They will get insurance Ted, but they may struggle to get flood cover in their policy.
Problem is in a flood prone area the one type of insurance you need if any is flood cover and there in lies the problem Mr Fraser. I did see a spokesman say someting about reviewing it at a later stage but cant remember if he said something about it being after high dam building or having more preventative measures being put in place.
The othe problemm is existing customers having to pay so much more to renew their policy. Most people in these areas are on tight budgets and will simply be unable to afford it. It will be hard times on these two little towns.
Ted the difference is in the Suncorp insurance model. Suncorps standard house cover includes flood cover, so for them to keep wearing the cost of floods they would have to increase the premiums for every policyholder.
Other insurers have flood cover as an add on, so those policy holders pay extra for that added risk.
I'm assuming that Suncorp don't want to change their model, and are prepared to accept the risk for 100 year event floods, but aren't prepared to wear the risk in high flood risk areas.
Still Mr Castle cleaning up after flooding is still time consuming , not to mention a pain in the arse even if it does not cost you too much. And surely it must affect tennants in someway ,
Like I said, done in a few hours in Rocky,the area is very community minded, Fire trucks come along and run a hose out to each house and give yards and underneath a blast to get rid of 90% so for us its just a tidy up .
People are smart enough to have valuables raised above water levels as they get plenty of warning, just like the muppets in Brisbane did, but so many in Brisbane just didn't prepare or couldn't be bothered to.
Quote:
asuming you dont have insurance you must have to compensate by giving a couple of weeks free rent or something.
What for? They know it is a flood area and the property is still liveable during the flooded period. Really, it's not a big drama for people who pay attention to what's happening and prepare. If tenants choose to not live in it during these periods that's their choice but I wont be paying them to stay elsewhere.
Ignore posts by The Whole Truth · View Post · End Ignoring The forum fuckwit goes RRRAAARRRGGHHhhh - But not a fuck was given..................by anyone.
Average prices falling 40%, properties flooding the market as sellers can no longer hold out for the sale and will take anything they can get - even if its rent for nothing, mortgagee sales.....if you don't OWN your properties out right, and you don't, you are about to take a massive hair cut. And that really doesn't mean anything to any of us, plenty would be happy to see you fall due to your levels of self interest and arrogance - however - you have an obligation to yourself to take this seriously as your about to get seriously shafted.
I know your not the type who is mature enough to ever admit they were wrong, but the simple fact that you are spread wide and thin in a collapsing market is all the evidence we need you are stuffed.
Average prices down 40%? In some places, definitely not mine. As I said in another thread, most property investors fail because they don't understand how to choose investment property.
Spread wide and thin? Hardly. I have heaps of reserve (cash and equity) and rising rents. That's what happens when you've been in the game more than 5 minutes.
They will get insurance Ted, but they may struggle to get flood cover in their policy.
Problem is in a flood prone area the one type of insurance you need if any is flood cover and there in lies the problem Mr Fraser. I did see a spokesman say someting about reviewing it at a later stage but cant remember if he said something about it being after high dam building or having more preventative measures being put in place.
The othe problemm is existing customers having to pay so much more to renew their policy. Most people in these areas are on tight budgets and will simply be unable to afford it. It will be hard times on these two little towns.
Ted the difference is in the Suncorp insurance model. Suncorps standard house cover includes flood cover, so for them to keep wearing the cost of floods they would have to increase the premiums for every policyholder.
Other insurers have flood cover as an add on, so those policy holders pay extra for that added risk.
I'm assuming that Suncorp don't want to change their model, and are prepared to accept the risk for 100 year event floods, but aren't prepared to wear the risk in high flood risk areas.
I did remeber the spokesman saying they have taken in 4mil from policy holders over the last two years in these two towns but have now forked out about 150 million. The end result though will probably be increased costs for everybody ,weather they live in these areas or not , just like the flood tax.
I now have to pay a flood tax for people who decided to buy and live in flood prone areas , wheather I own a house or not or even if my house is on no flood plain and would never flood. I feel like I am paying for others mistakes and after doing the estimated flood tax for my tax return a few months back , the amount I have to pay was over $3,000 from memory ,so rather annoying to say the least.
Still Mr Castle cleaning up after flooding is still time consuming , not to mention a pain in the arse even if it does not cost you too much. And surely it must affect tennants in someway ,
Like I said, done in a few hours in Rocky,the area is very community minded, Fire trucks come along and run a hose out to each house and give yards and underneath a blast to get rid of 90% so for us its just a tidy up .
People are smart enough to have valuables raised above water levels as they get plenty of warning, just like the muppets in Brisbane did, but so many in Brisbane just didn't prepare or couldn't be bothered to.
What for? They know it is a flood area and the property is still liveable during the flooded period. Really, it's not a big drama for people who pay attention to what's happening and prepare. If tenants choose to not live in it during these periods that's their choice but I wont be paying them to stay elsewhere.
The good old country spirit , another good trait slowly dying in our country . As a kid I would sometimes stay at my grandparents house in the school holidays, where they lived in a rather small country town . I was always amazed how everybody knew my grandfather and would stop to talk to him , I was also amazed that it used to take it 2 hours for a 15 minute walk to the shops and back.
As for early warning these days, it seems more than adequate with modern technology . I think for the people of Brisbane it was more a case of not thinking it would be so bad and thats where they were caught out . While their same prepartions had been adequate for the last thirty or so years of flooding , it was not enough to stop this raging beast . I think it was more unaware than underprepared.
As for your tennants , I guess most would be aware of what goes on , I have never lived in a flood prone zone so dont really know how people go about or accept it , for some I guess its a way of life and have lived in these places since birth.
Edit : I dont know what happened with this post Alex , I did stop to talk on the phone for a bit and then continued posting .
Still Mr Castle cleaning up after flooding is still time consuming , not to mention a pain in the arse even if it does not cost you too much. And surely it must affect tennants in someway ,
Like I said, done in a few hours in Rocky,the area is very community minded, Fire trucks come along and run a hose out to each house and give yards and underneath a blast to get rid of 90% so for us its just a tidy up .
People are smart enough to have valuables raised above water levels as they get plenty of warning, just like the muppets in Brisbane did, but so many in Brisbane just didn't prepare or couldn't be bothered to.
What for? They know it is a flood area and the property is still liveable during the flooded period. Really, it's not a big drama for people who pay attention to what's happening and prepare. If tenants choose to not live in it during these periods that's their choice but I wont be paying them to stay elsewhere.
The good old country spirit , another good trait slowly dying in our country . As a kid I would sometimes stay at my grandparents house in the school holidays, where they lived in a rather small country town . I was always amazed how everybody knew my grandfather and would stop to talk to him , I was also amazed that it used to take it 2 hours for a 15 minute walk to the shops and back.
As for early warning these days, it seems more than adequate with modern technology . I think for the people of Brisbane it was more a case of not thinking it would be so bad and thats where they were caught out . While their same prepartions had been adequate for the last thirty or so years of flooding , it was not enough to stop this raging beast . I think it was more unaware than underprepared.
As for your tennants , I guess most would be aware of what goes on , I have never lived in a flood prone zone so dont really know how people go about or accept it , for some I guess its a way of life and have lived in these places since birth.
Edit : I dont know what happened with this post Alex , I did stop to talk on the phone for a bit and then continued posting .
Ted most people will only contribute about $50 per annum to the flood levy, so your $3000 seems way too high.
Like all things in life, some people prepared and coped with the flood very well, and others made no preparations at all.
A number of my neighbours are asian, and haven't been in this country for very long. They were amazed when neighbours converged on them and helped clean up afterwards. In many ways it bridged a lot of cultural divides in my suburb. It certainly changed attitudes in my street.
Any expressed market opinion is my own and is not to be taken as financial advice
...and you probably won't think past that... which will save you the despair of realising how much more money you could have made if you didn't have it tied up in property all that time.
Put down your wank cloth. If you are doing so well why are you spruiking your wealth here, what are these glamourous suburbs.if you let everyone know, prices may go even higher. Good on you if you are telling the truth but keep in mind a lot of oz is going to hammered. There is always exceptions, show some humility and recognize that prices are falling and will continue to fall. My good friend a lawyer for Barclays Bank said they are out of cash. Watch out.
Put down your wank cloth. If you are doing so well why are you spruiking your wealth here, what are these glamourous suburbs.if you let everyone know, prices may go even higher. Good on you if you are telling the truth but keep in mind a lot of oz is going to hammered. There is always exceptions, show some humility and recognize that prices are falling and will continue to fall. My good friend a lawyer for Barclays Bank said they are out of cash. Watch out.
wtf are you talking about? I don't understand your post.
I made comment to stinkbug, and he provided a fair and reasonable response.
''Prices in the prestige market are back to 2007 levels,'' says the senior economist at Australian Property Monitors, Dr Andrew Wilson, pointing to the $1.6 million median house price of the top 10 per cent of the market as of early 2007. Five years on, that median is now almost level at $1,605,000.
Won't be long til the prestige market drives down the prices of the mid range market.
stinkbug omosessuale Frank Castle is a liar and a criminal. He will often deliberately take people out of context and use straw man arguments. Frank finally and unintentionally gives it up and admits he got where he is, primarily via dumb luck! See here Property will be 50-70% off by 2016.
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