Owners of properties that were threatened by flooding have trouble finding or renewing their coverage due to an insurance embargo.
abc.net.au/news/insurers-deny-recently-flood-threatened-areas-insurance-victoria/101848680Several insurance companies are abandoning Mallee postcodes in response to the Victoria and New South Wales flood crisis.
Sean Gallagher says the Insurance Council of Australia needs to deliver transparent and consistent information. "The ones that are staying, we have found that a number of companies have increased their rates by as much as 40 or 50 per cent and they will all review their flood premiums. Insurance embargoes can apply to all types of insurance products, including home, contents, and motor insurance.
"A particular challenge for insurers is their ability to price flood risk on larger properties where the risk of flooding may vary on different parts of the property."The spokesperson said insurers regularly undertook risk reviews of policy offerings and portfolios, and some customers around Australia had been issued with notices that their insurance policies would not be renewed.
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