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ISCOVER
James Mitchell
The federal government is investigating whether mortgage lenders were responsible for Queensland flood victims being poorly insured.
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The investigation, which is being carried out by the government’s natural disaster insurance review, will assess to what extent banks contributed by not offering sufficient flood insurance to borrowers.
The review’s chairman, John Trowbridge, said banks typically did not require home loan borrowers or small businesses to take out flood insurance, or check whether general insurance policies were reviewed.
The government will require insurers to provide a plain English standard definition of floods and other disasters in contracts from here on in.
