Flood-Risk Ratings and Home Insurance Premiums
Most insurers rely on the same resource to measure flood risk, potentially reducing price competition.
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 reason in around half of these cases.
The average uninsured homeowner had a mortgage debt of over $283,000, while underinsured homeowners owed over $373,000.
Without insurance, regaining economic security would be a very long haul.
This situation affects many, with homeowners struggling to afford premiums due to perceived flood risks.
Author's summary: Insurers' flood-risk ratings may reduce price competition.More News
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