Home insurance premiums in Australia have increased the most in two decades over the past year. The number of affordability-stressed households climbed to 1.24 million from 1 million households a year ago, with the overall proportion rising to 12 percent from 10 percent. Insurance premiums for the highest-risk properties have shot up 50 percent. The new data comes even as many Australian households are struggling with elevated inflation, soaring rents and rising borrowing costs.
Reasons why home insurance premiums in Australia have jumped are due to:
- Weather catastrophes
- Higher building costs
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