Flood-Risk Ratings and Home Insurance Premium Hikes
Most insurers use the same resource to measure flood risk, potentially reducing price competition.
A recent report by the Australia Institute found that 533,229 homes in Australia were underinsured, and 344,523 were not insured at all, with affordability being the main issue in around half of these cases.
Without insurance, regaining your economic security would be a very long haul.
This predicament affects many, with homeowners facing unaffordable premiums due to perceived flood risks.
Author's summary: Insurers' flood-risk ratings may not be entirely accurate.
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