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Like many Australians, Joe couldn’t afford to take out flood insurance. Now he’s paying the price – ABC News
More than 22,000 insurance claims have been lodged so far, but many homeowners are facing big out-of-pocket bills because they didn’t take out flood cover.
A month ago, after renting for years, Joe Wilkinson bought his dream home at North Haven on the New South Wales mid-north coast. It’s now been ruined by floodwater.
Key points:
- More than 22,000 claims have been lodged for flood damage so far
- Due to high premiums, many people have opted out of flood insurance
- Premiums have increased 178 per cent in cyclone and flood-prone areas in the past decade
“We borrowed some money from parents and in-laws to get a deposit together and it was just about manageable,…
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