Insurers' promises to slash Queensland premiums by 80% under scrutiny
After frequent flooding and subsequent increases in insurance costs, levees were proposed for towns such as Roma in Queensland. These levees saw insurance companies predict a drop of up to 80% for premiums in these areas. But will it happen?
Inspecting the new levees, Community Recovery and Resilience Minister, David Crisafulli, said that he is calling insurance companies on their word, and asking them to reduce insurance premiums as a result of the new construction.
He is also getting unidentified homeowners to compare their bills before and after the installation of the levee. There has been more than $20 million spent in Roma and St George to protect many homes from flooding, and there's more to come.
“These communities have for too long endured the double whammy of frequent floods and sky-rocketing insurance costs,” Crisafulli said.
“Through our partnerships with local councils, we promised to protect these towns from further heartache and we have delivered."
He encouraged property owners in the area to seek revised quotes and to find the best deal, saying that insurers who drop their premiums are to be applauded, and those that do not should be avoided.
“There is no reason why a local whose home is now protected by a levee in either of these towns should be paying inflated premiums,” he said.
“While we will never flood-proof Queensland, these projects show we can come up with viable and responsible plans to protect communities that make sense and provide lasting benefit.”
