Accuracy of Flood-Risk Ratings in Home Insurance
Most home insurers rely on the same resource to assess flood risk, potentially limiting price competition.
A report by the Australia Institute found that 533,229 Australian homes are underinsured, and 344,523 are uninsured, with affordability issues being the main reason in about half of these cases.
The average uninsured homeowner has a mortgage debt of over $283,000, while underinsured homeowners owe more than $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 impact premium affordability.
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