Nearly 200,000 households are at risk of breaching their home loans
www.abc.net.au
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.

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.

  • 𝚝𝚛𝚔English
    21·
    11 days 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!