Six times more than Melbourne: Brisbane home insurance premiums skyrocketingNew research from Finder has revealed some Brisbane households are being quoted nearly $15,000 a year for home and contents insurance.
Areas like the Lockyer Valley, Townsville, and Bundaberg are also seeing huge increases on premiums with experts saying it’s a mix of increasing natural disasters and severe floods in recent years.
Finder Insurance Expert Peta Taylor told Peter Fegan on 4BC Breakfast, "Unfortunately, the way that insurers are pricing these areas, they all have their own risk calculation and essentially, they'll factor in things like floods, fire, storm to figure out how prone these areas are."
"They'll look at things like crime rates, labour costs, materials, all of that kind of stuff to figure out just how much the premium is that they're going to charge."
"It is really, really tricky for everyday families when they get served a bill that is as huge as upwards of sometimes $10,000," Peta Taylor said.