The floods of 2010-11 across eastern Australia led to Inquiry into flood insurance that saw sweeping changes including the new Australian regulations relating to flood insurance including a standard definition as follows:
The covering of normally dry land by water that has escaped or been released from the normal confines of: any lake, or any river, creek or other natural watercourse, whether or not altered or modified; or any reservoir, canal, or dam.
Today the insurance industry now offers a range of flood insurance policies for households and small businesses.
Further explanation and information on flood insurance can be found the Insurance Council of Australia flood insurance page.
The Financial Ombudsman Service Australia is a free, independent service for resolving disputes between insurance companies and consumers. It can be contacted on 1800 367 287.
The Insurance Ombudsmans Service is a free, independent service for resolving disputes between insurance companies and consumers. It can be contacted on 1300 780 808.