Imagine having a dream to own a home on a flood plain.

Build a houseboat

​@just logicalnot everyone can do that though. Be real!😊

Definitely a strong argument for a minimalism life style. Less stuff more freedom and less stress.

There are so many places that have been allow to be built in inappropriate areas

It’s made harder by the fact that things have gotten worse. The fact that the word flood plain was used 500times in this piece certainly makes it hard to justify the sprawl being allowed to get so bad. Focus should be on stopping the growth of similar problem areas. Because I think we all know this is headed for a bailout of one kind or another. There is no other solution except for “let them flood, they chose it” which I don’t think fully appreciates the supply chain which enabled it or the fact that you could make the same snap judgement about pretty much any area…

Not even, Bill. Rochester always flooded every ten years or so, but only enough to get your ankles wet if you crossed the street on the main drag. In the last flood, you could count the unaffected properties on one hand. Infrastructure has changed upstream and that has significantly affected Rochester and other similar towns downstream at no fault of their own.

When building our house 8 years ago, we had to have a bushfire risk assessment done, resulting in a BAL-29 rating, a slew of changes to the design and materials used for construction, and many conditions on property maintenance. I don't have a problem with that, and as such, our insurance premiums are quite affordable compared to older houses in the same area (South Hobart, Tasmania). In 1967, a lot of houses were destroyed in a bushfire and I believe the Hobart City Council has responded appropriately. $0.02

I gave up insurance in 2019. It was $4k then, it's $7.5K now. I'm on a disability pension. I can't afford it. I have $50/week left from my pension after all my bills. How am I supposed to pay an extra $144/wk for insurance?

i think the point is that if you want to get a mortgage you need it, if you don't have insurance you are on the street.

"They never used to build on that flood plain because of the risk. What did they think was going to happen? If 100 year events are the benchmark, prepare to eventually be disappointed." My heart was pounding the whole time! What an intense match.

"I gave up insurance in 2019. It was $4k then, it's $7.5K now. I'm on a disability pension. I can't afford it. I have $50/week left from my pension after all my bills. How am I supposed to pay an extra $144/wk for insurance?" You said it perfectly! These athletes are on another level.

so, are these insurance companies going broke or are they just not making as much money as their shareholders want them to?

"I gave up insurance in 2019. It was $4k then, it's $7.5K now. I'm on a disability pension. I can't afford it. I have $50/week left from my pension after all my bills. How am I supposed to pay an extra $144/wk for insurance?" The energy in this video is contagious. I'm hyped!

Let’s sign off on this suburb to be built on a flood plain. Genius

They never used to build on that flood plain because of the risk. What did they think was going to happen? If 100 year events are the benchmark, prepare to eventually be disappointed. 🤔

Exactly. People keep buying/building in these high risk area’s and then are shocked when something happens. I remember when almost nothing come with a warning label because we had commonsense to avoid the obvious.

Increasing your excess to the maximum will decrease your premiums. I increased my excess to $10,000 and it reduced my premium from $2500 to $1200. Not all companies do this. Forget flood insurance if you are in a flood prone area, which you were aware when you bought the property. The legacy of 40 years of building concrete slab houses and not houses on stumps is the cause. Houses on stumps keep you away from the floods and termites

FYI that's more money than I even make in a year. But then I can't even afford rent right now so insurance is SO out of my league😅

Car insurance repairer screwed my car repair, then insurer increased my car insurance by 25%.... a week after the electricity company raised my rates by 20%. Price gauging causes inflation... consumers are propping up insurance companies so they can pay shareholders. I don't insure my property because it's already beyond a cost-benefit ratio.

Be very careful if you under insure ,it may be grounds to not pay out onva claim ,,read your policy carefully, get competent third party advice , they will take your premium but use any excuse possibly not to pay out ,its just their nature

Self-insurance is best. If you can, put $10k pa into a high interest account and after 10 years you’d have $120k with interest. If flooding occurs use these funds to clean up. Doubt it’ll cost $120k to clean up. Otherwise move. Don’t live anywhere where it foods. There are great areas everywhere.

Sadly this happening globally and in the end people just have to move For their Health and Well-being 🕊🌏🙏🏼

The government can benchmark off of what Japan did: pre-emtive / preventative civil engineering projects to eliminate flood risks. Underground/ above ground retention ponds, lakes, dames, dredging & winding current rivers/ canals etc could be done. But this is Australia, where the government is incompetent some would say at best.

My recent home insurance premium more than doubled from the year before so I shopped around and saved over $1000.

How do local councils who have access to the knowledge about risk of developing on land get away with approving subdevelopments and buildings with no accountability.

My home was damaged by trees in a storm. 18 months later I was broken into and assaulted by 2 random house robbers there was no claim for contents as I was home. However, I did claim for door damage. Before the claim was submitted they canceled my insurance. The trees are gone they cannot fall again The break-in was random I do not live in a high crime area. 40 years 2 claims. The insurance company stressed me more than the robbery and I will lose more to the robbers in suits.

State government is happy to build a toll way... but not interested in protecting flood prone Western Sydney by tunnelling a flood tube from the blue Mountains to the harbour.

Redland City Council is apparently in the process of approving a new subdivision on a Logan river floodplain, just southeast of Brisbane. Nothing changes: council’s are in bed with developers and the new - often naive - young families can go to buggery.

So your insurance goes up even if you are not in a flood zone but your postcode still determines if you are going to pay 50%+ more in insurance than another postcode... Another argument in increased premiums is that inflation is the reason why premiums on house, car, recreational has gone up but for some reason the value of the asset being insured decrease significantly below market value... If you want true market value on the notice then they want to raise the premium even more... Loyal customers are punished with only the new customers getting sign up discounts... P on Z is strong in the insurance sector...

That was such an informative ABC episode. Pretty scary.

Don't build or buy in flood prone areas - councils and state govt should have to do buybacks \ development of flood proof structures.

Not having your property insured means no public liability, if someone get injured on the property and they successfully sue, your house is going to be sold to pay them.

Why are local councils and states allowing people to build in disaster-prone areas? This is on the developers, who have privatised the profits and socialised the losses.

The simple facts are people have brought and built in flood prone areas because they either to lazy to check or they got the place cheaper knowing that risk. The ones that get me are those who build in flood areas but then want the rest of us to foot the bill when the floods come.! Fools and their money are soon parted, that does not mean the rest of us should be forced to bail them out.!

Pretty significant damage caused to that first guy's home each flood event. No mention of dollar value of the claims he likely submitted. This would have been a significant driver of his cost increases. not just the significant irate increase due to strong likely hood of future events at that location and surrounds. Insurance is business like any other. They aim to make profit. Otherwise there would be no insurance. $5 billion paid out in home claims alone last year. And it'll keep rising. And so will the premiums. It's just maths, not price gouging.

And somehow, insurance company profits arent suffering through all of these natural disasters

I would just pay it into a special bank account and I’m certain I would still come out on top. Insurance companies make huge profits for a reason. They don’t lose. I’m for No Cover BUT paying the money you would expect to pay them into YOUR own special account

Insurance is the sharing of risk. Premiums are a price on risk. Dwellings in flood zones combined with dramatic climate change put the price of risk up exponentially. At some point the model breaks and you are no longer insurable.

The elderly couple talking about workers having the ability to increase their earnings easily are dreaming. My salary went up 2% last year. That doesn’t cover the cost increase of our electricity let alone insurance. Pensions go up with inflation. A higher rate than wage earners. Their home has never flooded (one in a hundred years is BS insurance talk). Reason is it was built in the correct position. Now government has allowed suburbs to be built into flood areas. Genius. I’d chase the government for allowing this and they must be held to account. Start building pipes, levies, whatever it takes. Don’t leave people standard after approval has been provided.

These homes 🏠 should never have been built in flood prone areas. The developers should PAY for the deception of these homeowners when these properties were developed. If no longer in existence, they should be bought-out and this area given back to nature as a marsh wild life preserve. Rebuilding is ridiculous!

People build or buy in the worst areas and then howl when an insurer won't cover it. Pick a better spot next time ay. /IMO

As the population increases they all need somewhere to live. Flood plains are cheap. Pressure from developers and people seeking affordable housing leads to governments giving in and rezoning flood plains for housing. This is currently and issue near Sydney. Also, as climate change brings about more frequent and more severe natural disasters the taxpayer gets to foot a lot of the bill. We can't afford to significantly tackle climate change. I wonder how long before we can't afford not to?

6:27 Interfering in the market doesn't seem like a very LNP thing to do Robyn? No rent freezes, but we'll have insurance freezes?

Yep 👍 welcome to my world. It’s the same racquet all over the world. I had a house fire. Insure went up to $8800 per year …. For five years. best advice - go make friends with an insurance broker - 😉 no joke - that’s what it takes.

Perth is the best city .cheaper houses and no natural disasters. Less traffic jams ,less stress, better beaches ..better weather

@just logical bonza 👍

How were we permitted to build in areas that are known to flood?

Insurers price for risk...Would you insure someone who lived in or next to a flood plain, if your own personal money was on the line? No you wouldn't.

It will only get worse.

maybe we should go back to the Government Insurance Office , clearly there is no competition

Accumulating 1 in 100 year events, under a hot earth. Will eventually bankrupt insurers. One of those black swan events that will occur after we've tipped ke

Insurance won't survive our future. If you lose everything. Rebuild on higher ground.

Australia's biggest city is actually Melbourne..

Builds on flood plain. Gets really expensive insurance premium: Surprised pickachu face.

He should sell insurance

Would you be inclined to increase the frequency of your posts in the future?✌️

0:30 The pay shower area? What's that?

I bet all these people saying they shouldn't build on a flood plain now live on a flood plain due to climate change and just haven't noticed.

31k for housing insurance… Is this satire…?

Your all deluding yourselves if you think the insurance industry has ever operated with anything than an objective to charge whatever the market can bare.... the only insurance that works in your favour is when you form co- operative insurance between like minded folk.... And when more start doing this it brings down what the market will bare, but they fight it tooth and nail,!

We need abetter system that isn't profit driven.

I haven't purchased insurance for ANYTHING for the past 5 years. It's a complete rort. Give us money for something that might not happen, then we won't pay you...Good business model.....bugger giving them a cent. Where's the fear.....??? I'm not silly enough to buy in a river floodplain....der

another reason high house prices are stupid

What did he call the patio

😂😂 'paysho'

All Excaues under the sun ⛅⛅⛅ Governments of this country should have Insurance company to take care of people who can't afford to pay these Rediglicus prices ???

pay she owe