25
submitted 5 months ago by [email protected] to c/[email protected]

In short:

Close to 200,000 households are either already breaching their mortgage contracts, or risk doing so, as the surging cost of home insurance forces many to dump their policies.

The insurance industry says price rises are out of their control due to factors including rising house prices and inflation as well as extreme weather.

What's next?

Financial counsellors are calling for the government to regulate pricing in the sector.

you are viewing a single comment's thread
view the rest of the comments
[-] [email protected] 1 points 5 months ago

We already have Government stupidly underwriting flood insurance in Northern Australia after insurers pulled out and said it's uninsurable. All that dieis is encourage more development ffs.

I hate this so much. If insurance companies won't insure a property at any price that's a pretty damn good indication it's going to get destroyed.

IMO the only option at that point is to buy back the land and use it as green space. Otherwise we're just using taxpayer money to fund people living in swamps.

Also density in liveable areas needs to massively increase. Build up, stupid!

this post was submitted on 10 Dec 2024
25 points (100.0% liked)

AusFinance

1074 readers
1 users here now

founded 2 years ago
MODERATORS