Rocky flood levee may reduce insurance for 1250 properties
THE proposed South Rockhampton Flood Levee could drive down insurance premiums for more than 1000 properties, a report has revealed.
Rockhampton Region Mayor Margaret Strelow Friday said she was thrilled with the outcomes of an analysis completed by CGU and NRMA Insurance on potential premium reductions if the nine kilometre levee was to proceed.
The $48 million project would provide flood immunity for South Rockhampton, protecting against a 9.4m high flood.
"The analysis shows the levee would potentially decrease the flood component for premiums for approximately 1250 properties in Rockhampton, Port Curtis, Depot Hill and Allenstown," she said.
NRMA Insurance and CGU Insurance expect that more than 800 properties could see a saving of over $3000 on the flood component of their home buildings and contents premium.
The analysis found that low flood risks could see an 11.5% reduction in flood premiums and medium flood risks could see between a 30 to 35% reduction.
High or extreme flood risks are the big winners and could save between 50 to 76% on flood premiums.
Both insurance companies said they strongly supported the council's proposal.
NRMA and CGU customers could see reductions to premiums
Low flood risks could see 11.5% reduction
Medium flood risks could see between 30 to 35% reduction
High or extreme flood risks could save between 50 to 76%