Accuracy of Flood-Risk Ratings in Home Insurance
Most insurers rely on the same resource to measure flood risk, potentially reducing price competition.
A recent report by the Australia Institute found that 533,229 homes in Australia were underinsured, and 344,523 were not insured at all, with affordability being the main issue in around half of these cases.
Without insurance, regaining your economic security would be a very long haul.
The issue affects many, with homeowners facing unaffordable premiums due to perceived flood risk.
Author's summary: Insurers' use of the same flood-risk resource may limit price competition.