Insurers asked to show compassion for Queensland home owners

This article was published in The Australian 15 January 2011

Anna Bligh has called on insurers to show compassion to policy-holders who have lost their homes and may not be covered for floods.

Fear and grief have turned to confusion and anger in the flood-ravaged state, with thousands of property owners learning their property insurance does not cover floods.

As the Insurance Council of Australia confirmed that not all policies would cover flood damage, Tony Abbott said governments might have to step in to help people without flood insurance.

The Opposition Leader's comments came as Wayne Swan and Assistant Treasurer Bill Shorten won agreement from banks and credit unions for a month-long moratorium on $2 transaction fees charged to non-customers for using their automatic teller machines in flood-affected regions.

Banks, building societies and credit unions have also put in place measures to assist victims, including home loan repayment deferrals and higher limits on credit cards.