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ISCOVER
Staff Reporter
Westpac has become the first of Australia’s major banks to adopt the Federal Government’s new definition of flood into its insurance policy.
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From today onwards, all Westpac home and contents policyholders are covered against damage caused by flooding – both flash flooding and riverine flooding – in line with the Government’s new standard definition.
The standard definition for flood was proposed by the Government last November following a final report from the National Disaster Insurance Review.
“The Government’s definition provides consumers with absolute clarity on protection in the event of flooding and we’re pleased to be able to quickly adopt that definition in our policies and continue providing the strong protection for people that are caught up in these terrible situations,” Westpac retail and business banking’s Jason Yetton said.
As part of its ongoing support Westpac has offered assistance to those New South Wales Riverina flood areas including those worst impacted towns of Wagga, Griffith and Leeton.
“Of course, we want to remind our customers that they’ve always been covered for both flash and riverine flooding, but now it’s even more explicit as a result of including the government’s standard definition,” Mr Yetton said.
“With the recent flooding situation right down the eastern seaboard Westpac is absolutely committed to the Queensland and the NSW communities affected by natural disasters. Our Home and Contents Insurance policy covers floods across all levels of insurance. Westpac customers can be reassured that covered really means covered, and is an indicator that we offer comprehensive building and contents insurance with generous limits.”
