Accuracy of Flood-Risk Ratings in Home Insurance
Most insurers use 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 owed over $283,000 on their mortgage, while underinsured homeowners owed over $373,000.
Without insurance, regaining economic security would be a very long haul.
This issue affects many, with homeowners struggling to afford premiums due to perceived flood risk.
Author's summary: Insurers' flood-risk ratings may reduce competition.More News
- Witches Night Out fundraiser to support cancer patients at Wellness House
- Diane Keaton cause of death revealed
- Alaska immigration enforcement: 41 of 56 detained this year not linked to a crime, data shows
- Mount Pleasant residents urge town council for speed humps after near-miss incident
- How South Africa’s transformer manufacturing industry can fill a gaping local and national infrastructure gap
- How RIAs can decide their optimal client household count
- Living in the past, learning for the future
- Who won fashion month SS26 on social media?