Hi folks,
Just curious to get some insights from Brisbane Metro property investors in regards to the Flood Risk categorisation from BCC's useful online tool.
To give context, I'm considering a property somewhere in the zone in the attached flood map image. It is not a 'high risk' (dark blue), but rather a 'medium risk' (light blue). So you know, there are two more lesser risk colours (being 'low risk' and 'very low risk').
Obviously I know what these mean in layman's terms, that is not my question.
My questions are:
1) What does a 'medium risk' flood map zoning mean for the insurance policy for flood? I.e. how much more substantially does the quote go up? I've tried to get quotes from some insurers but I don't have the patience with them wanting 100 form-fill fields completed on a site of my data, or a half hour chat on the phone, JUST to get a 'ballpark quote'. Rather, I thought I'd ask the community: what are the rough premium costs like for a medium-risk flood insurance policy?
2) Of course I'm then curious to know what medium-risk as a 'Scarlett Letter' slapped on this property does to long term capital growth. Anyone had anecdotes here on this? Not sure if this helps but the property is an apartment/attached terrace 'style' (meaning the LUG/storage room is on the ground floor, and the living area - the actual apartment, is on top of it). Not sure if this elevates (Excuse the pun) the property and reduces perceived flood risk etc.
All other numbers stack up for me (rental returns, suburb DD, holding costs etc. etc.).
Any insights you can offer would be amazing!
Just curious to get some insights from Brisbane Metro property investors in regards to the Flood Risk categorisation from BCC's useful online tool.
To give context, I'm considering a property somewhere in the zone in the attached flood map image. It is not a 'high risk' (dark blue), but rather a 'medium risk' (light blue). So you know, there are two more lesser risk colours (being 'low risk' and 'very low risk').
Obviously I know what these mean in layman's terms, that is not my question.
My questions are:
1) What does a 'medium risk' flood map zoning mean for the insurance policy for flood? I.e. how much more substantially does the quote go up? I've tried to get quotes from some insurers but I don't have the patience with them wanting 100 form-fill fields completed on a site of my data, or a half hour chat on the phone, JUST to get a 'ballpark quote'. Rather, I thought I'd ask the community: what are the rough premium costs like for a medium-risk flood insurance policy?
2) Of course I'm then curious to know what medium-risk as a 'Scarlett Letter' slapped on this property does to long term capital growth. Anyone had anecdotes here on this? Not sure if this helps but the property is an apartment/attached terrace 'style' (meaning the LUG/storage room is on the ground floor, and the living area - the actual apartment, is on top of it). Not sure if this elevates (Excuse the pun) the property and reduces perceived flood risk etc.
All other numbers stack up for me (rental returns, suburb DD, holding costs etc. etc.).
Any insights you can offer would be amazing!