Mainstream media reports implying insurers may wriggle out of paying claims for coastal damage during the devastating east coast low are wide of the mark, according to industry experts.

The media reports seized on the fact that most home and contents policies exclude “actions of the sea”. However, such cover is available, if residents are prepared to pay for it.

Steadfast has confirmed its high-net-worth underwriting agency Mansions is among those offering cover.

“We can do subsidence and actions of the sea,” MD and CEO Robert Kelly told insuranceNEWS.com.au.

“It’s not cheap, but it is available. If you have a house right on the sea, then it is very expensive.”

There may be some exposed properties for which the industry could not offer cover, and rightly so, Mr Kelly says.

“Insurance is for an event that may or may not happen,” he said. “If a location is definitely going to flood, then it is unlikely you will get insured.

“Insurance is not always the solution; sometimes mitigation is the answer.”

AIG told insuranceNEWS.com.au its high net worth policies cover flooding caused by actions of the sea, but not earth movement.

Chubb, which also offers high net worth home cover, declined to comment when contacted by insuranceNEWS.com.au.

Insured losses from the storms that hit NSW, Queensland, Victoria and Tasmania earlier this month have so far totalled $235 million.