Exclusive Insight: A recent poll conducted by nine.com.au reveals that 75% of Australians are apprehensive about potential hikes in their home insurance premiums over the next year, driven by concerns over storms, fires, and floods.
This growing anxiety is compounded by the reality that over half of the respondents have already witnessed a rise in their premiums, attributed to the increasingly erratic climate patterns across Australia.
Out of the 546 respondents, 53% reported a surge in their home insurance costs over the past year, directly linked to adverse weather conditions.
This represents a 14% escalation in premiums, which is considered moderate.
In certain areas, insurance costs have soared by as much as 17%, translating to increases of up to $700.
The uptick in the frequency of extreme weather incidents is largely responsible for the national hike in premiums, with states such as Queensland and New South Wales being particularly affected.
And it could rise again based on updated flood risk mapping in his area.
But Chabau said the mapping didn’t accurately reflect the flood risk on his property, which he said has never flooded in the 13 years he’s lived there.
“The insurers go ‘well, it says here that it might flood’ and the premiums won’t ever come down,” he said at the time.
“It’s just going to destroy everyone.”
*The nine.com.au poll, which runs once a fortnight, canvases the views of the nine audience on 9Nation, which is an online community of our readers and viewers.
