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Australians push to ban floodway housing, two thirds reject premium hikes

Two thirds of Australians don't want to pay higher insurance premiums to cover flood-prone homes, with most preferring to ban new housing in flood zones instead.

Australians are sick of watching insurance premiums rise as a result of homes in flood-risk areas. There might be a way to make Albo pay.

The Long Sip
What happened

New research by insurer Youi found two thirds of Australians are unwilling or unsure about paying higher premiums to support those living in flood-prone areas.

The detail

The survey of more than 1200 people found over two million Australian homes are flood-prone, and the top priority was restricting development in flood zones.

What it means

Insurers warn that fewer people willing to share risk could reduce the availability of affordable cover in some flood-affected areas across the country.

For you

Among those willing to subsidise flood-risk neighbours at all, most drew the line at $300 extra on their own premium, the Youi survey of 1200 people found.

Full story at Real Estate

What readers are saying

Noory
Independent economist Nicki Hutley noted that separating risk pools will ultimately leave high risk regions entirely uninsurable. The report surveyed more than 1200 people nationwide and found that restricting new development in flood zones was the top priority.
priya_wentworthv
Two thirds of respondents prefer no extra cost in premiums.
BowlsClubBev
How will Infrastructure Australia actually decide which towns get these defensive levees first? 🤔
rangir
Before switching insurers or dropping cover, check if your area's already flagged in the flood-risk register - two million homes are listed and that affects your options regardless of premium anger.
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