Almost two years after the February 2025 floods, many north Queensland homeowners around Ingham are struggling to get insurance, or to afford it.
Some policy holders say Sure Insurance sent non-renewal notices saying it would no longer cover properties with a flood claim in the past five years, or with a one-in-20-year flood risk. Sure says it covers one in four insured Ingham properties and reviews its guidelines regularly.
Matthew Porter’s Allianz premium jumped about 72 per cent at renewal, and he says it was at the cheaper end of his quotes. A local broker says quotes of $10,000 to $20,000 are common in high-risk areas, and one owner was quoted $28,000 a year.
A Hinchinbrook Shire Council survey of 305 people found 77 per cent were struggling to afford premiums. The Insurance Council says the floods caused $327 million in insured losses and that cover remains available, but pricing reflects risk.
What it means for your money
If your insurer refuses to renew or hikes your premium, ask for an explanation, shop around or talk to a broker. Going uninsured leaves you carrying the full rebuild cost, so check what you’re covered for before storm season.
Source: ABC Business