This no opt-out flood cover solution ensures CGU customers are covered for damage caused by water-related events and removes the ambiguity about the distinction between storm and flood water.

Attached is a customer flyer a customer flyer  outlining the policy change. Some of the key points about CGU’s flood cover are as follows:

Premium impacts

• We understand the majority of Australian properties are in areas where floods do not occur. These customers will not experience any increase in their premiums due to flood cover.
• For properties in areas where the risk of flood is low, there may be a minimal impact on premiums.
• For customers with properties in medium to high-risk flood areas, premiums are likely to increase significantly.

Pre-renewal flood cover

• CGU is offering flood cover for customers prior to their renewal.
• Low-risk customers will automatically be covered for flood at no cost, from the product-effective date until their renewal date.
• For medium to high-risk customers where the premium increase is greater, they will have the opportunity to purchase flood cover. These customers will need to cancel their existing policy and commence a new policy for the flood cover to take effect.