RACQ comes clean about flood payouts

RACQ Insurance has hit back at comments that its payouts to Ipswich flood victims will be a pittance, saying customers would receive at least $25,000, with many a lot more.

The company was heavily criticised in Ipswich after knocking back customer’s floods claims following January’s natural disaster, but on Monday the company backflipped and said they would now pay up.

RACQ Insurance CEO Bradley Heath said uninformed comments that their customers would receive only small amounts only added to the flood victims’ anguish.

“The fact is that the policy in respect to flash flood and stormwater run-off provides cover up to 50% of the sum insured or $25,000 whichever is the higher,” he said.

He said they expected the total payout to the 247 claimants to be in the tens of millions of dollars.

In a statement the company said it anticipates that the majority of policyholders will have their loss fully covered under the 50% limit.

For example, a person with a $400,000 building sum insured will be covered for up to $200,000.

Meanwhile Tammy Tarrant, the former East Ipswich resident who, with husband Stephen and son William, ran a high-profile protest against RACQ, said she was happy to hear about the decision.

Mrs Tarrant, who is now living near Inglewood, south-west of Toowoomba, said the decision would not affect their claim because they settled separately with RACQ.

She said they were still in a dispute with the company but was hopeful other RACQ customers would receive their full entitlement.

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