abc.net.au/news/murray-murrumbidgee-river-flood-zone-insurance-increase/101782518When Austin Gregor opened his insurance renewal statement this month, he was anticipating a steep climb to his premiums, but he never guessed it would jump $20,000.He says compulsory cover is "prohibitive" for mortgage holders"It was quite a shock really," he said.
Other residents in flood-impacted areas including Barham and Moama in south-west NSW said their insurance had also jumped by similar amounts.Mr Gregor and Ms Myers said they tried to opt out of the flood cover, which accounted for most of the increase, but Westpac confirmed it was required in all home policies.Mr Gregor said when he tried to shop around, other companies either refused to provide insurance or quoted as much as $38,000 for the same cover.
Mr Gregor said he was concerned about how the price hikes would hit other, more seriously impacted areas such as Forbes and Eugowra in central-west NSW.
Source: Insurance Report (insurancereport.net)
Ah the unregulated Insurance Temple more silver no regulation.the government looking after the boys again mmm.
Or move
this will be cost/result of constant disasters that is the future
they chose to live there
How weird that a giant international business would defraud a small guy
his full of it as he does have other options like keeping that money
'he has little choice but to pay'? What bullshit clickbait, he's got plenty of choices.
Lost heaps of money on share investments! People in Australia making heaps out of property investing! Not every body wins! A house is an investment decision!
There needs to be some regulation of these insurers. Profits are massive.
All of our governments need to come to the table and work out how we’re getting tens of thousands of people off of these floodplains before the next La Niña.
Cheaper not to pay insurance and put that money elsewhere
Clearly insurance companies don't want to insure high risk properties as floods and fire claims hurt their profits. Will it be worse in 10 years, absolutely. Move now.
Private insurance is an astonishingly effective scam. People just give you money and occasionally you give a bit back. Why we ban gambling ads but allow this stuff is baffling.
People learning for the first time that insurance is about both estimating/pricing risk AND spreading that risk across a large number of insured people says something about the state of financial literacy in Australia.
as things are by the end of this century a huge chunk of the population will have uninsurable homes. by the end of the one after they’ll be living in armed compounds and raiding neighbouring compounds for food
If banks are going to lend money to people in flood risk areas, the insurance should be theirs to pay. The interest penalty for risk should cover this.
Insurance companies aren’t Centrelink for homeowners.
He has a choice. Use that $20.000 to fund flood mitigation. I can help.
when its 100% of the replacement cost its time to get another government insurance co
Australia needs a public owned National Insurance scheme for flood fire n other natural disaster..we have a trillion $ Future Fund languishing n shit like this going on...it's just not right ..not fair..not the Aussie way
Our insurance tripled and we aren't even in a flood zone! We are just in the same postcode as Lismore which apparently condemns us to ridiculous premiums.
Well looks like people in those areas are well and truly screwed if they can't afford to be extorted by insurance companies.
Must be nice to have a lazy extra $20k to pay that. Most couldn't.
. . This is what happens when you sell the government owned insurance office & privatise the industry. Insurance companies exist for profit. Govt exists for the people to share opportunity equally. It's time to elect a NSW government that isn't in the pocket of business. .
Eugowra, although it has a flood risk from the creek, did not flood. The water was storm water from the surrounding hills. No one predicted the inches of rain they had in one storm over already saturated ground.
Imagine if health insurance was priced the same way. 'You're old, you might have a heart attack, your premium has gone up 10x.' Risk needs to be spread over communities, not the individual. And inappropriate building is part of the problem, councils need to be part liable.
I have a lot of sympathy for these home owners. But in northern Australia we’ve had very high premiums for years as insurers deliberately price themselves out of the market. Time to bring back the GIO as part of an overall response to climate change.
Why do councils continue to allow people to build in flood risk areas? Some responsibility must come back to them!
Build bunding around the home yourself, along with pumps for $20k. Humans should die out. We're modern, woke, useless organisms.
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