Flood-Risk Ratings and Home Insurance Premium Hikes
Most insurers rely on the same resource to assess flood risk, potentially limiting price competition.
A recent report by the Australia Institute found that 533,229 homes in Australia are underinsured, and 344,523 are not insured at all, with affordability being the main reason in about half of these cases.
Without insurance, regaining economic security would be a very long haul.
The issue affects many, with homeowners facing unaffordable premium hikes due to perceived flood risks.
Author's summary: Insurers' flood-risk ratings may limit price competition.