Flood insurance costs lock Hunter first-home buyers out of market
Rising insurance premiums from flood risk have made homes unaffordable; one couple was quoted around $20,000 yearly.
Rising flood and bushfire risk is pushing insurance premiums beyond reach. A young couple near Maitland was quoted $20,000 a year for flood cover and had to abandon their first-home purchase.
A survey of 503 Hunter residents found 85 per cent experienced extreme weather in the past five years. Eighty per cent said the costs are driving up their living expenses.
Sixty-three per cent worry about the financial fallout. The poll, conducted in August by research firm 89 Degrees East, also found 80 per cent believe climate change is contributing to extreme weather.
- 503 residents
- Survey respondents
- 85%
- Experienced extreme weather
- 80%
- Say costs drive living expenses up
- 63%
- Worried about financial fallout
Why it mattersClimate-driven insurance costs are making homes unaffordable in the Hunter region, locking young families out of property ownership.
AustraliaRising insurance from extreme weather is pushing Australian first-home buyers out of property markets, particularly in flood and bushfire zones, worsening the housing affordability crisis.
✓ Claims checked against the source and corrected before publish. checked 7 d ago
