IPSWICH residents who were devastated by floods two years ago are being hit with up to tenfold increases in their home insurance premiums.
Tivoli father-of-five Matthew Carter, whose insurance paid out only half of the policy when he was forced to rebuild his home in 2011, said he was contemplating taking up a second job in order to pay for massive premium increases.
Just before Christmas, the Carter family was told the insurance premium would rise from $1600 to $8840.
Shopping around proved futile, with other companies asking for premiums ranging from $6000 to $17,000.
Mr Carter said some companies refused to insure his home at all.
"It is ridiculous," he said.
"I am a person who does not like taking risks when it comes to insurance, but this makes it pretty hard for us.
"I will look around for a weekend job to cover it."
The Carters weren't the only family to be shunned by the insurance companies two years after the floods.
Alan and Judy Barralet of Barellan Point were shocked to find that their premium skyrocketed from $1425 to $6132 after a rise of only a few hundred dollars last year.
"We thought the initial premium rise was reasonable. We expected it after the floods," Mr Barralet said.
"They have told us that they have assessed each property on an individual basis, but I think it is pure profiteering."
A spokeswoman from the Financial Ombudsman's off
ice said the issue of insurance company premiums was beyond its jurisdiction and that the best advice for consumers was to shop around.
Attempts to shop around also proved a waste of time for the Barralets, who are considering self-insuring.
Vicki Ash, who helped set up a support group for Ipswich flood victims, said some residents were still battling with their insurers over flood claims.
"The insurance needs to be made affordable for every
one," she said.
"How many residents in Ipswich can afford to pay
over $500 per month to insure their home?
"Or do they simply take the risk and leave their home uninsured?"
Source: http://www.sunshinecoastdaily.com.au/news/first-floods-now-insurance-horrors/1715223/
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