Flood-Risk Ratings and Home Insurance Premium Hikes
Most insurers use the same resource to measure flood risk, potentially reducing competition on price.
A 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.
The accuracy of flood-risk ratings is crucial, as it affects the premiums homeowners must pay, and in some cases, may lead to unaffordable costs.
Author's summary: Flood-risk ratings may impact insurance premium affordability.