverage.
What experts say
Solve My Claim owner David Keane weighed in on the insurance battle fought by Townsville victims. According to him, it is possible that some property owners and businesses are not likely to recover. Keane reserves optimistic views for homeowners as some of them may have flood coverage. However, he is pessimistic about small business owners, as well as unit owners and renters.
Meanwhile, residents and businesses are attempting to stay afloat during the insurance battle. As the providers deny flood claims, Keane encourages victims to release photos of storm damage before the flood. This is in the hopes of having some claims approved.
Insurance companies have not given statements due to ‘privacy reasons.’