The Insurance Council of Australia confirms that overland flood study data is not used to set insurance premiums Insurance Council of Australia - Factsheet.

Individual insurance companies possess extensive data on flood risk obtained through their own flood studies and analyses which is already reflected in the cost of premiums, irrespective of whether Council has undertaken a flood study.

Council doesn’t put together flood studies or floodplain risk management plans for, or on behalf of insurance companies. Flood Studies are a legal requirement for Council to complete and part of our responsibilities to help manage flood risk in the community. Insurance companies may rely on their own assessment of risk and can use their own methods to identify flood risk.

Studies show that an actual flood event, rather than a flood planning notation on a Planning Certificate, is more likely to influence property values.

House prices vary with changes in the real estate market conditions and are based various parameters such as location, size and age, and are not under the control of Council. It is the market that determines the value. This study does not prevent the sale or purchase of property.

For further information about insurance please visit the Insurance Council of Australia website.